sscritic wrote:That was what I thought they would do, but they always send you a letter when any changes are made. I first got the "you will be on medicare and your withholding will be and your deposit will be" letter, but then I got the (actually two) "you will be paying the IMRAA and so your withholding will be and your deposit will be" letter. That's why I am looking for verification from someone who has being doing withholding post medicare.
Before medicare, my benefit was a whole dollar, my withholding was a half dollar so my deposit was a half dollar. Everything added up. Now it doesn't, and social security doesn't sent you a "pay stub" showing the breakdown. All I have are the letters with numbers that don't add up.
If you are someone who had both medicare and withholding in 2010, what did your letter for 2010 say and what was the actual withholding on your 1099-SSA? Did they match?
Parthenon wrote:Last year I started collecting Social Security after reaching full retirement age based on my wife's work record. My benefit was $469.50 and with a $110.50 Medicare payment I would net $359.00 every month.
This year I received a letter from the Social Security Administration indicating that "... As a result , your benefits will not increase in 2011." Then they proceeded to list out my monthly benefit at $470.40 with a Medicare payment of $111.40 and mathematically I still netted the same $359.00.
sscritic wrote:So next January look at your 1099-SSA to see if you they report social security benefits of 12 x 469.50 = $5,634 or 12 x 470.40 = $5,644.80.
sscritic wrote:Did your 1099-SSA for 2010 match your $469.50 figure?
sscritic wrote:P.S.If your wife was still working in 2009, her PIA could have gone up when those earnings were included in her calculation. You didn't get a COLA, but your 1/2 of her PIA might be higher this year. That doesn't explain the medicare premium changing though.
sscritic wrote:P.P.S. $111.40 is not a medicare premium that I know, unless you are in a medicare advantage plan that has a $0.90 premium above and beyond the standard Part B rate, and that amount is being withheld from your social security on top of the $110.50.
https://secure.ssa.gov/apps10/poms.nsf/lnx/03006010202. When to round the final monthly benefit
Consider the following before rounding the final monthly benefit
the family maximum;4. Adjustments applicable after lower dollar rounding
age (including reduction by a fixed money amount or consideration of the Retirement Insurance Benefit (RIB) limitation);
Deduction for supplementary medical insurance (SMI) premium for which the claimant is liable [this is Part B]
The following deductions or adjustments are made after lower dollar rounding:
Recovery of a prior overpayment (including SSI offset) and repayment of excess overpayment refunds;
Attorney fee withholding and repayment of excess attorney fees withheld;
Deduction for Part D premium;
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