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Test $-$ Senior Tax Analyst Certification Test $(2025)$

Retirement

Question $34$ of $75.$

A lump$-$sum election allows a taxpayer who receives a lump$-$sum social security payment to:

Calculate the iotal taxable amount of the payment on the current$-$year return using the income for each prior year to which the payment relates.

Report taxable amounts related to prior years on amended ratums for each relevant year.

Evenly allocate the lump$-$sum benefit over the next five years.

Elect ten$-$year averaging on the lump$-$sum payment.

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