Potstickers
Recycles dryer sheets
- Joined
- Nov 19, 2015
- Messages
- 146
DH turns 65 later in 2020. He retired in December 2019. I am still working - self-employed.
2020 IRMAA tax if based on 2018 income would put us well into IRMAA Level 2 surcharge. So, after he receives notice of the IRMAA amount, he files a Life Changing Event form documenting that he retired 12/2019. Does SS then just assume that the income from 2018 is reduced by the amount of his income earned in 2018? (He will not be drawing SS or a pension in 2020.)
I turn 65 a month after he does. Do I file a Life Changing Event form claiming income reduction because DH retired? I'm still working and earning. With my income alone, we will be in IRMAA Level 1 surcharge territory.
Do we rinse and repeat for 2021?
And, is the SS determination pretty automatic based on retirement, or is there some element of subjectivity involved? (Gee, her income is close to the IRMAA Level 2 threshold, so maybe we don't really need to make an adjustment...)
2020 IRMAA tax if based on 2018 income would put us well into IRMAA Level 2 surcharge. So, after he receives notice of the IRMAA amount, he files a Life Changing Event form documenting that he retired 12/2019. Does SS then just assume that the income from 2018 is reduced by the amount of his income earned in 2018? (He will not be drawing SS or a pension in 2020.)
I turn 65 a month after he does. Do I file a Life Changing Event form claiming income reduction because DH retired? I'm still working and earning. With my income alone, we will be in IRMAA Level 1 surcharge territory.
Do we rinse and repeat for 2021?
And, is the SS determination pretty automatic based on retirement, or is there some element of subjectivity involved? (Gee, her income is close to the IRMAA Level 2 threshold, so maybe we don't really need to make an adjustment...)