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My husband and I had gambling winnings over 100,000 before…

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My husband and I...

My husband and I had gambling winnings over 100,000 before deducting losses. We were notified we had to start paying over 400 each for our medicare premiums. Can my husband quality separately?

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. Please tell me more, so we can help you best.

We always file married filing jointly. They used the 2015 year adj was 165671taxable 65623

Accountant's Assistant: Is there anything else important you think the Retirement Accountant should know?

I work but my husband does not. IN 2015 my salary was txble 57583 this year I only work 3 days a week . Salary estimated 35,000

Submitted: 3 months ago.Category: Social Security
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1/6/2018
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 3 months ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,026
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

You certainly Can report separately (its also important to note that this will only affect the Medicare premiums for one year).

...

But yes becasue gambling winnings are part of MAGI for social security and IRMMA (medicare premiums on higher income) purposes, the losses deducted on the schedule A don't help (I call this a hidden gambling tax).

...

But yes, if the reporting was only on one person, and that persona reported on a separate return, then only that person's premiums would be affected.

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 3 months ago

Married filing separately will NOT, however, help with the other issue (taxability of social security).

...

No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules. If you:

  • file a federal tax return as an "individual" and your combined income* is
    • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
    • more than $34,000, up to 85 percent of your benefits may be taxable.

  • file a joint return, and you and your spouse have a combined income* that is
    • between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits
    • more than $44,000, up to 85 percent of your benefits may be taxable.

  • are married and file a separate tax return, you probably will pay taxes on your benefits.
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Customer reply replied 3 months ago
Since social security used a MFJ return we are not able to file MFS for that year...no help...Are you saying for the additional medicare premiums we are having to pay it does not matter if MFJ or MFS on return? Would it be to our advantage to drop medicare part b and if we did how much penalty do we have to pay next year...I do not understand the increase as 2015 AGI was 165000 and schedule says 170000 before premiums are increased
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 3 months ago

Well yes, I tought you were asking for future years.. You said "Can my husband quality separately?" And then later you said "We always file married filing jointly." So I thought you were asking about doing so in the future for purposes of managing the Gambling winnings going forward

...

In terms of what I am saying ... I'm saying that to determine a medicare premium for an individual filing a single or married filing separate return they'll look AT that return.

...

Then to determine premiums for a couple marrried filing jointly they'll look , of course, at the joint return.

...

And it's MAGI that has to be more than 170 ... was there some municipal bond income or other income that took your MODIFIED AGI to over 170?

...

Specifically, Internal Revenue Code ((d)(2)(B)) states that MAGI is AGI increased by:

  • Any amount excluded from gross income in section 911 (Foreign earned income and housing costs for qualified individuals)

  • Any amount of interest received or accrued by the taxpayer during the taxable year which is exempt from tax

  • Any amount equal to the portion of the taxpayer’s social security benefits (as defined in Section 86 (d)) which is not included in gross income under section 86 for the taxable year. (Any amount received by the taxpayer by reason of entitlement to a monthly benefit under title II of the Social Security Act, or a tier 1 railroad retirement benefit.)

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 3 months ago

I hope you’ll rate me based on my accuracy and thoroughness (as opposed to any good news/bad news content). Thank you!

...

But, please let me know if you need more on this.

...

Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

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Category: Social Security
Satisfied Customers: 14,026
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986

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