Economics Matters -- the Podcast wants you to know all the dirty little secrets of IRMAA, Medicare Part B Premium, which is simply a tax by another name. IRMAA refers to Medicare Income-Related Monthly Adjustment Amount. It's a nasty tax that is assessed when you join Medicare Part B or Medicare Part C. It's based on a special measure of Modified Adjusted Gross Income
Hi Cheryl, Yikes, knew nothing about this. So, if your spouse dies, your combine MAGI from two years back goes into the formula? That's awful. Thanks for the heads up! We'll need to fix our maxifi.com code re this. best, Larry
Hi Larry, I’m assuming, it’s just going forward but not sure, maybe you can check that out (I don’t have a tax or accounting background)? I’m thinking that if spouse died in 2021, in 2023 the survivor would be subject to the single IRMAA brackets but RMDs based on total IRA accounts. Thanks again!
To what extent does MaxiFi Planner incorporate these "IRMAA" calculations/features? Will you be adding this very necessary set of features to give us the best estimate of "fixed spending" since we have inputted a comprehensive view of our financial position in the MaxiFi software?
I'm listening to this discussion on Substack but the speakers keep referring to seeing the the software running. Are we supposed to be watching a video? How?
Hi Larry, Thanks for another excellent presentation! One thing not mentioned is that when a spouse dies (assuming both taking RMDs) the survivor will now be subject to RMDs based on total IRA/401K balances but the IRMAA brackets will now be based on a single life pushing them into a much higher IRMAA bracket. Cheryl
Wow. Didn't know this! Thanks for the info. We'll makes sure MaxiFi knows to do this. best, Larrry
Hi Cheryl, Yikes, knew nothing about this. So, if your spouse dies, your combine MAGI from two years back goes into the formula? That's awful. Thanks for the heads up! We'll need to fix our maxifi.com code re this. best, Larry
Hi Larry, I’m assuming, it’s just going forward but not sure, maybe you can check that out (I don’t have a tax or accounting background)? I’m thinking that if spouse died in 2021, in 2023 the survivor would be subject to the single IRMAA brackets but RMDs based on total IRA accounts. Thanks again!
To what extent does MaxiFi Planner incorporate these "IRMAA" calculations/features? Will you be adding this very necessary set of features to give us the best estimate of "fixed spending" since we have inputted a comprehensive view of our financial position in the MaxiFi software?
I'm listening to this discussion on Substack but the speakers keep referring to seeing the the software running. Are we supposed to be watching a video? How?
Hi Larry, Thanks for another excellent presentation! One thing not mentioned is that when a spouse dies (assuming both taking RMDs) the survivor will now be subject to RMDs based on total IRA/401K balances but the IRMAA brackets will now be based on a single life pushing them into a much higher IRMAA bracket. Cheryl