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In the state of Ga what state and federal taxes would Be a

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In the state of Ga...
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: 1 year ago.Category: Tax
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Answered in 19 minutes by:
12/11/2015
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,164
Experience: Taxes, Immigration, Labor Relations
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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.

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Tax Professional: Lev, Tax Advisor replied 1 year 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.

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Tax Professional: Lev, Tax Advisor replied 1 year ago

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If you still have any doubts, need clarification - please be sure to ask.
I am here to help you will all tax related issues.

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