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My social security deduction for medicare needs to be

Customer Question
My social security deduction...

My social security deduction for medicare needs to be discussed

Accountant's Assistant: What state are you in? It matters because laws vary by location.

California

Accountant's Assistant: Has anything been filed or reported?

I did nothing; the social security peaple notified me for a huge increase in the medicare B deduction for next year, about 25% of the total income for soc sec

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

I had an one year large income during 2016, it was an only time; this year it had fallon down to much much less. I am still working (age 85) and have too many obligations, cannot afford the loss of income

Submitted: 7 months ago.Category: Social Security
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Customer reply replied 7 months ago
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Answered in 1 hour by:
12/3/2017
Social Security Expert: lev-tax, Tax Advisor replied 7 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,140
Experience: Taxes, Immigration, Labor Relations
Verified

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.

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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