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In January of 2015 we moved to a retirement community and…

Customer Question
In January of...

In January of 2015 we moved to a retirement community and made an entrance fee of $328,000. To do this we had to withdraw our IRA's, which increased our income for the year to the 30% bracket. This is a one-time amount and our fixed income is $1685 for myself, and $1554 for Paul, plus $3067.83 GM retirement, totaling $75,682 per year. I request that our S/S benefits are not decreased for 2018, which would cause a hardship for us.

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else the Retirement Accountant should be aware of?

Not that I know of. Maybe that Paul has dementia.

Submitted: 4 months ago.Category: Social Security
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Answered in 5 minutes by:
11/27/2017
Social Security Expert: TaxRobin, Tax Preparer replied 4 months ago
TaxRobin
TaxRobin, Tax Preparer
Category: Social Security
Satisfied Customers: 17,610
Experience: 15+ years in tax preparation and instruction
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Social Security Expert: TaxRobin, Tax Preparer replied 4 months ago

Social Security does not count pension payments, annuities, or the interest or dividends from your savings and investments as earnings. They do not lower your Social Security retirement benefits.

You will pay tax on up to 80% of your SS but the withdrawal does not effect the benefits you receive.

Please let me know if you need more information by posting below.
If not then scroll up to see the STARS to rate so I am credited.

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Customer reply replied 4 months ago
I received a statement for our 2018 S/S and it is less than now, because they are taking out more for Medicare Part B and D.
Social Security Expert: TaxRobin, Tax Preparer replied 4 months ago

The amount you are paying is based on the one time distribution, that is different.

One moment while I see the SSA procedure

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Social Security Expert: TaxRobin, Tax Preparer replied 4 months ago

SSA advises that a large one-time income event, such as a IRA withdrawlal, or a liquidation that triggers a significant capital gain, are not necessarily eligible for an exception from the higher premium rules, although since the income thresholds for Medicare premiums are re-evaluated annually, a temporary or one-time event would likely only result in higher Medicare premiums for a single year. Nonetheless, exceptional circumstances outside the list can be challenged by filing a Request for Reconsideration (Form SSA-561-U2) with the Social Security Administration.

If you have not file for reconsideration you should do that as soon as possible.

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Customer reply replied 4 months ago
I do not wish to be a member. Please cancel and refund the $27 you charged without my knowledge
Social Security Expert: TaxRobin, Tax Preparer replied 4 months ago

I will tell customer support for you. I was not compensated (no rating was received) but Customer Support can assist you.

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TaxRobin
TaxRobin, Tax Preparer
Category: Social Security
Satisfied Customers: 17,610
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Experience: 15+ years in tax preparation and instruction

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