Windfall Elimination Provision
I just received a lump sum for Jan 2024 thru Apr 2025 due to WEP. How can one tell if it’s accurate since no explanation is given? Both years my old amount was not enough to cover medicare costs so I paid $582 60 in 2024 and already paid $2074.80 owed for 2025. Neither would have been necessary with my new amount. Do I get that back?
Will this all be income for 2025?
Terry Says
Trust that its accurate. Never look a gift horse in the mouth!
Yes, it will be ordinary income, and you may owe income taxes on it, depending on what other income you earn in 2025. Consult your tax preparer.
Since your new, larger monthly check will cover your Medicare premiums going forward, keep smiling!
