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I recently turned 59 and plan to retire at 65 in 2029. I understand that IRMMA will look at my 2027 tax return to determine if it applies. Since I'll still be working, I'll definitely hit the first tier and possibly the second.
My birthday is mid-year, so half my salary in 2029 should drop me below the IRMMA threshold. Is that reason enough to appeal and win to avoid IRMMA? Or will I get stuck and have to wait until 2031 for a reduction?
you are fine ….we were not only working 4 days a week when my wife went on medicare but we sold an asset too that generated the highest level iirma surcharges.
what happened is they did bill us at the surcharged rate that january since the current years taxes were not filed yet , that is why they go back two years .
however we called and set up an appeal since i was not retired yet two years before .
by the time our appeal came up i was able to show them our previous years income to show them that in retirement our income was actually much lower then the two years prior was .
since it was based on the year we were not fully retired they squashed the surcharges , declared it a life changing event and refunded the few payments with surcharges we paid.
while we had to go down for an appeal others have reported they just called them on the phone , but in any case if it is your first year being retired and they are picking up two years back prior to retirement they will fix it for you
You will just have to file the appeal form (Form SSA-44). The appeal will be based on the fact that you have a life-changing event (that you have now retired):
Question for those who have already studied this (yes, i know I could look it up myself and consult a CPA, etc. I'm asking more as an early warning, curiosity and friends who may be impacted but are unaware.)
If one inherits a substantial amount of money in a single year, could that create the surcharge? If it does, does that remain permanently even when the annual income drops below IRMMA limits?
Since I plan to retire at the end of June, I assume I'll have to pay the increased amount for the rest of the year since I won't have a tax return showing a lower MAGI.
When should I file the appeal, and when should expect the refund?
Question for those who have already studied this (yes, i know I could look it up myself and consult a CPA, etc. I'm asking more as an early warning, curiosity and friends who may be impacted but are unaware.)
If one inherits a substantial amount of money in a single year, could that create the surcharge? If it does, does that remain permanently even when the annual income drops below IRMMA limits?
anything being combined with your work income that gets you surcharged is open for appeal .
we had a huge capital gain from an asset sale , plus work income that crushed us with surcharges.
they considered that whole year as a life changing event and went by our following years retirement income
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