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For example, if your annual income in 2022 was more than $500,000 as a single taxpayer or more than $750,000 as a married couple, your 2024 Part B premium would be $594 for Medicare Part B and an ...
How to Avoid Medicare’s IRMAA Premium Surcharge. Medicare may charge you an added fee called an IRMAA for your Part B and Part D premiums if you have a high income.
This year, Medicare beneficiaries with income over $106,000 (for single tax filers), $212,000 for joint filers and $106,000 (for married people that file separately) will pay the surcharge.
IRMAA’s surcharge is a sliding scale that, in 2024, starts at $244.60 a month for people with 2022 income between $103,000 and $129,000 and goes up to $559 a month for incomes of $500,000 or more.
If an individual disagrees with Medicare’s decision about their income-related premium adjustment, they can file an appeal. To do this, a person may call Social Security at 800-772-1213.
However, the tax on $50,000 of taxable income figures to $9,058. This being 18% of $50,000, the taxpayer is referred to as having an effective tax rate of 18%. Starting in 2013, high-income households will also pay an additional Medicare surcharge of 0.9% on earned income and 3.8% on investment income. [13]
Of the 63.3 million Medicare beneficiaries, about 7% end up paying higher monthly premiums because of income-related charges.While the standard monthly premium for Part B this year is $148.50 ...
Three little-known Medicare Savings Programs help pay Part B premiums for low- and moderate-income Medicare beneficiaries. Eligibility in 2024 requires monthly incomes below $1,275 to $1,750 or ...