Quote:
Originally Posted by retiredguy123
Your information is correct. The income reported for 2021 would affect your Medicare premium for 2023. Your 2022 income would not even be known to the IRS until you filed your 2022 tax return on April 15, 2023.
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And those income thresholds I found on the web today are
$97k for an individual and $194k for married creating a part B premium of $164 monthly
$123k single and $246k married part B $231
$153k single and $306 married and part B $329
And a few more thresholds beyond this
The biggest issue most people stumble into is today they are married so income thresholds are not being hit… I.e RMDs and other incomes are say $100k but when a spouse dies, they still are pulling RMDs of $100k but are now over the $97k threshold Triggering IRMAA increases. remember it is a threshold so if you make $97,001 or $122,999 you are into the next bracket…
This year as I am retired, wife is still working and we are selling a rental property, we are already into a higher threshold in 2 years when we start taking Medicare, we will be converting IRAs up to the top of the threshold and to not go over.