I just got IMRAA'd

[Golden sunsets]

I just got my letter this week. I'm one level below the top tier (most expensive),,,, again. Next year I should be able to get that down to the bottom (base or least expensive) tier. However, I won't be able to prove it until I file my 2020 tax return in early 2021.


I wonder if I can file for a reimbursement in 2021 for my "over-payments" that I'll be making in 2020 once I can prove it?

Depends on the reason for the decline, but yes, if you meet the criteria, and file before 9/30(I think that's the date) you can receive a reimbursement. I did. The key is the reason for the change income. Check the IRMAA regs.

 

[Car-Guy]

Depends on the reason for the decline, but yes, if you meet the criteria, and file before 9/30(I think that's the date) you can receive a reimbursement. I did. The key is the reason for the change income. Check the IRMAA regs.

I have read them "and" while the examples given in regs are good for many cases, they certainty don't cover every scenario, like my case... Based on my history, I don't think they are going to accept my change in income until I file my 2020 return in 2021. And that's okay, being out an extra $4k+ for a year isn't going to hurt me.


But thanks for the info, it's good to know it's "possible" to be reimbursed.

 

[athena53]

Yesterday I went through the letter from SS and my Net will actually go up this year, by $110/month. I was paying an IRMAA surcharge of 160% and it will reduce to 100% in 2020. My AGI for 2019 should be a bit lower; I'm waiting on the Capital Gain distribution from one large mutual fund next week. Using their projected % it's likely to be lower than last year's so the IRMAA should hold at that level for 2021 as well.

 

[marko]

Odd.
Last month I got a letter saying what my IRMAA was and what my new SS monthly benefit would be. "we reviewed your income, yada yada yada"

I actually entered that new amount into my monthly checking/tracking.

Yesterday I got another letter saying what my SS benefit would be and it is about $75 MORE than what they told me a month ago.
Anyone else see this?