Partial Lump Sump Payment on taxes (PLOP)?

Question

I took a small "PLOP" recently when I retired in May. Taxes (Social Security, Federal Income Tax) were taken out. Next year, I do I account for the remainder on my 1040?

Where do I put in on the form?

Answer 1

The "PLOP" should be included in your W-2 at the end of the year.  I have seen a few companies that issue two W-2s, one for the regular income and the second for the "PLOP".  In any case this should make its way to line 7 of the 1040 form.