A client was paid for several year's reimbursement s. Lacerte has a function to 'elect lump sum payment', but I don't see how that works. The pub says to not amend earlier years . . I'm unclear on what to do. Input appreciated.
If a lump sum (from 2019) pushes the tax payer into a higher 2020 bracket is there any way to adjust tax liability down to the previous year liability? Taxable portion of the lump sum is the same for both years using lump sum worksheet.
0
Cheers
You are leaving ProConnect.
You have clicked a link to a site outside of the ProConnect Community. By clicking "Continue", you will leave the Community and be taken to that site instead.
