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Medicare IRMAA tax trap What it is and how to avoid
>> YOUR LINK HERE: ___ http://youtube.com/watch?v=Ai4AKkHbyTA
One of the most common tax traps in retirement is surcharges on Medicare premiums. This is more formally known as the income related monthly adjustment amount or IRMAA. Medicare Part B premiums are based on a taxpayer’s income. As your income increases, you run the risk of being subject to IRMAA which can result in thousands of dollars in additional annual premiums. Although this seems straightforward, retirees often get snagged in this tax-trap because they forget that retirement account withdrawals usually increase gross income. Additionally, the way the calculation works, being just one dollar over a threshold can trigger IRMAA. In this video we talk about common scenarios that trigger IRMAA and several planning strategies which can help to manage or even completely avoid it. • My professional focus is retirement planning for individuals over age 55. Please visit our website or reach out for a free planning session. • Ted Erhart, CFP® • Financial Planner • Anoka, Minnesota • / ted-erhart-cfp%c2%ae-4969939 • / trottbrook • https://www.trottbrook.com/ • This has been prepared solely for informational purposes. Information herein is not intended to be complete, and such information is qualified in its entirety. This is not an offering or the solicitation of an offer to purchase an interest in any fund, and it is not an offer to buy or sell or a solicitation of an offer to buy or sell any security. Nothing herein should be construed as investment advice, an opinion regarding the appropriateness or suitability of any investment, on an investment recommendation. No representation is made that the objectives or goals of any investment or strategy will be met or that an investment or strategy will be profitable or will not incur losses. Past performance is no guarantee of future results. Reliable methods were used to obtain information for this presentation but the information herein cannot be guaranteed for accuracy or reliability; the information in this presentation may be out of date or inaccurate. The information contained in this summary is and may not be distributed without permission.
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