Beware, if you have other income not only will they tax portion of SS payments they will increase the amount you pay for Medicare and that will be deducted from your SS payments.
Thanx. The premium will go up and that comes from her SS check. (I have VA so no part B for me). Her part b deductible will also be going up along with the gap premiums going up.
In re-looking at that irs reminder.(It appears it’s good for 2023 and 2024 - so we should be looking for new guidance for 2025 soon)
I decided to do a napkin estimate...grrrrr...RAT FARTS!!!!I was wrong.
My wife and I were both high earners. From 50 % of our combined SS, we’ll almost get to 44K by itself.
In addition, she’ll be having a yearly 401k withdrawal plus a small life annuity pension.
I probably wont’ be reducing by much, the taxes taken from our SS check.
The IRS has a worksheet that I’ll use to get the exact amount.
Bummer!
Now, off to a cherish tee off time.
Thanx again.