For 2025 I want to ensure I get close to (but NOT OVER) the $212 MAGI number so my Medicare premiums don't rise. How reliable is TT's 2025 estimation worksheet for this?

[organdan]

I will be itemizing deductions, and can increase charitable contributions by Dec 2025 to lower the MAGI. Has TT 2024 been fully updated to account for OBBB changes?

[VolvoGirl]

The 2024 program probably won't be updated with the 2025 changes. There are some workarounds you can use.

Like if you itemize deductions the SALT (State And Local Tax) max was 10,000 and now is 40,000. So you could enter the amount over 10,000 (up to 40) in another place like in Charity.

If you are 65 or older and qualify for the senior deduction you could reduce some taxable income by 6,000 (12,000 married).

[SteamTrain]

@organdan 

Hold on though.  MAGI for Medicare IRMAA purposes, is AGI Plus Tax exempt $$... (on the 2024 tax form 1040, That's line 11 plus line  2a).

That's before itemized deductions are considered...so increasing charity won't help you.

____________________

If your  MAGI income is anywhere near that particular 212,000 threshold, not sure what you can do other than find some capital losses to realize on investments to "attempt" keep your MAGI below. 

$212,000 was one of the MFJ MAGI cut-off points for 2024 taxes that affect your 2026 Medicare premiums.....next year might be a bit higher, but it's almost impossible to plan it that closely.

[organdan]

Thanks VG. I was looking for a way to ask TurboTax people directly by email, but I can't find anything about how to do that. I see how they're incentivizing non-employees to do their work for them.

At this point I would ask them 'have you decided NOT to update the 2024 program for 2025 estimation?'

[organdan]

ugh. Thanks though.

I had asked an AI about this last month, it must have hallucinated.

Today an AI gave me answer that matched yours!