Guest Expert: Phil Lubinski, CFP and Greg Geisler, Ph.D.In this webinar you will learn how to anticipate and avoid or reduce IRMAA taxes for your retired clients through proactive income planning.
The amount of additional (i.e., higher than th...
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Viewed the recording, thx much for the IRMAA education (also for all of the bonus content on tax efficiency, which made me realize I have a lot to learn on that related topic)!
One thing that left me scratching my head a bit: Wouldn't a mid-year (instead of EOY, as assumed in the presentation) retirement in 2022 leave one potentially wanting to submit SSA-44 *three* times (once each for 2022, 2023, and 2024) instead of just twice?
In each of '22, '23, and '24 the retiree worked fewer days than 2 years previously, so it naively seems plausible that his/her AGI in each of those 3 years would be lower than the 2-years-previous AGI, due to the same retirement event.
One thing that left me scratching my head a bit: Wouldn't a mid-year (instead of EOY, as assumed in the presentation) retirement in 2022 leave one potentially wanting to submit SSA-44 *three* times (once each for 2022, 2023, and 2024) instead of just twice?
In each of '22, '23, and '24 the retiree worked fewer days than 2 years previously, so it naively seems plausible that his/her AGI in each of those 3 years would be lower than the 2-years-previous AGI, due to the same retirement event.
A few comments from listeners:
SSA-44 was a new concept. Thanks for the info!
- Barbara B.
I did not know that a taxpayer could request a more current tax return be used the year or two after retiring - good approach!
- Kevin P.
I didn't realize that QCD from an IRA would reduce income, good info.
- Donna G.
I learned you could use Form SSA44 to request a reduction of IRMAA tax for a life changing event
- Stephen F.
Never really thought much about IRMAA before, so the basics were already new to me!
- Benjamin K.
Re-solidified how important having diversified tax-treated accounts are so there's the flexibility of what types of money to use.
- Anne B.
SSA-44 was a new concept. Thanks for the info!
- Barbara B.
I did not know that a taxpayer could request a more current tax return be used the year or two after retiring - good approach!
- Kevin P.
I didn't realize that QCD from an IRA would reduce income, good info.
- Donna G.
I learned you could use Form SSA44 to request a reduction of IRMAA tax for a life changing event
- Stephen F.
Never really thought much about IRMAA before, so the basics were already new to me!
- Benjamin K.
Re-solidified how important having diversified tax-treated accounts are so there's the flexibility of what types of money to use.
- Anne B.
One thing that left me scratching my head a bit: Wouldn't a mid-year (instead of EOY, as assumed in the presentation) retirement in 2022 leave one potentially wanting to submit SSA-44 *three* times (once each for 2022, 2023, and 2024) instead of just twice?
In each of '22, '23, and '24 the retiree worked fewer days than 2 years previously, so it naively seems plausible that his/her AGI in each of those 3 years would be lower than the 2-years-previous AGI, due to the same retirement event.