Great info.. my birthday is in December... so only one month of IRMAA premium! YAY!!
@5metoo
Жыл бұрын
Clear as mud. What is the relationship between the 2 year look back and what happens the year one turns 65?
@robertryan3490
3 күн бұрын
Would you make a video about Roth conversion effects on FASFA?
@joselabiosa8892
Жыл бұрын
Wow! Very useful content, thank you! .... 📚🤔
@thomascass5756
2 жыл бұрын
Excellent video. I turn 63 next December and was sweating out the dreaded IRMAA since I have a pension and want to continue doing a Roth conversion next year. Now, I can do so without any concerns. One month of penalty is not worth worrying about. Thanks so much!
@cliffluxion7019
2 жыл бұрын
Thank you for sharing this. Unfortunately, the wife and I will still be gainfully employed at 65 and my birthday is very early in the year, hers in the first half. Not sure about Roth conversions going forward due to earned income leading up to FRA and possibly beyond.
@gregjones9243
Жыл бұрын
Hello I love your videos and am not sure it you will answer this as this video is from a year ago. I turn 65 in Dec 2027, but want to convert roth in 2025 before the TCJA goes away. As I understand your video, I would only pay the IRMAA penalty for the last month in 2027 and the following year in 2028 that looks at 2026 tax year my medicare monthly payment would revert to a lower amount? Thanks
@PeachesMcPeaches
Жыл бұрын
Just a quick question re IRMAA surcharge and teh 2 year look back rule. I will be turning 65 in 2025 and am looking at performing some roth conversions in 2024 and 2025. The 2 year look back period for the period when I will be 66 ( my b day is in Aug 1960), I was wondering how the penalty would be applied if for example in 2024 with my roth conversion my MAGI is between $123K and $153K and in 2024 with my roth conversion my MAGI is between $153K and $183K. Which surcharge amount would I be subject to in 2026? Will the surcharge be the higher of the 2 years, in this example the surcharge related to 2025? Thanks Great education video.
@elizabethmowjee2402
2 жыл бұрын
What if we are 62 & 67 when we plan to retire with only 67 yr old working at that time. 67 yr old will stop working, but we plan to be on that employers insurance until then. Will the 62 yr old need some other insurance coverage until 65? The plan is to file for soc sec for the 67 yr old when he is 68 or 69. Using cash (bridge acct) for the first or possibly 2 nd year of retirement before either of us file for soc sec (Roth conversions probably during these 2 years also)
@terryadams1830
2 жыл бұрын
Another excellent article! Thanks Eric!
@robn.5932
2 жыл бұрын
Do you guys do Tax prep or have someone you recommend?
@peterhoffman8525
2 жыл бұрын
Excellent info. Wife turns 65 in springtime and I will turn 65 next Dec. We file 'married/joint' return. We each have some funds to convert; I have more, though. So I assume it is by far more important for me to convert my funds first rather than her funds as hers will not cause any penalty. Correct?
@tulsatom4307
2 жыл бұрын
Aren’t there also circumstances under which the IRMAA Penalty can be Waived I just copied this list of 7 qualifying life-changing events: * The death of a spouse * Marriage * Divorce or annulment of your marriage * You or your spouse stops working or reduces the number of hours you work (Does this include Retiring?) * Involuntary loss of income-producing property due to a disaster, disease, fraud, or other circumstances * Loss of pension * Receipt of a settlement payment from a current or former employer due to the employer’s closure or bankruptcy ^^ Appeal is filed on Form SSA-44; “you could include a letter from your former employer confirming that you have you now retired”
@webdoubt
2 жыл бұрын
I’d be afraid that once you start paying IRMAA the goverment will take their sweet time removing the IRMAA in subsequent years.
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