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dylatess
dylatess, ATTORNEY
Category: Social Security
Satisfied Customers: 5145
Experience:  37 plus years of SSD practice
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I am 67 years old single, and receiving a lump sum benefit

Customer Question

I am 67 years old single, and receiving a lump sum benefit payment of $15,000.00 and still working making a taxable income of $25,000.00 per year. Question is, is any of the $15,000.00 benefit payment taxable? I live in Texas.
Submitted: 1 year ago.
Category: Social Security
Expert:  dylatess replied 1 year ago.
What is the source of the 15K benefit. Is it work related or from a settlement resulting from an injury. Need more information.
Customer: replied 1 year ago.
It's lump sum social security benefits. I just applied for social security benefits and they told me I would get a lump sum payment of $15,000.00
Customer: replied 1 year ago.
They are paying me benefits because I am just now filing for social security benefits at 67 year old. I have cancer and need to pay bills and need to know if any of this is taxable
Expert:  dylatess replied 1 year ago.
As a single person, SS benefits are not taxable unless you have combined income of $35,000 or more per year. In your case, you do. Therefore, it is taxable. Thanks for understanding.
Customer: replied 1 year ago.
What portion, 3,000? Please be clear. I cannot talk well
Expert:  dylatess replied 1 year ago.
You are over the limit by $5000. As such, $5000 is taxable.