Part B Premiums Medicare surcharge
Hi Terry:
I’m 69 and retired, and I pulled out $220,000 this year from my traditional IRA to buy a house. Social Security told me over the phone that I can appeal this as a one-time event so I won’t have to worry about my Part B Premiums going from $164 to $442 per month for 2024. Is this accurate?
If not, would filing an individual tax return be a good move in 2023 so only I would pay the $442? My wife is 67 and retired, so would she stay at $164 per month if she filed an individual return in 2023?
Appreciate your insight!
Terry Says
You can appeal the surcharge — but it might take a while! So plan on larger deductions next year. Everything you need to know about appealing the Medicare surcharge for higher income is here: https://www.ssa.gov/pubs/EN-05-10507.pdf
Check with your tax preparer. You pay a higher tax rate for married filing separately, and since you already did the withdrawal and last year’s status was “married” I’m not sure this would be a smart move. Or legal.
