Ask Terry Questions IRS form to decrease taxable social security

IRS form to decrease taxable social security

By Terry Savage on January 15, 2024 | Insurance & Annuities

In 2023 I withdrew an xtra $15 k from traditional Ira beyond RMD requirements. Also withdrew $11k from Roth IRA for major remodeling. I remember you mentioning a form which could be filed to bring down the tax effect of these withdrawals for future social security taxation. What is that form? Thank you

Terry Says

First wait to see if you get an IRMAA adjustment on your Medicare Part B and part D premiums, increasing them because of the extra income. Remember, the Roth withdrawal is not taxable, and does not raise your income tax bracket. The extra $15,000 withdrawal from your traditional IRA is taxable, and could raise you to a higher income bracket — BUT, may not increase your Medicare premiums.
Read this to see the IRMAA medicare adjustment levels for 2023.



a personal
finance question