My wife gets $1,000 a month Social Security. They deduct $400 a month for Medicare; so her check is $600.
What goes on the 1040... $12,000 SS and $4,800 medical expenses, or $7,200 in SS.
As long as I am here... She pays $30 a month for an Advantage plan, and the rest goes to the government for plan B,C, and D. That seemed like a lot of money to pay for Medicare but the paperwork seemed definitive so I didn't investigate it. Does that seem excessive or is it within the normal range?
$12,000 (with adjustments for non-taxable Social Security), and $4,800.
Should be A, C, and D. Sounds as if there may be "penalties" for late enrollment or excess 2014 income.
Arthur Rubin, AFSP, CRTP, Brea, CA ... but I am not a Medicare expert.
investigate it. Does that seem excessive or is it within the normal > range?
For 2017, the base Medicare B&D deduction is in the $109-$134/month range. The income related B&D surcharges range from $0 to about $370/month. A $400 total deduction would imply a 2015 family Modified Adjusted Gross income of $320-$428K (Married Filing Jointly) or your wife's 2015 income of $85K-$129K (Married Filing Seperately).
Google medicare irmaa 2017 if you want to dig into more details.
Got it; thanks
Have something to add? Share your thoughts — no account required.
Ask the community — no account required