Amend 2020 Federal to Include Social Security Income Lump Sum Payment

[siamesefan]

I failed to include SS income when filing in 2020, so I am amending 2020 to include it. The 2020 SSA-1099 shows that SS income for 2019 was paid in 2020. The amount in Box 5 of the SSA-1099 includes the 2019 income.  I showed the 2019 income amount as a lump sum payment. In that input dialogue box it lists it as 2019 as the year for which payment was received. After I entered the lump sum amount the federal tax due decreased. On the summary page it shows the full amount from Box 5a, which includes the lump sum payment. 

My question is whether I need to amend my 2019 taxes to include the lump sum payment amount?

Thank you in advance for any advice,

Siamesefan

[MinhT1]

You do not need to amend your 2019 tax return.

Please read this TurboTax Help topic for more information.

[siamesefan]

Thank you for the response.

Does the amount turbotax show include any penalties or interest since I am filing an amended form?

Regards,

Siamesefan.

[DawnC]

No.  If there are any penalties or interest, the IRS will adjust your Form 1040-X, see link below.

Balance Due

If you owe additional tax, and the due date for filing that tax return hasn't passed, you can avoid penalties and interest if you file Form 1040-X and pay the tax by the filing due date for that year (without regard to any extension of time to file).   If the filing due date falls on a Saturday, Sunday, or legal holiday, your amended return is timely if filed or paid the next business day. If you file after the due date, don't include any interest or penalties on Form 1040-X; they will be adjusted accordingly.