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My medicare premium increased to 348 per month because of a…

Customer Question
My medicare premium increased...

My medicare premium increased to 348 per month because of a one time capital gains.Will this increase be permanent or will it be reevaluated on my 2017 tax return? My spouse was also increased by the same amount..

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

Washington state

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

No

Submitted: 8 months ago.Category: Tax
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Answered in 9 minutes by:
12/3/2017
Tax Professional: Barbara, Enrolled Agent replied 8 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,627
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

You get a notice of your Income Related Monthly Adjustment Amount every year from Social Security. If you are collecting social security, the information is repeated in your year end letter about the COLA and your benefits for the next year. The notice makes clear that the premium is based on the most recent tax return they have for you.

In other words, the increase is not permanent. If, for some reason, the premium amount is not reduced you can complete Form SSA-44 and bring it to your local Social Security office.

https://www.ssa.gov/forms/ssa-44.pdf

Please let me know if I can assist you further.

My goal is to provide you with excellent service. Please take a moment to rate my answer with a 5-star rating to let me know that I have achieved my goal.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 8 months ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

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