Advertisement
retirement

Making Changes After a Medicare High-Income Surcharge

Surcharge is based on your last tax return on file.

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:

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.

Advertisement
Advertisement

Most Popular

11 Dividend-Paying Stocks You Should Think Twice About
dividend stocks

11 Dividend-Paying Stocks You Should Think Twice About

Dividend-paying stocks often can be a store of safety, but 2020 has been difficult on income equities. These 11 picks look like shaky plays despite th…
September 21, 2020
How To Buy a Roth IRA When You Make Too Much To Qualify For One
Roth IRAs

How To Buy a Roth IRA When You Make Too Much To Qualify For One

With their tax-free growth and tax-free withdrawals, Roth IRAs are a great deal — if you qualify. If you don’t, well, there’s still a way to get into …
September 23, 2020
High-Tech Aids for Aging in Place
Caregiving

High-Tech Aids for Aging in Place

Apple Watch and other technology provides fast feedback, comfort for older users, and a powerful assist for caregivers.
September 23, 2020

Recommended

Trump Promises $200 Prescription Drug Card for Seniors
Medicare

Trump Promises $200 Prescription Drug Card for Seniors

Medicare beneficiaries will soon receive a debit card in the mail that they can use to pay for prescription drugs.
September 25, 2020
What Trump's Payroll Tax Cut Will Mean for You
Tax Breaks

What Trump's Payroll Tax Cut Will Mean for You

President Trump issued an executive order to suspend the collection of Social Security payroll taxes. How much could it save you?
September 17, 2020
Medicare Basics: 11 Things You Need to Know
Medicare

Medicare Basics: 11 Things You Need to Know

There's Medicare Part A, Part B, Part D, medigap plans, Medicare Advantage plans and so on. We sort out the confusion about signing up for Medicare --…
September 16, 2020
When Elder Care Requires Legal Advice
Caregiving

When Elder Care Requires Legal Advice

Consult an elder care lawyer preemptively to avoid making a panicked phone call in the moment.
September 15, 2020