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much to our surprise the examiner at social security/ medicare ruled in our favor and is rolling back marilyns premium by 300 a month .
we won , but not on the grounds i was making for our case .
i was arguing that they should not use 2014 tax returns but instead go by 2015 .since we had a one time sale of an asset and no one was on medicare yet or retired .
the examiner shot that down because they have very strict rules on asset sales as far as what makes for a life changing event and we didn't qualify .
but she said that because we stopped work in 2015 and saw such a drastic income cut from 2014 that it could be considered a life changing event and ruled in our favor . she reduced us by almost 300 a month and will give us back the almost 900 we already over paid.
i did not think we had a chance winning this so i was pleasantly surprised .
that is the advantage of doing some planning , we set a side 2 years of withdrawals in cash prior to retiring so it generated very little taxable income in comparison for 2015 swaying their decision .
Last edited by mathjak107; 04-15-2016 at 11:05 AM..
Congratulations! I was not so lucky in my appeal. After I sold my property, thus triggering the increase, I did not use that money to live on until the NEXT year. Silly me. The fun part is that I suspect that overall, you have at least 3 times the potential income that I do.
live and learn , to bad we usually end up learning after the fact . like locking the barn after the horse runs away . never did i ever consider that sale in 2014 would trigger a huge penalty 2 years later in retirement , who knew , i knew nothing about medicare yet , didn't have to . wrong !
.. if i was on medicare too that would have been almost a 600 per month increase on top of the old premium , more then 9k a year for the two of us for just medicare premiums that cost a couple 208 a month or 2500 bucks a year
389.80 per month per person is the max. they go by income two years back . 2 years ago we were both working and our partners sold off the lease rights we held on the central park south building . that was enough to max us out .
max is 389.50 per person .
Last edited by mathjak107; 04-15-2016 at 01:10 PM..
don't mis-read it . that is taxable income level if filing jointly . the premium paid is per person . it would have been almost a 600 dollar increase per month for the two of us if i was of age .
the columns did not copy properly so just look here .
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