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Old 11-20-2021, 09:39 AM   #21
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Gumby, thanks very much! As Earth, Wind & Fire would say, "You're a Shining Star..."

I always liked this one and have a DVD of the broadcast (circa 1999).

https://youtu.be/UQyvSWownWw
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Old 11-21-2021, 09:52 AM   #22
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Thanks for taking the time to put this together. No small task.
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Old 11-21-2021, 04:11 PM   #23
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Thanks Gumby! Great work!

Not that it would impact many of us, but isn't there a tier 5 IRRMA level that begins at $750k (for couples)?

https://www.medicareresources.org/me...-amount-irmaa/

Table 1. Part B – 2022 IRMAA
Individual Joint Monthly Premium
$91,000 or less $182,000 or less $170.10
> $91,000 – $114,000 > $182,000 – $228,000 $238.10
> $114,000 – $142,000 > $228,000 -$284,000 $340.20
> $142,000 – $170,000 > $284,000 – $340,000 $442.30
> $170,000 – $500,000 > $340,000 – $750,000 $544.30
Greater than $500,000 Greater than $750,000 $578.30
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Old 11-21-2021, 04:21 PM   #24
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Forgive me for asking but I've not been following this too well.
Could someone please tell this clueless person, what is a "trigger income" and what does it trigger?
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Old 11-21-2021, 04:33 PM   #25
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Forgive me for asking but I've not been following this too well.
Could someone please tell this clueless person, what is a "trigger income" and what does it trigger?
It's just the various income levels where important tax things happen. For people who are able to manage their taxable income and AGI, it's good to be aware of them so one can manage their income to either acquire the good thing (such as a tax credit), or avoid a bad thing (such as a higher tax bracket).
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Old 11-21-2021, 05:10 PM   #26
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Thanks Gumby! Great work!

Not that it would impact many of us, but isn't there a tier 5 IRRMA level that begins at $750k (for couples)?

https://www.medicareresources.org/me...-amount-irmaa/

Table 1. Part B 2022 IRMAA
Individual Joint Monthly Premium
$91,000 or less $182,000 or less $170.10
> $91,000 $114,000 > $182,000 $228,000 $238.10
> $114,000 $142,000 > $228,000 -$284,000 $340.20
> $142,000 $170,000 > $284,000 $340,000 $442.30
> $170,000 $500,000 > $340,000 $750,000 $544.30
Greater than $500,000 Greater than $750,000 $578.30
Yes, there is. But I figure if you're making that much money you can just ask your accountant (or the family office).
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Old 11-21-2021, 05:19 PM   #27
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It's just the various income levels where important tax things happen. For people who are able to manage their taxable income and AGI, it's good to be aware of them so one can manage their income to either acquire the good thing (such as a tax credit), or avoid a bad thing (such as a higher tax bracket).
I could not have explained it better.
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Old 11-21-2021, 05:34 PM   #28
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Yes, there is. But I figure if you're making that much money you can just ask your accountant (or the family office).

No accountant or family office, just a letter from Social Security telling us. We were expecting it after large Roth conversions and restricted stock DW had that vested last year.
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Old 11-23-2021, 05:38 PM   #29
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Yes, there is. But I figure if you're making that much money you can just ask your accountant (or the family office).
Well, that level of MAGI is not on my radar. (There's the understatement of the day! ) And I'm my own non-qualified accountant. But I just wanted to be sure I was imagining what would happen if I won the Mega-Lottery someday!

Thanks.
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Old 11-28-2021, 06:08 PM   #30
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I just got my letter today from SS informing me that my 5.9% 'raise' NETS me $36 LESS than this year due to the IRRMA adjustment.
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Old 11-29-2021, 06:47 AM   #31
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Thanks Gumby for putting this up every year.
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Old 11-29-2021, 04:15 PM   #32
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Thanks Gumby. Appreciate you doing this.
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