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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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In the state of Ga what state and federal taxes would Be a

Customer Question

In the state of Ga what state and federal taxes would
Be for receiving a lump sum as disability payment of 68,000 and no other income for this year?
Submitted: 12 months ago.
Category: Tax
Expert:  Lev replied 12 months ago.

I assume that is social security disability benefits - correct?
If so - there are TWO different ways to treat that income - and the taxpayer generally may select the one more beneficial.
One way is to treat all income as received in 2015 - a part of social security benefits (including disability benefits) woudl be taxable - assuming Single filing status -85% of social security benefits would be taxable $57800.
That will result federal income liability $7670.

Expert:  Lev replied 12 months ago.

Another way to handle the situation - to determine the taxable income separately for each tax year for which a lump sum was paid.
For instance - if that lump sum payment was for years 2012-2013-2014-2015 - there are separate worksheets for EACH tax year. Then - all taxable amounts are added together and reported on 2015 tax return based on when income was received.
So if that method provides lower tax liability - the taxpayer would select that method.

Expert:  Lev replied 11 months ago.

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