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October 14, 2024
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Can I create a return that will not be filed but which will be used to plan year end tax moves?

  • October 14, 2024
  • 3 replies
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I am concerned about potential Adjusted Gross Income impacts on Medicare premiums

I will then want to use the software to file a real return in early 2025
Best answer by VolvoGirl

In both the Online and Desktop program  you can go though the Estimate section or in the Desktop program there is also a What-If worksheet.   


To plan for next year in the Online version you can go though the Estimate section. Click on Add A State to let you back into your return, Be very careful not to change any of your actual current return. Or you can set up another account to test in. You don't have to pay unless you want to print it out. You can use the same email address for 5 accounts.


You can just type W4 in the search box at the top of your return, click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.


OR go to
Federal Taxes or Personal (Home&Business version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button


Say No to W4. When you get to the W4 and Estimated Taxes section, say you want to adjust your income to go though all the screens.


If you have the Desktop program you can do another test return, go up to File-New or save your return with another name to test in, go to File-Save As.

 

In Desktop there is also a What-If worksheet. 

Go to Forms Mode, click Forms in the upper right or on the left for Mac. Then click Open Forms box in the top of the column on the left. Open the US listing of forms and towards the bottom find the What-if worksheet. It's right under Estimated Taxes.

3 replies

VolvoGirl
VolvoGirlAnswer
Employee
October 15, 2024

In both the Online and Desktop program  you can go though the Estimate section or in the Desktop program there is also a What-If worksheet.   


To plan for next year in the Online version you can go though the Estimate section. Click on Add A State to let you back into your return, Be very careful not to change any of your actual current return. Or you can set up another account to test in. You don't have to pay unless you want to print it out. You can use the same email address for 5 accounts.


You can just type W4 in the search box at the top of your return, click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.


OR go to
Federal Taxes or Personal (Home&Business version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button


Say No to W4. When you get to the W4 and Estimated Taxes section, say you want to adjust your income to go though all the screens.


If you have the Desktop program you can do another test return, go up to File-New or save your return with another name to test in, go to File-Save As.

 

In Desktop there is also a What-If worksheet. 

Go to Forms Mode, click Forms in the upper right or on the left for Mac. Then click Open Forms box in the top of the column on the left. Open the US listing of forms and towards the bottom find the What-if worksheet. It's right under Estimated Taxes.

Employee
October 15, 2024
No text available
VolvoGirl
Employee
October 15, 2024

Here’s some info on the IRMMA

 

Your IRMAA is based on your MAGI from two or three years ago. For example, your IRMAA for 2024 will usually be based on your 2022 tax return, or possibly your 2021 tax return. On your 2021, 2022, or 2023 tax return, the MAGI for IRMAA is Form 1040 line 11 plus line 2a.

 

If your income changes use form SSA-44 to adjust the IRMAA

https://www.ssa.gov/forms/ssa-44.pdf

 

Found this on another post…..

https://ttlc.intuit.com/community/taxes/discussion/irmaa/00/3389032

 

How Social Security determines the IRMMA, See this answer…..

20 CFR § 418.1120 - How do we determine your income-related monthly adjustment amount?

https://www.law.cornell.edu/cfr/text/20/418.1120

 

20 CFR § 418.1115 - What are the modified adjusted gross income ranges?

https://www.law.cornell.edu/cfr/text/20/418.1115

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