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Good luck
But to clarify----so your (or your wife's) premiums were supposed to go up based on the 2014 income...
Don't know if they held off because you requested the appeal...
Is your appeal is based on fact that you didn't have an option...you were basically along for the ride in the sale of the asset?
I think our best shot to ask for reconsideration comes because now my husband is terminating his defined benefit plan with his S-Corp because while the S Corp will still exist, there is not enough income from it to justify continuing the DB plan...basically he is retiring from his S-Corp employment...
Doing the rollover tomorrow at our financial advisor's office---
Will have the documents from the fiduciary that oversaw the DB plan and filed the paperwork each year to certify it met tax guidelines showing it has been terminated--no more self employment income...
As well as the W-2 for the reduced 2015 self-employment wages my husband paid himself...
All income now will be just pass-through/passive income...and likely under 30K a year...
we are currently paying the increase .
our argument is our taxable income for 2016 is only 15% of what it was compared to 2014. the sale was a one shot deal . we were not retired yet nor was my wife on medicare yet . had the sale happened in 2013 it wouldn't have counted at all .
we now have our 2015 taxes done and it is a mere fraction of 2014
Following. We just started Medicare and it is over 200 a month for each because the sale of cattle. Hope it goes down. Horrible wishing to make less money.
I think that is just protocol for the office you contacted...
Other offices--different areas--might do things differently
Did they tell you to walk in and take a number or submit written form/request or call an 800 # to initial the request?
The form for the Medicare premium appeal says if you have two or more qualifying events to call an 800 number to request appointment--and I assume that is the general 800 number https://www.ssa.gov/forms/ssa-44.pdf
Mathjak---are you going in with anyone except yourself and your wife?
Like the person who had control over the sale?
My husband is terminating his defined benefit plan in his S-Corp this week and transferring the assets into an IRA...
I am hoping we can use that to validate his "retirement" as employee---and get Medicare premiums based on 2015 income and projection for 2016...
Now any income from the S-corp (and it is greatly reduced from 2014 when we had the big sale) will be pass-through income but not FICA wages...
I think that is just protocol for the office you contacted...
Other offices--different areas--might do things differently
Did they tell you to walk in and take a number or submit written form/request or call an 800 # to initial the request?
The form for the Medicare premium appeal says if you have two or more qualifying events to call an 800 number to request appointment--and I assume that is the general 800 number https://www.ssa.gov/forms/ssa-44.pdf
we sent in a form but never heard back so we called . they gave us the date and time on the phone to appear at the the local office .
not knowing about selling everything pre medicare age is something a good adviser would have told you . but of course few want to spend the money for advice since we all think we know all we need to know .
we were instructed to start liquidating our holding company 7-10 years before we retired .
each year has it's own new tax year your premiums are based on .
We have had a financial advisor who is also partner in the CPA firm we have used for over 25 years--
But with our situation, we (like you) owned interests in income-producing properties but basically we had no power to initiate a sale any time we wanted...
The company he worked for was privately-owned and run basically by one guy who made all the decisions about buying/selling...
We were just lucky that he decided he wanted to buy back interests owned by some of the VPs in the firm to use to incentivize younger employees....and we were lucky we got a very good price point in 2014--
He is the one who lost out--took on lot of debt to make that purchase and properties lost lot of their value with the oil slump...
Situation is similar to buying a private REIT that is not actively traded and where the company has more control over the price point and buyback conditions that with a mutual fund REIT...sometimes they can be profitable but they can also be a very unbalanced asset--where you give up lot of control over how to exit...
our senior partner made the decision to sell so it was not something we had a say in .
ironically our partner, mogul bernard spitzer died right after the sale within months
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