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If you have an income above a certain amount, you may be required to pay an Income-Related Monthly Adjustment Amount (IRMAA) in addition to your Part B premium. The Social Security Administration (SSA) determines if you owe an IRMAA based on the income you reported on your IRS tax return two years prior. If you feel your higher Part B premium is incorrect, there are steps you can take to appeal the IRMAA.
Your Modified Adjusted Gross Income (MAGI) amount is made up of your total adjusted gross income in addition to any tax-exempt interest income. On your IRS Form 1040, these are line items 37 and 8b; if you are unsure of your MAGI, you can quickly figure it out by looking at your tax return records.
Premiums for high-income beneficiaries with full Part B coverage who are single or are married and file a joint return, are as follows:
Premiums for high-income beneficiaries with full Part B coverage who are married and lived with their spouse at any time during the taxable year but file a separate return, are as follows:
Premiums for high-income beneficiaries with immunosuppressive drug only Part B coverage, who are single or are married and file a joint return.
Premiums for high-income beneficiaries with immunosuppressive drug only Part B coverage who are married and lived with their spouse at any time during the taxable year but file a separate return, are as follows:
The SSA sends an annual notice of your Social Security benefits. (In government speak that’s called an initial determination.) You get notified by the SSA near the end of the current year if you’ll be required to pay an IRMAA once the calendar flips to January. The IRMAA lasts for one year, and the SSA reevaluates your benefits again for the next year.
I know this can be confusing! If you have questions or I can help, call or email
1-904-648-6488
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