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Joined: 09/07/1998
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LaneRat
Founder Subscriber

IRMAA tale

Our IRMAA was going to cost us $12k this year due to a one time CG in 2023. (IRMAA is Medicare premium add-on based on higher income) My finance guy said to tell SS I had a "life changing condition", that being I made less at my primary employer in 2024 than in 2023 (though not nearly to the extent of the CG), and BTW my 2024 income would be below the IRMAA-inducing level. SS bought it and has waived the IRMAA, and has refunded what I already paid in Jan.
Posted: 02/12/2025 at 04:20 PM ET
(In response to this post by HokieMacDaddy)

Thread Replies (18)

Full Thread →
learned something sobering yesterday
HokieMacDaddy • 02/12/25 07:41 AM ET
IRMAA tale ◄
LaneRat • 02/12/25 04:20 PM ET
If you want to learn something ...
Beerman • 02/12/25 12:00 PM ET
Hasn't changed much since 2018ish. It COULD change depending on tax and bu
ColoVT82 • 02/12/25 11:15 AM ET
Next bracket is big jump to 32%. Stay poor my friend…..**
DonHo-kieHi • 02/12/25 11:01 AM ET
If only companies would take people from a $94,299 salary to a $383,000
ElbertoHokie • 02/12/25 08:56 AM ET
I'll need at least $400k
hoosnowahokie • 02/12/25 10:39 AM ET
If my company would do that, I could accept the pain!**
vthhhi • 02/12/25 09:04 AM ET
Yep, sobering. These rates have been consistent for the past few years.**
BleedinOandM • 02/12/25 08:52 AM ET
Executed a block of NSO stock options in Dec,
MrBayAreaHokie • 02/12/25 08:42 AM ET
Glad to be reminded of the benefits of poverty.**
PhotoHokieNC • 02/12/25 08:41 AM ET
If you take 22% of the difference between $201,050 and $94,300, you get
lilhokie525 • 02/12/25 08:09 AM ET
Yeah...it's not as drastic as he makes it seem.
vthokieq • 02/12/25 08:14 AM ET
Guess that's why I'm not an accountant :/**
HokieMacDaddy • 02/12/25 08:19 AM ET
Basic Math? LOL Well it could have been Algebra or Trig....**
UTPr0sim • 02/12/25 09:17 AM ET
Just about to say the same, you have to think in terms of marginal rate...
`lag • 02/12/25 09:00 AM ET
LOL**
vthokieq • 02/12/25 08:22 AM ET
Guess you really don’t want income of $202,000.00**
Stork • 02/12/25 07:59 AM ET
That extra $17 will get ya! **
vthokieq • 02/12/25 08:16 AM ET