Can You Explain How To Figure Taxes On My Social Security Benefits?

Mar 19 2017 - 8:00am

I received a lump sump from SS that included the prior year. I am working through publication 915 worksheet 2 for prior year refigured tax to see if the lump sum election saves me any taxes. Line 19 shows your refigured taxable benefits. Can you explain exactly what they are asking for on line 20 (enter your taxable benefits for the earlier year or refigured due to a previous lump sum for that year). Are they asking for the refigured amount on line 19, the total for that year from line 1, other taxable benefits that you already reported or maybe something else. Thanks.

Hi,

I'm sorry, but Social Security is my only area of expertise. I'm unable to answer detailed questions regarding income taxes on Social Security benefits. You may want to check with the IRS or a tax expert.

Best, Jerry