What do you spend on income taxes and health care combined?

[FANOFJESUS]

This year I will spend $3500 for both next year $350.

 

[aja8888]

$8,000 medicare, supplement ins, drugs (expensive ones) - Two of us combined.
$6,000 on income taxes
--------
$14,000

We are in out late 70's and own a house. No pension and living on SS and nest egg.

 

[Car-Guy]

I have haven't figured it out yet, but combined, it will be in the mid to upper 30's .

 

[pb4uski]

This year I will spend $3500 for both next year $350.

If you have significant tax-deferred money and are spending so low you are likely leaving money on the table not taking advantage of no or low tax cost Roth conversions.

We will pay ~$8,600 in federal income taxes in 2022... it would be zero absent the ~$75k that we'll do in Roth conversions... so we're "voluntarily" paying ~11.5% in federal tax on the $75k of Roth conversions to avoid paying 22% or more later on... way less than the 28% that we avoided paying when I deferred that income and also less than the 22% or more that we'll likely pay if I didn't do Roth conversions and am later forced to withdraw the money via RMDs.

Our health care costs are $170/month for Part B, $8/month for Part D, $162 for DD and $186 for me for Medigap and at worst, $233 each for the Medicare Part B deductble... so that is ~$8,900 for two or ~$371/month each. Then add in $500 for dental and vision and we're about $9,400 for the year.

So ~$18k combined for 2022... more than aja8888 but a lot less than Car-Guy.

 

[VanWinkle]

Income tax this year of about 2200 due to Roth conversions staying in the 12% brkt.

Health Insurance of 170.00 part B, 49.00 for PPO Medicare Adv, 3400.00 max OOP so 2628.00 low end and 6028.00 on the high end for one person. SO is on the ACA and covering her own expenses atm.

 

[Stormy Kromer]

Income Tax $5,400

Health Insurance $16,200 (unsubsidized ACA premium for DW & I)

 

[scrabbler1]

Lowering my income has had the two-pronged effect of lowering both my income taxes and health care costs, the latter cue to a greater ACA premium subsidy. After going over the ACA cliff for the third year in a row in 2019, I ditched an actively managed stock fund and bought into a similar stock index fund. I took an income tax hit in 2019 doing that, raising the sum of my income taxes and HC costs to an all-time high of $22,900. But in 2020, that sum dropped to $6,400; in 2021, that sum dropped to $5,800, an all-time low in my 13 years of ER.

 

[CardsFan]

For 2 of us in 2021:

About $8,000 for Medicare plus supplements

About $20,000 in Fed taxes

About $7,000 in State taxes.

Taxes are 90% due to Roth Conversions

 

[Midpack]

$10,537 Medicare, Plan G, Part D, Dental & out of pocket
$41,900 Fed & state income taxes (Roth conversions)

What do I win?

 

[Car-Guy]

$10,537 Medicare, Plan G, Part D, Dental & out of pocket
$41,900 Fed & state income taxes (Roth conversions)

What do I win?

Maybe an audit?

 

[athena53]

2021 values:

Income Taxes: $9,000 (Net of a refund for 2020).

Health insurance premiums: $6,700 (traditional Medicare plus supplement and prescription plan, with IRMAA surcharges)

Out-of-pocket medical: $13,000, but that includes $10,000 for 2 dental implants, fortunately not an annual event.

 

[Born2Fish]

$0.00 for ACA premiums (DW and me, fully subsidized premiums). $1100 out of pocket medical/dental costs (HSA-reimbursed one day).

$6900 Taxes (Fed + NC) mostly due to Roth Conversions. (Taxes are estimated using IRSCalculators.com.)

 

[aja8888]

So ~$18k combined for 2022... more than aja8888 but a lot less than Car-Guy.

I didn't add in my $5,800 this year for the tooth implant. That's a lumpy expense and one time (I hope).

 

[Franklin]

$10,537 Medicare, Plan G, Part D, Dental & out of pocket
$41,900 Fed & state income taxes (Roth conversions)

What do I win?

Midpack don't claim victory too early!

 

[Dash man]

$22,036 for medical (7 months insurance and 5 months Medicare for two of us. (Does not include LTC insurance or the cost of my new hearing aids.)

$110,538 Federal Income Tax (including for $497,612 Roth conversions. About another $4,000 for state income tax.

These are for the 2021 Tax year, so the tax may vary a little bit, but should be close.

 

[aja8888]

^^^^^^Dash Man is in the lead....Midpack is out.

 

[Franklin]

^^^^^^Dash Man is in the lead....Midpack is out.

Not for long, I just gotta get up the courage to post. Seems to me the low dollar should win though??

 

[Mr. Tightwad]

I think I paid $5 for a co-pay. And parking was $6 for a PFT test I took at a location I don't normally go to.

$9,929 in state and federal income taxes.

 

[MuirWannabe]

$51,413 combined medical insurance, federal taxes, and property taxes.

 

[Souschef]

$20 K in income tax-RMD's kicked in

 

[Dash man]

Not for long, I just gotta get up the courage to post. Seems to me the low dollar should win though??

I’m the clear loser so far!

 

[Franklin]

I’m the clear loser so far!

Nope I got ya beat.....so that would probably make me the first place looser. I didn't even do any roth conversions as I could not stomach the bracket.

 

[Teacher Terry]

1400 in federal taxes and no state income tax. My health insurance costs 350/month but as a state retiree I get 195/month reimbursement.

 

[RobbieB]

About 15 grand. IRA withdrawals (at RMD level, but not required), but no Roth conversions.

Make that 25 grand, didn't include health care.

 

[Out of Steam]

Between insurance, out-of-pocket costs, and state/Federal income taxes, about $25K. About $3K of that is income taxes on Roth conversions.