At 8:08 Tom said the video was released in 2022. It was released 11/2023. He is correct in saying what you make in "2022" affects your Medicare cost in "2024" and the IRMAA amounts shown on the board are correct. Just to be clear, what you make THIS YEAR 8:138:13 (which is 2023), will determine your Medicare costs in 2025. Thanks for the great videos! :-)
I think the embedded video clip that he's using of Tom is from 2022. I'm still waiting for my letter telling me that IRMAA will kick in for 2024. Then I will have 60 days to appeal it based on a "life changing event". FYI, I closed out my business and retired. What I don't know is how long the appeal process will take. In 2023, it took them 8 months to correct a calculation error and reimburse me after numerous inquiries. Also, a looming government shutdown won't help.
I received my letter on November 18th. I'm royally honked off. I retired as a lowly state government employee last year, and now I make too much money. I used to pay $100 per month for health insurance when I was working. Starting in 2024 I'll be paying $512 per month for Medicare. And this is a program that's supposed to help older people?
So it is Jan 6, 2024 as I write this. I sold my house in Oct 2022. I turned 65 last year (2023). I've been on medicare since I was eligible last year. In Nov 2023 I get the letter. And due to the capital gains of the house sale, I'm hit with the 384.30 surcharge. My problem last year as I was watching all sorts of videos on SSA and Medicare was when I had first heard of IRMAA and the word 'modified' I thought (since I'm not an accountant) "Oh, that means after I deduct my deductions, since it's been modified." Like I said, not an accountant. As a result, I didn't really budget anything for the extra since I thought there wouldn't be any. So, for anyone who is reading this and is in the same kind of unknown status, let me state it clearly: For tax year 2022, it is Form 1040, line 11, nicely titled ADJUSTED GROSS INCOME. Sure it makes sense when you're looking at it, but I never looked back at it. I'll be calling you folks next week to have a quick discussion about my appeal process and help with SSA-44. Thank you in advance.
Government is DOUBLE DIPPING I PAID 25,000 in Taxes for my property sale 2022 while collecting social security Then Govt reduced my Social Security by $440 A month!!!!
The question is this, "How do I apply what you've said about IRMAA impacts looking forward?" The answer is: "I need to apply the 2026 IRMAA brackets to this year's income calculations. I need to apply future IRMAA brackets to future income calculations." Therein lies the problem and the mystery and the biggest frustration. The government hasn't published such brackets. What I seek from TH-cam videos on this subject are the financial advisors insights into how they come up with their estimates of what the future IRMAA brackets will be. Did they start this year by strategizing 2024 tax year incomes based on a flat 2% increase in 2024 IRMAA values, then do a year-end adjustment when the government released its 2025 IRMAA brackets (for taxable year 2023)? Or did they simply apply whatever the latest published bracket happens to be and just advise their clients that this is the best available information (albeit almost certainly wrong)? And in this, your video fails completely. You haven't begun to address this issue. You've only been looking backward.
Yup. Get hit with it every year. Can stay below the threshold however when pulling funds from IRA to the Roth, I get whacked because of the “higher” income IRS needs to tax. 😮 IRMA is charged monthly, not quarterly.
If you're single, just try to keep your retirement income under $500K. I'm sure most people won't find that difficult. I do know one retired married couple whose income is over $750K, they're paying very high IRMAA. They're not really very upset about it, however.
I guess you will have to get married to double the income limit before IRMAA kicks in LOL. This is one of the sneakiest taxes I have ever seen. They don't even tell you what the IRMAA limit is for 2025 in 2023 when you need to know. It's nearly impossible to plan your income if you have mutual funds in a brokerage account because the capital gains are paid out at the end of the year which will affect your total income.
At 8:08 Tom said the video was released in 2022. It was released 11/2023. He is correct in saying what you make in "2022" affects your Medicare cost in "2024" and the IRMAA amounts shown on the board are correct.
Just to be clear, what you make THIS YEAR 8:13 8:13 (which is 2023), will determine your Medicare costs in 2025.
Thanks for the great videos! :-)
I think the embedded video clip that he's using of Tom is from 2022. I'm still waiting for my letter telling me that IRMAA will kick in for 2024. Then I will have 60 days to appeal it based on a "life changing event". FYI, I closed out my business and retired. What I don't know is how long the appeal process will take. In 2023, it took them 8 months to correct a calculation error and reimburse me after numerous inquiries. Also, a looming government shutdown won't help.
