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The IRS allows you to use traditional IRA, 401(k), 403(b), and 457(b) funds to purchase an annuity that provides regular income to you but reduces the amount of your required minimum distribution.
Whether you pay a surcharge in 2025 depends on the income shown on your 2023 tax returns. “Unfortunately, it’s easy to trigger IRMAA when you first retire due to the two-year look back feature ...
The SSA will use the income tax information from the tax return a person filed 2 years previously to calculate the IRMAA surcharge. Medicare will then add the additional cost to the standard ...
Most people on Medicare will pay about $2,100 in Part B premiums this year. But high-income beneficiaries will get socked owing as much as $6,708 instead, due to the surcharge they’ll pay known ...
For 2023, you would look at your 2022 tax return, which includes your 2021 earnings, says Cubanski. While the income number that Medicare uses is “modified adjusted gross income," or MAGI, ...
Is it wise to start converting my 401(k) into an IRA (and then Roth) by 10% per year in order to avoid having to claim too much income each year when converting and also avoid RMDs as much as I can?