Training setal Currobam

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

Retirement

Question $34$ of $75.$

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

Calculate the total taxable amount of the puyment on the currentyear return using the income for each prior year to which the payment relates.

Report taxable amounts related to prior years on amended returns 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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Question $35$ of $75.$