LUMPSUM FROM SS

[TAXMAN]

Someone who has time can you check me on this. TP is single all years. agi per year is 2015=1917, 2016=4416, 2017=20 per IRS transcripts and tp's returns. TP was disabled all years. SS form BOX 5 is 77954. SS form box 3 2015=4382, 2016=26292,2017=26376 That would leave 20904 for 2018. 2018 tp only income from taxable pension payout of 39290. No prior ss received or reported. If you have time can you run the #'s. I am getting a number in the 20K range as being taxable. Thank you.

[Margaret CPA in OH]

Using those 2 numbers alone for 2018, I get total income of 57058 with taxable SS of 17768.  Am I misunderstanding your question?

[TAXMAN]

Margaret thank you. I must have one of my sheets messed up. I don't think any of the lump sum should be taxable and only the current year should be dealt with.

[jklcpa]

I got $17K+ taxable SS using your figures, if I entered properly, and the figure I came up with is exactly 85% of the $20,904 you said was attributable to 2018.

Here are the printouts, using a practice return and 2018 planner:

Lump sum SSA.pdf

[TAXMAN]

Thanks I have found my error. inadvertently added 2 numbers together. The spread sheets gave me an idea where to look.