IRMAA Urgent Question
I post this question in hopes that AlanIRA critic will share his knowledge on the subject. What is the maximum modified adjusted gross income for tax year 2021 filing that keeps us, with MFJ filing status, from incurring a premium on our 2023 Medicare premium and also Part D if we had it?
Up until today my thinking it is $176,000 but now based on a question I posed on the Boglehead’s forum and the responses I received there I am not sure. The correct dollar limit could have an impact on the amount of my Roth conversion in 2021 and future years. The 2021 conversion amount is my immediate concern.
Permalink Submitted by William Tuttle on Fri, 2021-12-31 15:01
For future reference unlike BHs, this forum is intended for retirement account issues only.
As you noted, your IRMAA premiums are based on your IRMAA MAGI from the prior prior tax year.
However, effective for 2020, they are inflation adjusted. The 2023 tiers will based on the SEP/2021 – AUG/2022 CPI numbers.
Therefore, the 2023 tiers can not be known at this time. However, The Finance Buff (AKA BH (tfb)) projects the first 2023 IRMAA MFJ tier to be $190K not counting any inflation/deflation thru AUG/2022.
Permalink Submitted by David Mertz on Fri, 2021-12-31 15:31
2023 IRMAA MAGI thresholds will not be established until after August 2022 (based on the CPI through August 2022), but given the current rate of inflation the first MFJ threshold for 2023 will likely be more than the 2022 threshold of $176,000.