How to avoid IRMAA & Income Ta x avoidance (legally).
Hi Terry, i have been reading your column in Sunday Tribune. We have our assets with Fidelity Inv Pvt Wealth Mgmt. I am 76+ & my wife 72+ & we are retired. We want to help our son buy a home, but are concerned about IRMAA raising our Medicare premiums.
Any good suggestions?
Terry Says
Here is an excellent guide to how IRMAA is calculated, and the brackets:
https://legalclarity.org/how-irmaa-brackets-are-calculated-magi-and-look-back-rules/
If you take money out of regular savings to help your son buy a home, there is no income tax implication. But if you take it out of an IRA or other retirement plan, then that huge amount would be considered taxable income — and could definitely impact your future Medicare premiums.
