Updated IRMAA estimates for 2025

[audreyh1]

Well yes, the reason is important. There is an appeal process.

 

[SecondCor521]

There is even a sentence in the letter that says: "We cannot make a new decision if your income has changed for a reason other than those listed above, such as receiving one-time income from capital gains"

Any thoughts?

That's what they say. And on the relevant form, you have to check one of about seven boxes to identify which reason(s) apply.

That being said, I've read comments from people who have applied when it was unclear if their situation warranted and were successful. The logic seems to be, "Hey, it's a few thousand dollars, and I can just fill out the form. Might work, no penalty for trying (other than a bit of time and hassle)."

 

[dmpi]

That's what they say. And on the relevant form, you have to check one of about seven boxes to identify which reason(s) apply.

That being said, I've read comments from people who have applied when it was unclear if their situation warranted and were successful. The logic seems to be, "Hey, it's a few thousand dollars, and I can just fill out the form. Might work, no penalty for trying (other than a bit of time and hassle)."

I wish the criteria was 100% objective and there were no exceptions. We are quickly becoming a nation of whiners when complaining can often get positive results.

 

[RetMD21]

I linked to the appeal form SSA-44 upthread. Here are the reasons:



Having too many capital gains doesn't count

 

[Koolau]

I linked to the appeal form SSA-44 upthread. Here are the reasons:

View attachment 48136

Having too many capital gains doesn't count

Hmmm. That list is rather circumscribed. I can't imagine most of us here would be able to appeal using only that list (some few exceptions, of course.)

 

[RetMD21]

Hmmm. That list is rather circumscribed. I can't imagine most of us here would be able to appeal using only that list (some few exceptions, of course.)

I appealed and was approved based on retiring and planning to go down an IRMAA level due to loss of income. People say they have been approved for non-conforming reasons. That's possible but I don't believe everything I read on the internet

 

[audreyh1]

Congrats!

 

[Koolau]

I appealed and was approved based on retiring and planning to go down an IRMAA level due to loss of income. People say they have been approved for non-conforming reasons. That's possible but I don't believe everything I read on the internet

So don't appeal and say "Uh, I miscalculated" and expect a waiver, right?

 

[RetMD21]

So don't appeal and say "Uh, I miscalculated" and expect a waiver, right?

My second cousin's neighbor's barber said it worked for him

 

[Gumby]

If you don't ask, you don't get. What's the downside for asking?

 

[audreyh1]

If you don't ask, you don't get. What's the downside for asking?

There is no downside, especially if you’ve just retired a year or so before 65.

 

[Koolau]

If you don't ask, you don't get. What's the downside for asking?

Heh, heh, next time!


(I hope there is no next time. I was too dumb at the time to think about asking - my bad.)

 

[RetMD21]

If you don't ask, you don't get. What's the downside for asking?

Are you suggesting that you tick one of the boxes that doesn't apply? I don't see the upside.

 

[Gumby]

Are you suggesting that you tick one of the boxes that doesn't apply? I don't see the upside.

I would never lie on a form submitted to the government, but I see on the form you posted that you can also call them and ask. The worst that can happen is they so "No, that doesn't count. Move along now."

 

[audreyh1]

What’s bad is that you get the foreign tax credit, but you also get assigned more taxable income that you never received (it was the foreign tax paid) except the additional taxable income is a little higher than the credit. And depending on your overall tax situation you might not be able to take the entire credit. And you have to file form 1116.

Well I finally got to see the foreign tax credit today and the associated additional taxable income. Both quite a bit lower than estimated, so not bad. The additional income was just slightly higher than the foreign tax credit. Maybe we’ll be able to take the whole credit this year.