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Answered in 2 minutes by:
12/10/2020
lev-ssa, Retirement and Benefits
Category: Social Security
Satisfied Customers: 64,316
Experience: Retirement Planning, Benefit Qualification, Taxes, International Issues
VerifiedIRMAA stands for Medicare's income-related monthly adjustment amount (IRMAA).
This is a higher premium charged by Medicare Part B and Medicare Part D to individuals with higher incomes.
If your modified adjusted gross income is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA).
Medicare uses the modified adjusted gross income reported on your IRS tax return from 2 years ago.
For 2021 IRMAA limits are $88,000 for a single person and $176,000 for married couple filing jointly.
2021 IRMAA is based on income from 2019.
If a joint tax return was filed in 2019 - that information will be used for IRMAA purposes.
Questions?
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lev-ssa, Retirement and Benefits
Category: Social Security
Satisfied Customers: 64,316
Experience: Retirement Planning, Benefit Qualification, Taxes, International Issues
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