Question:
I retired this year, so my income next year will be much lower. But I just received notice of a high-income surcharge on my Medicare premiums. Is there a way to use my newer, lower income? --M.S., Yuma, Ariz.
Answer:
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Yes. Single filers who have more than $85,000 in adjusted gross income plus tax-exempt interest income, and those who are married filing jointly who have more than $170,000, have to pay extra for Medicare Part B and Part D. The surcharge is based on your last tax return on file—generally 2016 income for 2018 premiums.
-
IRA Rules at a Glance: Contribution Limits, Income Limits and Rollover OptionsHere are IRA contribution limits, income limits and rollover rules for Roth, traditional, SIMPLE and SEP IRAs at a glance.
-
How to Delete Your 23andMe Data23andMe is pursuing a sale after filing for bankruptcy, leading many customers to look into deleting their data from the company.
-
Credit Report Error? They All Mattercredit & debt Don't dismiss a minor error. It could be the sign of something more serious.
-
Insurance for a Learning Driverinsurance Adding a teen driver to your plan will raise premiums, but there are things you can do to help reduce them.
-
Getting Out of an RMD Penalty
retirement When your brokerage firm miscalculates your required minimum distributions, you have recourse.
-
529 Plans Aren’t Just for Kids529 Plans You don’t have to be college-age to use the money tax-free, but there are stipulations.
-
When to Transfer Ownership of a Custodial Accountsavings Before your child turns 18, you should check with your broker about the account's age of majority and termination.
-
Borrowers Get More Time to Repay 401(k) Loans
retirement If you leave your job while you have an outstanding 401(k) loan, Uncle Sam now gives you extra time to repay it -- thanks to the new tax law.
-
When It Pays to Buy Travel Insurance
Travel Investing in travel insurance can help recover some costs when your vacation gets ruined by a natural disaster, medical emergency or other catastrophe.
-
It’s Not Too Late to Boost Retirement Savings for 2018
retirement Some retirement accounts will accept contributions for 2018 up until the April tax deadline.
