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Deductions & credits
It is better to report the premiums in 2024 then do the adjustment by reporting the income in 2025 because it better reflects when the deduction/income was received. There may be some benefit depending on the income for the two years (if there is a large change); otherwise it will likely wash tax-wise, and if you do the adjustment for 2024, you will have to keep track of the transactions.
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March 18, 2025
8:59 AM