I received my letter on November 18th. I'm royally honked off. I retired as a lowly state government employee last year, and now I make too much money. I used to pay $100 per month for health insurance when I was working. Starting in 2024 I'll be paying $512 per month for Medicare. And this is a program that's supposed to help older people?
This was very informative and helpful, thank you.
Thanks for watching our videos
Thank you for the comprehensive and clear coverage on a complicated retiree subject.
Nice format - keep making more of these videos for High Income Earners (32% +)
I love this stuff boys! Thank you!! 😁😁
Does anyone know what the married adjusted max income will be for 2026 and 2027?
If you sale your home that you have own for 20 years will that count as the capital gains and can't there be a deduction if filing jointly?
Bad video quality but the content is GOLD! Excellent presentation guys!
What are the tax preferences? if you are taxed on 85% of SS, do they want the taxpayer to include the remaining 15% on the 1040?
So it is Jan 6, 2024 as I write this. I sold my house in Oct 2022. I turned 65 last year (2023). I've been on medicare since I was eligible last year. In Nov 2023 I get the letter. And due to the capital gains of the house sale, I'm hit with the 384.30 surcharge. My problem last year as I was watching all sorts of videos on SSA and Medicare was when I had first heard of IRMAA and the word 'modified' I thought (since I'm not an accountant) "Oh, that means after I deduct my deductions, since it's been modified." Like I said, not an accountant. As a result, I didn't really budget anything for the extra since I thought there wouldn't be any.
So, for anyone who is reading this and is in the same kind of unknown status, let me state it clearly: For tax year 2022, it is Form 1040, line 11, nicely titled ADJUSTED GROSS INCOME. Sure it makes sense when you're looking at it, but I never looked back at it.
I'll be calling you folks next week to have a quick discussion about my appeal process and help with SSA-44. Thank you in advance.
Irma is definitely a scam!
But no choice to pay $$$$$$$
Government is DOUBLE DIPPING
I PAID 25,000 in Taxes for my property sale 2022 while collecting social security
Then Govt reduced my Social Security by $440
A month!!!!
The question is this, "How do I apply what you've said about IRMAA impacts looking forward?"
The answer is: "I need to apply the 2026 IRMAA brackets to this year's income calculations. I need to apply future IRMAA brackets to future income calculations."
Therein lies the problem and the mystery and the biggest frustration. The government hasn't published such brackets.
What I seek from TH-cam videos on this subject are the financial advisors insights into how they come up with their estimates of what the future IRMAA brackets will be. Did they start this year by strategizing 2024 tax year incomes based on a flat 2% increase in 2024 IRMAA values, then do a year-end adjustment when the government released its 2025 IRMAA brackets (for taxable year 2023)? Or did they simply apply whatever the latest published bracket happens to be and just advise their clients that this is the best available information (albeit almost certainly wrong)? And in this, your video fails completely. You haven't begun to address this issue. You've only been looking backward.
If your filing status changes between 2 years ago and now, which IRMAA number gets used?
If your filing status changes due to divorce, death, or marriage that’s a life event which qualifies you for an appeal.
Yup. Get hit with it every year. Can stay below the threshold however when pulling funds from IRA to the Roth, I get whacked because of the “higher” income IRS needs to tax. 😮 IRMA is charged monthly, not quarterly.
When calculating the IRMA income does it also include the STD Deduction amount?
Yes
Will it change again for 2025?
It typically changes every year. The thresholds and the premiums
Yep
If you're single, just try to keep your retirement income under $500K. I'm sure most people won't find that difficult.
I do know one retired married couple whose income is over $750K, they're paying very high IRMAA. They're not really very upset about it, however.
I probably wouldn’t be either. Lmao😂
$103k for a single is not "high income".
I guess you will have to get married to double the income limit before IRMAA kicks in LOL. This is one of the sneakiest taxes I have ever seen. They don't even tell you what the IRMAA limit is for 2025 in 2023 when you need to know. It's nearly impossible to plan your income if you have mutual funds in a brokerage account because the capital gains are paid out at the end of the year which will affect your total income.
@@mikeb6386It only affects IRMMA if you take out the Capital gains If you leave it alone no penalty even if you received $1 million