Search found 26 matches

by markmarz
Sat Apr 09, 2016 5:53 pm
Forum: Personal Finance (Not Investing)
Topic: IRMAA - Medicare Premium adj - how get SS to look at current year?
Replies: 27
Views: 2875

Re: IRMAA - Medicare Premium adj - how get SS to look at current year?

I filed SSA-44. No documentation needed. I checked off work stoppage. It asked for estimated MAGI for 2015 (remember I was filing in December to start Part B in January). I just needed to hand it to the person at the desk. She went back inside and came back and told me ok. Then I waited for my appr...
by markmarz
Sat Apr 09, 2016 4:08 pm
Forum: Personal Finance (Not Investing)
Topic: IRMAA - Medicare Premium adj - how get SS to look at current year?
Replies: 27
Views: 2875

Re: IRMAA - Medicare Premium adj - how get SS to look at current year?

I had the same problem when I retired in 2014. Social Security "looked back" at 2012 (I had exercised stock options to avoid losing them). After some research, I found and filed (in person) form SSA-44 "Medicare Income-Related Monthly Adjustment Amount - Life Changing Event" checking the "Work Stop...
by markmarz
Sat Apr 09, 2016 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: IRMAA - Medicare Premium adj - how get SS to look at current year?
Replies: 27
Views: 2875

Re: IRMAA - Medicare Premium adj - how get SS to look at current year?

Looking for advice on how to avoid IRMMA if possible . Husband turns 65 in NOV. of this year. In 2014 MAGI was $205000.(married filing jointly) in 2015 MAGI MAGI was $215000. This year MAGI will be approx. $150000,working part time. He is on my group health insurance this year, but I am looking to ...
by markmarz
Sat Apr 09, 2016 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: IRMAA - Medicare Premium adj - how get SS to look at current year?
Replies: 27
Views: 2875

Re: IRMAA - Medicare Premium adj - how get SS to look at current year?

I turned 65 and retired in February 2014. I went in to the SS office to file, and immediately appealed my IIRMA status. This was granted immediately. A couple of months later when my wife turned 65 and applied, her appeal was turned down by a different person. We went in again, and this time the ap...
by markmarz
Sat Apr 09, 2016 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: IRMAA - Medicare Premium adj - how get SS to look at current year?
Replies: 27
Views: 2875

Re: IRMAA - Medicare Premium adj - how get SS to look at current year?

I retired in 2014 and had high income. I went on Medicare Part B in January 2015. They wanted me to pay the IRMAA because the last year's income(2014) was above the threshold. Because I had retired I just needed to fill out a form and say what I expected my 2015 income would be. I received a letter...
by markmarz
Sat Apr 09, 2016 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: IRMAA - Medicare Premium adj - how get SS to look at current year?
Replies: 27
Views: 2875

Re: IRMAA - Medicare Premium adj - how get SS to look at current year?

Paying higher premiums based on estimated income would then require reconciliation each year and would add at least another hour and at least two pages to your tax return. No thanks. We will pay the same amount for Medicare whether it is current or whether it is billed two years later. It is an int...
by markmarz
Sat Apr 09, 2016 10:14 am
Forum: Personal Finance (Not Investing)
Topic: IRMAA - Medicare Premium adj - how get SS to look at current year?
Replies: 27
Views: 2875

Re: IRMAA - Medicare Premium adj - how get SS to look at current year?

I doubt there is any appeal but it can't hurt to try. They will look at the current year in 2 years. At that time they will lower your premium. JW You're right, but in the meantime I'll be paying higher premiums in 2016 and 2017 for income earned in 2014 and 2015. Doesn't seem fair, somehow ;-> Wha...
by markmarz
Sat Apr 09, 2016 9:22 am
Forum: Personal Finance (Not Investing)
Topic: IRMAA - Medicare Premium adj - how get SS to look at current year?
Replies: 27
Views: 2875

Re: IRMAA - Medicare Premium adj - how get SS to look at current year?

