Should we redo our taxes?
A client filled separated than his wife for taxes in 2013. He reported over $85,000 in 2013 and because of this it caused a penalty of $167.80 per month with his medicare part b and a penalty of $51.30 medicare part d. Should he go back and refile his taxes for 2013 jointly and will he be able to eliminate or at least reduce this penalty?
Permalink Submitted by Alan - IRA critic on Tue, 2015-04-21 16:59
His penalty would certainly be reduced, if not eliminated. Of course, the client must also consider why they filed separately in the first place, because if there was any benefit from that, amending to joint would erase that. It may also take considerable time for the IRMAA surcharges already collected for 2015 to be returned.