Early Retirement & Financial Independence Community - View Single Post - Taking SS Early

haha · 05-17-2007, 12:38 PM

SS tax question--

Most over 65 SS recipients have their Medicare Pt B premium deducted from the SS check. Does this money that gets spent on Medicare have to be included in SS income when trying to figure tax?

Given enough medical inflation and time, it would be theoretically possible for a recipient to pretty much use up her SS payment to pay her Medicare Pt B premium.

So if it is taxable, one could even have phantom income!

Ha

05-17-2007, 12:38 PM	#19
haha Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Apr 2003 Location: Hooverville Posts: 10,802	SS tax question-- Most over 65 SS recipients have their Medicare Pt B premium deducted from the SS check. Does this money that gets spent on Medicare have to be included in SS income when trying to figure tax? Given enough medical inflation and time, it would be theoretically possible for a recipient to pretty much use up her SS payment to pay her Medicare Pt B premium. So if it is taxable, one could even have phantom income! Ha __________________ Above all, humans are political animals. Nota bene: I am either a moron or an idiot. So don't pay any attention to anything I say or you are one too. Please consult your financial advisor, astrologer or proctologist for whatever it may be that you are seeking.