If you are paying premiums based on income from two years ago and last year's tax return would have lowered premiums from two years ago, will the higher premiums paid for the current year be refunded along with the reduction? By the way, I filed the appropriate form with Medicare 45 days ago and ha...
by markmarz
Sat Apr 09, 2016 9:21 am
Forum: Personal Finance (Not Investing)
Topic: IRMAA - Medicare Premium adj - how get SS to look at current year?
Replies: 27
Views: 2875

Re: IRMAA - Medicare Premium adj - how get SS to look at current year?

I do not believe they will subtract out the conversions. However, they should subtract out your earned income if you have decreased or no earned income since you have retired since 2014. You will probably have to show them your 2015 1040 or a letter from your former employer stating you retired. I ...
by markmarz
Sat Apr 09, 2016 9:20 am
Forum: Personal Finance (Not Investing)
Topic: IRMAA - Medicare Premium adj - how get SS to look at current year?
Replies: 27
Views: 2875

Re: IRMAA - Medicare Premium adj - how get SS to look at current year?

My impression is that there are only a limited number of life changing events they consider valid: seems like work stoppage should be valid since that's on the list. From the appeal form: STEP 1: Type of Life-Changing Event Check ONE life-changing event and fill in the date that the event occurred ...
by markmarz
Sat Apr 09, 2016 9:16 am
Forum: Personal Finance (Not Investing)
Topic: IRMAA - Medicare Premium adj - how get SS to look at current year?
Replies: 27
Views: 2875

Re: IRMAA - Medicare Premium adj - how get SS to look at current year?

JW-Retired wrote:I doubt there is any appeal but it can't hurt to try. They will look at the current year in 2 years. At that time they will lower your premium.
JW
You're right, but in the meantime I'll be paying higher premiums in 2016 and 2017 for income earned in 2014 and 2015. Doesn't seem fair, somehow ;->
by markmarz
Sat Apr 09, 2016 6:17 am
Forum: Personal Finance (Not Investing)
Topic: IRMAA - Medicare Premium adj - how get SS to look at current year?
Replies: 27
Views: 2875

IRMAA - Medicare Premium adj - how get SS to look at current year?

Hi Bogleheads, In a couple months I'll be starting Medicare (age 65). Medicare looks back 2 years (2014) to determine whether there should be a premium adjustment. I retired March 2015 with income that year well below the $85,001 threshold, but I also did enough IRA->Roth conversions in 2015 to put ...
by markmarz
Thu Apr 07, 2016 6:27 am
Forum: Personal Finance (Not Investing)
Topic: Any states that tax Roth withdrawals?
Replies: 51
Views: 7387

Re: Any states that tax Roth withdrawals?

OP, one way to find out for sure is to go to the tax site for any state that you're interested in, download the state tax forms, and work through a mock tax filing. I had to do this for North Carolina, which has the most useless public information site in terms of how their taxes work. :annoyed Wel...
by markmarz
Thu Apr 07, 2016 6:18 am
Forum: Personal Finance (Not Investing)
Topic: Any states that tax Roth withdrawals?
Replies: 51
Views: 7387

Re: Any states that tax Roth withdrawals?

Good clarification. It brings up the question as to why anyone who inherits a Roth IRA wouldn't retitle to avoid RMDs... Please expand on this if you would. I had planned on leaving most of my estate in a Roth for the benefit of my adult daughter. I know she'll have RMDs, though tax-free. Not sure ...
by markmarz
Thu Apr 07, 2016 6:15 am
Forum: Personal Finance (Not Investing)
Topic: Any states that tax Roth withdrawals?
Replies: 51
Views: 7387

Re: Any states that tax Roth withdrawals?

MarkNYC wrote:
markmarz wrote:Could anyone confirm that NY does not tax Roth distributions?
NY does not tax qualified distributions from a Roth. If the Roth distribution is nonqualified, NY like most other states, will tax any earnings that are included in the distribution.
Thank you!
by markmarz
Thu Apr 07, 2016 6:13 am
Forum: Personal Finance (Not Investing)
Topic: Any states that tax Roth withdrawals?
Replies: 51
Views: 7387

Re: Any states that tax Roth withdrawals?

Washington ... Thank you for this information on Washington, Oregon and Colorado, this is exactly the sort of information I was hoping for. Oh, but just to be sure: you're saying that Colorado does not tax Roth withdrawals, right? Correct: Colorado does not tax Roth withdrawals, provided that you m...
by markmarz
Tue Apr 05, 2016 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: Any states that tax Roth withdrawals?
Replies: 51
Views: 7387

Re: Any states that tax Roth withdrawals?

