How to treat SS lump sum payment in lacerte

2 replies
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A client was paid for several year's reimbursement s. Lacerte has a function to 'elect lump sum payment', but I don't see how that works. The pub says to not amend earlier years . . I'm unclear on what to do. Input appreciated.

Lacerte Tax

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George4TacksAnswer

Level 15

https://accountants-community.intuit.com/articles/1632872-social-security-lump-sum-payment-form-ssa-1099

Do the worksheets in the publication to compute the amount to use as an override.

The articles for ProConnect Tax Online actually give what I consider more helpful information:

https://accountants-community.intuit.com/articles/1608400-entering-a-social-security-lump-sum-payment-form-ssa-1099

and

https://accountants-community.intuit.com/articles/1607114-retroactive-social-security-benefits-lump-sum-election

Answers are easy. Questions are hard!

George4TacksAnswer

Level 15

https://accountants-community.intuit.com/articles/1632872-social-security-lump-sum-payment-form-ssa-1099

Do the worksheets in the publication to compute the amount to use as an override.

The articles for ProConnect Tax Online actually give what I consider more helpful information:

https://accountants-community.intuit.com/articles/1608400-entering-a-social-security-lump-sum-payment-form-ssa-1099

and

https://accountants-community.intuit.com/articles/1607114-retroactive-social-security-benefits-lump-sum-election

Answers are easy. Questions are hard!

D

donnamarie0

Level 2

If a lump sum (from 2019) pushes the tax payer into a higher 2020 bracket is there any way to adjust tax liability down to the previous year liability? Taxable portion of the lump sum is the same for both years using lump sum worksheet.

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