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As you begin the process of filing 2021 taxes, you should be aware that what goes on a completed Form 1040 will have an impact on what premiums you will be paying in 2023.
IRMAA is an income-related monthly adjustment amount. It is an extra charge added to your monthly premiums for Medicare Part B (medical insurance) and Medicare Part D (prescription drug coverage).
The IRMAA charge can apply to a person who has enrolled in either Medicare Part B or Part D, or in both parts. What is Medicare? IRMAA may change each year, depending on a person’s income.
Form 1040-X (officially, the "Amended U.S. Individual Tax Return") is used to make corrections on Form 1040, Form 1040A, and Form 1040EZ tax returns that have been previously filed (note: forms 1040-A and 1040-EZ were discontinued starting with tax year 2018, but a 1040X may still be filed amending one of these tax forms filed for previous years).
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.
The IRMAA is a surcharge, derived from a person’s annual income, which Medicare adds to the basic Medicare Part B and Part D premiums. The IRMAA depends on someone’s income bracket and whether ...
For example, in 2023, individuals with an annual income of $97,000 or less paid a standard premium of $164.90 for Medicare Part B. ... including tax-exempt interest and certain non-taxable Social ...
The standard monthly premium amount for Part B in 2023 is $164.90 and applies to those with a MAGI of up to $97,000 as an individual, and up to $194,000 as a married couple filing taxes jointly ...
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