workmyfingerstothebone
Recycles dryer sheets
- Joined
- Oct 11, 2013
- Messages
- 117
Hi folks,
Turning 65 next year, 2023, and will be filing for Medicare .The wife still has a few years before she's eligible. I have a ton of questions on what "plans" to pick but that will be another post.
This post/thread is for "Income-related monthly adjustment amounts (IRMAAs) which are based on a person’s adjusted gross income and may affect their Medicare premiums. When a person makes more than the allowed income, Medicare adds a charge to the Part B premium, Part D (Medicare prescription drug coverage) premium, or both."
They look at your tax filings from 2 years ago to determine how much to increase your Medicare costs. In 2021 we sold the rental and paid ridiculous taxes both federal and state, at least for us.
So when I sign up for Medicare in 2023 they will look at the tax filings for the 2021 year, which is not our normal income, to determine if I exceed IRMAA's allowed income. I know for that year we do exceed the allowed income and will pay more for Medicare. Ouch
Any ideas on how I can have them look at another years' tax filings?
Can I petition Medicare on how to work for a fairer resolution?
Would they just use my income from the tax filing year?
How would they handle the capital gains on the sale of the rental, split it since the wife won't be filing?
I'm going crazy with all this.
I'm hoping someone on this sight has some insight on this issue.
Turning 65 next year, 2023, and will be filing for Medicare .The wife still has a few years before she's eligible. I have a ton of questions on what "plans" to pick but that will be another post.
This post/thread is for "Income-related monthly adjustment amounts (IRMAAs) which are based on a person’s adjusted gross income and may affect their Medicare premiums. When a person makes more than the allowed income, Medicare adds a charge to the Part B premium, Part D (Medicare prescription drug coverage) premium, or both."
They look at your tax filings from 2 years ago to determine how much to increase your Medicare costs. In 2021 we sold the rental and paid ridiculous taxes both federal and state, at least for us.
So when I sign up for Medicare in 2023 they will look at the tax filings for the 2021 year, which is not our normal income, to determine if I exceed IRMAA's allowed income. I know for that year we do exceed the allowed income and will pay more for Medicare. Ouch
Any ideas on how I can have them look at another years' tax filings?
Can I petition Medicare on how to work for a fairer resolution?
Would they just use my income from the tax filing year?
How would they handle the capital gains on the sale of the rental, split it since the wife won't be filing?
I'm going crazy with all this.
I'm hoping someone on this sight has some insight on this issue.