Terry completes Worksheet 2 to find the taxable part of the lump-sum payment for 2024 under the lump-sum election method. Terry completes Worksheet 4 to decide if the lump-sum election …

Option 2 – Lump Sum Election Method (Recommended if receiving back pay): Calculate taxable portion separately for each prior year as if it had been received in that year. Compare the tax …

If you DID receive payments for Social Security in the year you are referring to, enter this amount here. Generally, taxpayers do not receive Social Security for the previous year when receiving …

This article will help you calculate and enter your client's current-year taxable Social Security income when they received payments for prior years in the current year.

Click the View button in the toolbar at the top to view the Social Security Benefits Worksheet. If the taxpayer does not have any taxable social security benefits, the lump-sum election will not …

The TaxAct ® program supports Worksheet 1 Figuring Your Taxable Benefits from IRS Publication 915 Social Security and Equivalent Railroad Retirement Benefits, and calculates …

Oct 14, 2025 · Use the LSSA screen to enter and calculate the taxable amount of lump sum Social Security distributions received in the indicated tax year in Drake Tax.

By utilizing the Lump Sum Payments worksheet, TaxSlayer correctly calculates the taxable amount of benefits received for each year and the income tax, if any, owed for those years.

You must include the taxable part of a lump-sum payment of benefits received in the current year (reported to you on Form SSA-1099, Social Security Benefit Statement) in your current year's …

To access this worksheet, click on the QuickZoom located in the Earlier Year Lump-Sum Benefits Smart Worksheet box, located above line 1 on the Social Security Benefits Worksheet.