Sec. 104. Tax credit reconciliation protections for individuals receiving social security lump-sum payments
127 words·~1 min read·
/bill/116/hr/1425/eh/section-104A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 36B(d)(2) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: The term modified adjusted gross income shall not include so much of any lump-sum social security benefit payment as is attributable to months ending before the beginning of the taxable year. For purposes of this subparagraph, the term lump-sum social security benefit payment means any payment of social security benefits (as defined in section 86(d)(1)) which constitutes more than 1 month of such benefits.
A taxpayer may elect (at such time and in such manner as the Secretary may provide) to have this subparagraph not apply for any taxable year. . The amendment made by this section shall apply to taxable years beginning after December 31, 2019.