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My wife and I had no earned income and unfortunately she passed recently. Next year, on my own, my unearned income will cause my Part B premium to double because as a couple we were within the lowest range now as a single I still have all her pension income as well as mine and taking her social security as a survivor which puts me in a higher bracket. Does anyone have any suggestions for lowering my AGI? We have interest income but most of it is tax sheltered until 72 I am currently 65. I can no longer fund my HSA and cannot fund a 401K, Roth IRA or IRA without earned income. The house is paid for so no interest expense and I am not really interested in creating interest expense!
Also, I would have to make a charitable contribution for nearly 10x what the cost of the additional premium would be lol.
I certainly can pay the additional cost, but just wondering if there is a solution to lowering AGI in this circumstance?
The way to lower your AGI is to lower your income by, for example, disclaiming her pension. Now why would you want to do that?
This is a classic fools game - much like using charitable donations to lower taxes. Why would someone want to donate a dollar solely to save 50 cents or less?
Contact a insurance broker. My sister and husband were struggling with health insurance issues. This got some really great help from them. They were not in the same position as you but maybe they can help.
Contact a insurance broker. My sister and husband were struggling with health insurance issues. This got some really great help from them. They were not in the same position as you but maybe they can help.
Insurance people are not normally tax advisors. OP has a retirement income issue - basically it's too high. In a nutshell, the issue is $145/mo. or $1,740/yr add'l Part B premium because his income is somewhere between $109k-$136K. He might be better served contacting a tax expert to see if there's a way he can reduce his AGI to below $109k.
Insurance people are not normally tax advisors. OP has a retirement income issue - basically it's too high. In a nutshell, the issue is $145/mo. or $1,740/yr add'l Part B premium because his income is somewhere between $109k-$136K. He might be better served contacting a tax expert to see if there's a way he can reduce his AGI to below $109k.
I wish I had such problems that I had too much money coming in. So do a lot of other people. I think this is a good example of a 1st world problem.
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