A lump-sum election allows a taxpayer to: Treat a lump-sum social security benefit as if the benefits for prior years had been received in those years. Include the social security benefits received for prior years in current-year benefits. Evenly allocate the lump-sum benefit over the current year and the prior years. Elect ten-year averaging on the lump-sum payment.

A lump-sum election allows a taxpayer to: Treat a lump-sum social security benefit as if the benefits for prior years had been received in those years. Include the social security benefits received for prior years in current-year benefits. Evenly allocate the lump-sum benefit over the current year and the prior years. Elect ten-year averaging on the lump-sum payment.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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