audreyh1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Are those figures gross income or taxable income?
The AGI. So certain credits get taken off first.
Are those figures gross income or taxable income?
I have bought stocks that went bankrupt in the past. We have had a few threads on this a while back.
And about funds, you can lose plenty of money with funds, and I have done that too. Nowaways, people do it with ARK funds.
Compared to meme stocks and hot-shot funds, option trading on something like Walmart, Costco, Pfizer is so tame. The reward is modest, and the risk is correspondingly small.
People are just prejudiced when they hear the term "option", and don't know the in/out of it.
I'm done for the year.
Did you pick up any AAPL?
Noooooooooo but -
There's always next year
The IRMAA increases do bother me. So do the higher 2026 tax brackets that we are currently headed for (Will Congress will make the current ones permanent? I doubt it.) So, who knows? Save some IRMAA costs now and pay more taxes later? Or boost IRMAA in 2024 and but pay higher taxes in 2026?
It would be nice not to be under the threat of IRMAA and RMD.
For 2022, Medicare Part B IRMAA with premiums included are $170.10 for the lowest income bracket, $238.10, $340.20, $442.20, $544.30, and $578.30 per month as you go into higher income brackets.
For Medicare Part D, IRMAA is $0, $12.40, $32.10, $51.70, $71.30, and $77.90 per month.
The IRMAA-eligible income brackets start at $91,001- $114,000 for single filers and $182,001 to $228,000 for joint filers. They top off at more than $500,000 and $750,000 for single and joint filers respectively.
IRMAA is based on your AGI (not on income tax rates) plus tax-exempt interest = MAGI. It’s before deductions and other things that reduce your taxes and capital gains versus ordinary income rates, etc..IRMAA is based on income tax rates?
According to this site, for 2022, here are the IRMAA fees:
https://www.verywellhealth.com/how-the-ahca-cuts-medicare-taxes-for-the-wealthy-4141437
So the most one would pay for Part B would be just under $7k for a year?
And the most for Part D would be about $935.
Those are big bites but those maximums are people with retirement incomes of several hundred thousand?
Looking ahead to 2023, it's my understanding we can wait until April 2024 to do a 2023 conversion. That way we'll have a better understanding of our first year of MFJ retirement income and how much to convert. Does that sound reasonable? Then we won't have to mess with mid-year coupon tax payments and can pay all at once in April.
https://www.napa-net.org/news-info/...on is taxable,a regular Roth IRA contribution.
Not sure if I am understanding correctly. Aren't the conversion deadlines different from contribution deadlines?
Yikes! We totally misunderstood our accountant then. Thanks for posting the NAPA article. We would have happily gone through 2023 thinking we can wait until next year.