Telly
Thinks s/he gets paid by the post
- Joined
- Feb 22, 2003
- Messages
- 2,395
I'm doing planning for the future, Roth conversions over years of changing conditions. Later when we both are on Medicare and SS, the present Part B Medicare cost quoted is $104.90 per person per month. And if on SS, the Part B premium is deducted from the SS monthly benefit.
So my question is... the $104.90 a month that is deducted from SS for Part B premium, is it also removed from the possible 85% taxation of SS benefits? In other words, is (12*$104.90)*2 = $2,517.60 filing jointly of SS benefit that is not actually paid to the recipients, not appear as taxable income?
Or does the government giveth as fictitious paper income, tax it, then removeth leaving the tax there?
Hopefully I have been clear enough here with what I am asking, but the hour is late
This will make a difference as to how much IRA we can convert per year and stay within the 15% bracket when on Medicare and SS.
So my question is... the $104.90 a month that is deducted from SS for Part B premium, is it also removed from the possible 85% taxation of SS benefits? In other words, is (12*$104.90)*2 = $2,517.60 filing jointly of SS benefit that is not actually paid to the recipients, not appear as taxable income?
Or does the government giveth as fictitious paper income, tax it, then removeth leaving the tax there?
Hopefully I have been clear enough here with what I am asking, but the hour is late
This will make a difference as to how much IRA we can convert per year and stay within the 15% bracket when on Medicare and SS.