lump sum social security payment entering in Lacerte

[Fra]

I can't find a field to enter the lump sum social security payment and hopefully an associated worksheet within the software.  Can anyone help?

[George4Tacks]

Maybe @IntuitAustin can get the broken link on this project fixed. It is at the bottom of https://proconnect.intuit.com/community/help-articles/help/entering-form-ssa-1099-social-security-be... 

In the meantime: https://www.irs.gov/faqs/social-security-income/back-payments/back-payments is a start

Enter the amount of Social Security received in the usual place. Screen 14.1 Go to forms and see how much of it is taxable and make a note of that. Go back to input and scroll down to 1=lump-sum election for social security benefits  and press F1. That will tell you "

Enter 1 if the taxpayer is making a lump-sum election for Social Security benefits. The program prints "LSE" to the left of Form 1040, line 5a. Also enter the manually calculated taxable amount in "Taxable Social Security and Railroad Retirement [O]" (Screen 14.1, codes 4, 54)." 

Go to Notes - Screen 47: click the radio button for Statement then go to work to write out how you are computing the lump- sum. Each year amount should be listed on the 1099-SSA. Compute how much of the SS received for each year is taxable in  that year and write it out in this statement

2017 $12,840 received - $0 taxable with previous MAGI of $8,000

2018 $15,890 received - $0 taxable with previous MAGI of $7,600 

etc ... 

From this you determine how much of the lump sum is taxable and enter that total in Screen 14, right above where you put the 1, i.e. Taxable social security & railroad retirement [O]

The process is fairly easy if you have all the prior years in Lacerte, just go back, plug in the amount for that year and see the amount taxable. 

[IntuitBettyJo]

Hi @George4Tacks, 

I have let our content team know about the broken link.  Thank you!

Cheers! 

Betty Jo