Question: what if I've already stopped working before age 65 and am living on savings and my only taxable income is large annual Roth conversions that will cause the irmaa premiums to apply to me? I'm guessing that I'll need to reduce the Roth conversion amount beginning in the year when I turn 65 so my Roth conversion amount will be lower than the lowest irmaa income limit...what reason would I choose on form ssa-44? Thanks.
Very clear. I have done significant Roth Conversions ages 59-62. I'm single. Is that a reason to appeal? I plan to keep my Magi under the limits. I am receiving a pension and working part time.
It sounds like you would have no reason to appeal. If your MAGI is under the limit in your age 63 tax year then no IRMAA surcharges would be assessed during your age 65 tax year, so there would be nothing to appeal. -Dana
If one has been receiving deferred compensation as the sole income and it dropped this year significantly compared to two years ago, would this reduced income scenario work to get IRMAA repealed? Retirement is not in the picture, it occurred 5 years ago. I cannot find this information anywhere. Would really appreciate anyone’s input. Thanks.
We don’t know for sure. However deferred comp is considered earned income - the earnings are simply deferred. So you could try the appeal with work stoppage as the reason. If it is denied, you’re not any worse off. But there is a chance it would be accepted. -Dana
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Excellent help. THANK YOU!!!
Any way to argue out Roth Conversion money since that's not really cash flow income?
Question: what if I've already stopped working before age 65 and am living on savings and my only taxable income is large annual Roth conversions that will cause the irmaa premiums to apply to me? I'm guessing that I'll need to reduce the Roth conversion amount beginning in the year when I turn 65 so my Roth conversion amount will be lower than the lowest irmaa income limit...what reason would I choose on form ssa-44? Thanks.
Very clear. I have done significant Roth Conversions ages 59-62. I'm single. Is that a reason to appeal? I plan to keep my Magi under the limits. I am receiving a pension and working part time.
It sounds like you would have no reason to appeal. If your MAGI is under the limit in your age 63 tax year then no IRMAA surcharges would be assessed during your age 65 tax year, so there would be nothing to appeal. -Dana
If one has been receiving deferred compensation as the sole income and it dropped this year significantly compared to two years ago, would this reduced income scenario work to get IRMAA repealed? Retirement is not in the picture, it occurred 5 years ago. I cannot find this information anywhere. Would really appreciate anyone’s input. Thanks.
We don’t know for sure. However deferred comp is considered earned income - the earnings are simply deferred. So you could try the appeal with work stoppage as the reason. If it is denied, you’re not any worse off. But there is a chance it would be accepted. -Dana
Thank you Dana!