The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Any Tax Relief Here?||Date: 3/25/2013 7:37 PM|
|Author: TwoCybers||Number: 118155 of 123001|
Donna wrote If her company is paying her health insurance premiums until 2014, she will not have the Medicare Part B until 2014. My question: Would her high income for 2013 affect Part B in that situation?
My bet is yes. It certainly will have an affect on her medicare part B premiums in calendar 2015 under your assumptions.
If a person (or family) has MAGI (defined by law) greater than the limit for Tax year 2013, that Federal tax return is not due until April 15, 2014. So that is the earliest that an official statement of income is required to be made. The IRS and Medicare people look at numbers and send out notices roughly in late November or early December 2014 saying you earn $X in 2013. So your medicare part B will be higher beginning January 2015.
Finally, I am pretty sure it is not just medicare Part B, but also Part D that gets a premium hike.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|