audreyh1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Well yes, the reason is important. There is an appeal process.
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)."
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.)
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?
If you don't ask, you don't get. What's the downside for asking?
If you don't ask, you don't get. What's the downside for asking?
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.
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.