Could anyone confirm that NY does not tax Roth distributions?

Thanks,
Mark M
by markmarz
Tue Apr 05, 2016 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: Any states that tax Roth withdrawals?
Replies: 51
Views: 7387

Re: Any states that tax Roth withdrawals?

Good clarification. It brings up the question as to why anyone who inherits a Roth IRA wouldn't retitle to avoid RMDs... Please expand on this if you would. I had planned on leaving most of my estate in a Roth for the benefit of my adult daughter. I know she'll have RMDs, though tax-free. Not sure ...
by markmarz
Tue Apr 05, 2016 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: Any states that tax Roth withdrawals?
Replies: 51
Views: 7387

Re: Any states that tax Roth withdrawals?

JW-Retired wrote:
Spirit Rider wrote:
... I've Googled about this for a 1/2 hour now and I can't find any information about states taxing or not taxing Roth distributions. Only federal tax is ever mentioned.
JW
Hah-hah!! Exactly why I'm asking for personal experiences!
by markmarz
Tue Apr 05, 2016 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: Any states that tax Roth withdrawals?
Replies: 51
Views: 7387

Re: Any states that tax Roth withdrawals?

Good clarification. It brings up the question as to why anyone who inherits a Roth IRA wouldn't retitle to avoid RMDs... Please expand on this if you would. I had planned on leaving most of my estate in a Roth for the benefit of my adult daughter. I know she'll have RMDs, though tax-free. Not sure ...
by markmarz
Tue Apr 05, 2016 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: Any states that tax Roth withdrawals?
Replies: 51
Views: 7387

Re: Any states that tax Roth withdrawals?

The New York income tax generally follows the Federal. If you're over age 59 1/2, New York has a $20,000 exclusion for retirement benefits. New York is about to become a low tax state for middle income taxpayers. The new budget bill will reduce the top income tax rate for middle income taxpayers (w...
by markmarz
Tue Apr 05, 2016 1:28 pm
Forum: Personal Finance (Not Investing)
Topic: Any states that tax Roth withdrawals?
Replies: 51
Views: 7387

Re: Any states that tax Roth withdrawals?

I was able to tax free at Cap360. (Pa.) PA does not tax any retirement income from 401k, 403b and IRAs. That's because you/me paid PA State/local income tax at the time of contribution. That is not to say that many years of earnings are not subject to State/local tax on all withdrawals, which is st...
by markmarz
Tue Apr 05, 2016 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: Any states that tax Roth withdrawals?
Replies: 51
Views: 7387

Re: Any states that tax Roth withdrawals?

chx wrote:Washington ...
Thank you for this information on Washington, Oregon and Colorado, this is exactly the sort of information I was hoping for.

Oh, but just to be sure: you're saying that Colorado does not tax Roth withdrawals, right?
by markmarz
Tue Apr 05, 2016 9:02 am
Forum: Personal Finance (Not Investing)
Topic: Any states that tax Roth withdrawals?
Replies: 51
Views: 7387

Re: Any states that tax Roth withdrawals?

veggivet wrote:I am not an accountant, but am pretty sure that Roth IRA withdrawals cannot be taxed by any state. They also are not factored in when determining RMDs.
Interesting, I hope that bears out.
by markmarz
Tue Apr 05, 2016 9:02 am
Forum: Personal Finance (Not Investing)
Topic: Any states that tax Roth withdrawals?
Replies: 51
Views: 7387

Re: Any states that tax Roth withdrawals?

That site doesn't say whether Roth IRA withdrawals are taxed; this is why I opened this question.
by markmarz
Tue Apr 05, 2016 6:22 am
Forum: Personal Finance (Not Investing)
Topic: Any states that tax Roth withdrawals?
Replies: 51
Views: 7387

Any states that tax Roth withdrawals?

Hello Fellow Bogleheads, Is anyone aware of any states that tax Roth IRA withdrawals? I've tried to find this out online and haven't been able to get to that level of detail. So I thought I might draw on the personal experiences of those living in various states. To help narrow it down, this is the ...