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Maximum Earnings When Taking Medicare

Posted: Wed Sep 02, 2020 6:59 pm
by muddlehead
Probably come up many times before. I'll keep it brief. Age 65. Wife and I both taking social security. File jointly. State is California, if that matters. Will be annually w/d money from our taxable IRA's. Question, What is the exact amount of income, including social security, of course, we can make before our medicare is impacted, and the price for medicare rises?

(I wrote a note to myself to keep it under 170k. Don't remember where I got that figure. Looking for the 100% ironclad exact answer.)

Re: Maximum Earnings When Taking Medicare

Posted: Wed Sep 02, 2020 7:02 pm
by neilpilot
https://www.medicareinteractive.org/get ... 20spouse's)%20IRMAA.

You can search IRMAA in Bogelheads for all the twist & turns. It's all here.

Re: Maximum Earnings When Taking Medicare

Posted: Wed Sep 02, 2020 9:44 pm
by kaneohe
from the link above: "The income that counts is the adjusted gross income you reported plus other forms of tax-exempt income." Also note that not all SS contributes to AGI (depends on your other income; max is 85% of SS)
Also note that the limits apply 2 yrs later so you may want to look up prior yrs limits which are in the 170K range.

Re: Maximum Earnings When Taking Medicare

Posted: Thu Sep 03, 2020 7:10 pm
by muddlehead
Looks like the answer is 174k. We won't be above 150k or so. So, we're good. Thx.

Re: Maximum Earnings When Taking Medicare

Posted: Sat Sep 05, 2020 8:04 pm
by grabiner
kaneohe wrote: Wed Sep 02, 2020 9:44 pm from the link above: "The income that counts is the adjusted gross income you reported plus other forms of tax-exempt income." Also note that not all SS contributes to AGI (depends on your other income; max is 85% of SS)
If you make enough to be subject to IRMAA, then you should also be past the SS phase-in, so 85% of your SS will be taxable. (For example, a married couple with $40K of SS maxes out SS taxation at $73,650 of other income, with $34K of SS then taxable.)