averagebum
Dryer sheet wannabe
Hello knowledgeable board members, if I may take advantage of your knowledge on this question on IRMAA.
I retired in August and turn 65 this month. Medicare kicked in on Dec 1. Due to my income from 2022 with modified adjusted gross income of $180,000, my monthly charge for Medicare parts B and D including IRMAA is $508. My 2023's income is comparable to 2022's. In 2024, my projected income will be $25,000 pension + $40,000 dividend + $45,000 part-time work, or $110,000. I am thinking about doing Roth conversion from my IRA that will bring my income to $180,000ish to take advantage of the 24% tax bracket (single). Given these, do I have any grounds to appeal my IRMAA for a lower rate?
Thank you very much for any advice you can give me. Truly appreciated.
I retired in August and turn 65 this month. Medicare kicked in on Dec 1. Due to my income from 2022 with modified adjusted gross income of $180,000, my monthly charge for Medicare parts B and D including IRMAA is $508. My 2023's income is comparable to 2022's. In 2024, my projected income will be $25,000 pension + $40,000 dividend + $45,000 part-time work, or $110,000. I am thinking about doing Roth conversion from my IRA that will bring my income to $180,000ish to take advantage of the 24% tax bracket (single). Given these, do I have any grounds to appeal my IRMAA for a lower rate?
Thank you very much for any advice you can give me. Truly appreciated.