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 the base amounts of) Medicare premiums depends on income from the tax return two years prior. These higher Medicare premiums are called Income Related Adjustment Amounts (IRMAA) but are effectively an additional tax. The IRMAA “tax” ranges from an additional $965 to more than $5,000 per year for an unmarried retiree and double those amounts for a married couple where both have Medicare. Approximately 4.5 million individuals on Medicare are paying IRMAA “tax” this year. Few retirees are aware that this tax trap exists and by the time they are caught in it, it may be too late or too expensive to get out of it.