I have an SSA-1099 Form that says in box 5 that the total amount paid is 82.203.00 and put that in my turbo tax under that section.

[Jackal]

It shows that income as non taxable is that correct.  I did add enter in past amounts paid year by year in the lump sum part of the program but just want to make sure it is non taxable as the Turbo Tax program is saying it is.

[Irene2805]

It might not be taxable, but it depends on your other income for previous years as well as other information on your tax return.  To be sure you have to enter the information about:  (1) how much of the lump sum is allocated to each previous year; and (2) the information from that year's tax return.

TurboTax will then calculate how much (if any) of the distribution is taxable.

[Jackal]

Just to make sure I am reading you correctly I have entered in all our income and entered in the Box 5  my SSA-1099 amount allocated as it stated applied each amount for period 2016-2017-2018 in past due payments (in box 3).  So I have entered in all those amounts and Turbo Tax says the $82,000.00 shown in box 5 is all tax exempt.  Can that be correct I would assume it is as Turbo Tax is usually dead on the calculations just want to make sure I do not owe anything and find out latter that I missed something.

[ReginaM]

Yes, it should be correct, generally Social Security is not taxable.

While your lump sum may include benefit payments for more than one year, you do not have to file an amended tax return for any prior year. You might need to pay taxes on a small portion of your lump-sum payment.

After you enter your lump-sum Social Security payment information, TurboTax will automatically figure what if any taxes you owe due to the lump-sum payment.

For more information on your social security, see IRS Publication 17, page 81.

[Jackal]

Thanks much for all that answered my Social Security lump sum payment question. I have done the calculators and Turbo Tax says I do not owe any tax so thanks again my question was professionally answered.

[Izzy8876]

Got a question the question is on my 2024 SSA 1099 Box number 5 has an amount of $33,391.40 do I gotta pay taxes on that

[DoninGA]

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@Izzy8876 wrote:

Got a question the question is on my 2024 SSA 1099 Box number 5 has an amount of $33,391.40 do I gotta pay taxes on that

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It all depends on the amount of other income you have reported on your federal tax return on whether or not the SS benefits will be taxable.

Up to 85% of Social Security Retirement/Disability/Survivors benefits becomes taxable when all your other income plus 1/2 your social security reaches:

Married Filing Jointly - $32,000
Single or Head of Household - $25,000
Married Filing Separately - 0