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Which option correctly completes this sentence? The social security lump sum election means the taxpayer elects...

Which option correctly completes this sentence? The social security lump sum election means the taxpayer elects to treat the lump sum social security benefit as if the benefits

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Under the lump-sum election method, tax payer refigure the taxable part of all his benefits for the earlier year (including the lump-sum payment) using that Уеаґs income. Then tax payer subtract any taxable benefits for that year which are already previously reported. The remainder is the taxable part of the lump-sum payment. Same will be added to the taxable part of his benefits for 2017 (figured without the lump-sum payment for the earlier vear This type of lump-sum benefit payment should not be confused with the lump-sum death benefit that both the SSA and RRB pay to many of their beneficiaries. No part of the lump-sum death benefit is subject to tax.]

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Answer is highlighted in yellow: Solution: For prior years were received in the current year. Answer: Explanation: The sentence completes with the above yellow highlighted part. This election allow the taxpayer to refigure its taxable lump sum payment for the previous years. If amount reduces taxpayers taxable benefit for this year, the amount can be deducted from the taxable income

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