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I received a letter from SSA regarding my monthly SS

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I received a letter...

I received a letter from SSA regarding my monthly SS payment. They have decreased my amount (they say) due to an increase in income. I DID NOT HAVE an increase. The reason my 1040 showed a higher amount was because of sale of property and to show higher tax payment to you because of that sale. It was not due to a salary - I've been retired for almost 20 years. The sale of the property should NOT affect my monthly social security. Spoke to Markea this morning (after holding on the phone for one hour) and she sent a form to be filled out. I don't understand the form - it's asking questions that don't relate to what I called about. HELP!

Accountant's Assistant: The Retirement Accountant will know how to help. Is there anything else the Retirement Accountant should be aware of?

Yes...look at my 2016 Tax Return and you'll see the information on the sale of property. I paid the IRS $25,194 in taxes last year because of that sale....and I was only able to afford it because of the money paid for that sale. If there was no property sale my taxes would not have been that high. It's a catch 22! Therefore, the amount of money received for the sale should be considered as increase in income. AND should not affect Medicare Part B. Again, the sale of the property SHOULD NOT Affect my Social Security payment. I need to talk to a person with help on the form I received via email. (###) ###-####

Submitted: 7 months ago.Category: Social Security
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Answered in 6 minutes by:
12/1/2017
Social Security Expert: lev-tax, Tax Advisor replied 7 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,142
Experience: Taxes, Immigration, Labor Relations
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If you are a person who has higher annual earnings, the Income-Related Monthly Adjustment Amount (or IRMAA) is an additional amount that you pay for your monthly Medicare Part D prescription drug plan premiums and your monthly Medicare Part B (out-patient or doctor visit coverage) premiums.

Your social security benefits are SAME or a little larger because of COLA adjustments,

BUT Medicare premiums increased for 2018 based on your 2016 AGI - adjusted gross income as reported on your tax return.

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Customer reply replied 7 months ago
Not satsified with answer. How much I'd
Social Security Expert: lev-tax, Tax Advisor replied 7 months ago

Medicare premiums are based on AGI - adjusted gross income - not only based on earned income.

When the AGI is above $85,000 for Singles or above $170,000 for Married filing jointly - Medicare premiums are higher.

That is for 2018 year ONLY.

Your Medicare premiums for 2019 will be determined based on your AGI from 2017 tax return.

Let me know if that answered your question.

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Customer reply replied 7 months ago
You are not helping and you are costing me money. You gave me information I already have. Why am I bring charged with information sent me in the mail. AND the
IRS should not be charging. Cancel!
Social Security Expert: lev-tax, Tax Advisor replied 7 months ago

If the answer has NO value for you and you are not willing to continue conversation - just ignore...
For all payment issues - please communicate with the customer service and I am sure all will be resolved in your favor.

I wish you the best.

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