turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Palmer57
New Member

2024 Lump Sum and 2025 benefit increase

I have a question related to earlier lump sum post.

I received a S.S. lump sum for 2024 and a notice of increased monthly benefits for 2025. Combined, it puts my 2025 estimated  AGI about $2500 over IRMAA's 2025 Tier I limit. Wasn't expecting that huge benefit increase.
Would be great if I could apply that lump sum to my 2024 return. I had a lower AGI in 2023 and 2024. I would still have to pay the taxable amount in 2025, but assume my benefits for 2025 would then be reduced? Hense lower MAGI ?
Could I somehow do that?

I tried the suggested worksheets in Pub 915. Confusing. I can try that again.
Note: My taxable S.S. has been 85% all 3 years.

 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question