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 Publication 915 Social Security and Equivalent Railroad Retirement Benefits 2021

Pub 915 2021-2025 Form

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people who find themselves permanently and totally disabled frequently applying to get their social security benefits paid to them early as disability benefits this process is usually very involved and often takes several years before approval is granted once benefits are granted the initial payment can include a large lump sum covering several years and can result in a substantial tax bite but this tax liability can be lessened or even eliminated using a special lump sum election for those back payments I'm the tax geek and here is the Social Security lump sum election oversimplified foreign [Music] to briefly recap Social Security benefits can be taxable if one half of the benefits plus all your other income exceeds certain thresholds for more detail on when Social Security can be taxable and how to calculate how much of your benefits are taxable click the card above or check out the link in the video description a lump sum election is pretty simple in theory let's say you received a

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