Lump Sum Election

I got a lump sum ssa disb. payment in 2011 in the amount of 50,000. Of the 50,000, 2,000 was for 2008 and 16,000 was for 2009. I have a question about worksheet #2 for the lump sum election. I know I have to fill out a worksheet#2 for 2008 and 2009. On worksheet #2, question #1 it says: Enter the total amount from box 5 of ALL your Forms SSA-1099 and RRB-1099 for the earlier year, plus the lump-sum payment for the earlier year received after that year. When I fill out for 2008 do i put 2,000 or 18,000(2,000+16,000)????


Also on worksheet #2, question #20 says: Enter your taxable benefits for the earlier year (or as refigured due to a previous lump-sum payment for the year) What does this mean??

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.


Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you each month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.


Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.

Like Bookkeeping-Basics.net?