Dr. Friday breaks down how Medicare premiums are affected by IRMA (Income-Related Monthly Adjustment Amount). From real estate sales to large withdrawals, your taxable income can significantly impact Medicare costs. Plan wisely to save on premiums and avoid unexpected expenses.
Transcript:
G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Fund. To get more info, go to www.drfriday.com.
This is a one-minute moment. When you’re thinking about retiring, one of the big things we all think about is Medicare. How is Medicare going to kick in? When do you need to take Medicare? I know that there’s going to be, at some point here, the big donut hole everyone talks about and the re-signing up.
But the important thing from the tax standpoint, and when you’re looking at your taxes, is basically thinking about IRMA. IRMA is what they use to figure out how much money you’re going to pay tax on when dealing with Medicare. So if you sell a piece of real estate, if you take a big, large distribution, or you have some other source of income that comes in through yours, you could end up with paying thousands of dollars a year extra.
If you need help, 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon. afternoon from 2 to 3 p.m. right here on 99.7 WTN.