A spike in income could result in costly IRMAA charges on your Medicare premiums. We ask financial planning experts for ...

The IRMAA surcharge may impact millions more Medicare retirees, making it important to understand and manage its financial ...

When it comes to Medicare, premiums don’t always stop at the standard rate. If your income exceeds certain thresholds, you ...

The income-related monthly adjustment amount (IRMAA) is a surcharge that Medicare adds to a person's premiums. It relates to their income. Learn more here.

IRMAA also applies if you’re enrolled in Medicare Part D, which is the separate drug prescription plan, though some Medicare Advantage plans fold in prescription coverage.

The amount of your IRMAA then increases incrementally depending on how much more you earn above the threshold. For example, single filers with AGIs between $97,000 and $123,000 pay an IRMAA of $12 ...

Sale of Residence IRMAA Planning As an example, let’s suppose you’re married, are considering selling your home in 2022 for $1.5 million, and will have a taxable gain of $600,000 after using ...

Meet IRMAA. This is not a senior’s dating site, but every senior on Medicare should be intimately familiar with IRMAA — the initials that stand for "income-related monthly adjustment amount." ...

Therefore, how much you pay for Medicare premiums, and IRMAA, is determined by your tax returns from two years prior. For instance, your 2024 premiums are based on your 2022 tax return, and so on.

They both enrolled in Medicare at age 65 and have been paying IRMAA every month. Now, both over 70, their business bottomed out in the last couple months and they decided to retire.

Medicare IRMAA alone is a great reason to seek out proactive tax-planning guidance in retirement. Late last November, IRMAA notifications were mailed out by the Social Security Administration.

The IRMAA is a surcharge, derived from a person’s annual income, which Medicare adds to the basic Medicare Part B and Part D premiums. The IRMAA depends on someone’s income bracket and whether ...