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keeperumiami
keeperumiami, Senior Tax Expert & Financial Planner
Category: Social Security
Satisfied Customers: 6176
Experience:  Sr Tax Expert/Financial PlannerCPA/PFS (retired)Over forty years of advising individuals & small businesses
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My benefit check is always $652.00 per month..this month it

Customer Question

My benefit check is always $652.00 per month..this month it was $200.00 short I don't understand why it is less..Can you help me
Submitted: 10 months ago.
Category: Social Security
Expert:  keeperumiami replied 10 months ago.

Yes, I can explain although the answer isn't likely to make you happy.

Please don't shoot the messenger (me).

It has to do with an increased Medicare premium based upon your adjusted gross income in 2014.

Here's the chart that explains the increase.

Your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount.

If you're in 1 of these 5 groups, here's what you'll pay:

If your yearly income in 2014:

For individual filing status:

$85,000 or less $121.80

above $85,000 up to $107,000 $170.50

above $107,000 up to $160,000 $243.60

above $160,000 up to $214,000 $316.70

above $214,000 $389.80

For Married Filing Jointly Filing Status:

If your yearly income in 2014

$170,000 or less $121.80

above $170,000 up to $214,000 $170.50

above $214,000 up to $320,000 $243.60

above $320,000 up to $428,000 $316.70

above $428,000 $389.80

So basically you need to check out your 2014 tax return and see where that puts you on the chart.

In 2015 you probably were at the $121.80 premium level (per person)

Expert:  keeperumiami replied 10 months ago.

Just Checking In......

Do you have any questions, or may I assist your further with your question?

If not, please remember to rate my response as that is the only way we receive credit for our work.

Thanks very much.

If you'd like to reach me again here at JustAnswer.com, just ask for "Steve G." at the beginning of your tax or financial question.

Expert:  keeperumiami replied 10 months ago.

Just checking in...................

If you do not have any additional questions, I would appreciate it if you would take a minute to rate my response as that is the only way we receive credit for our work.

Thanks very much,

Steve G.