IRMAA - a hidden time bomb?
Take a single man, 66 years old, collecting Social Security and on Medicare. $234 is witheld from his SS for Medicare. His Adjusted Income is $95,000 and he reports gambling winnings of $55,000 and losses of $58,000. The IRS considers his gambling a wash and he owes no more in tax. Two years go by and his Medicare deduction more than doubles. Medicare counts your winnings, but not your losses, so that $55,000 you "won" means your adjusted income was $150,000, not $95,000, and your medicare cost is doubled. Your 2027 Medicare deduction is based on your 2025 tax return. Next year, you'll only be able to deduct 90% of your losses and face a double whammy.
Income-Related Monthly Adjustment Amount. Is it a landmine or just more salesman's hype?
In the US, if you are a gambler, everyone wants a piece of you, doesn't matter that you actually lose money doing it
and yeah about agi.
seems like medicare views w2-g winnings like the irs calcs agi
Quote: 100xOddsyeah, i plan to sell my house at age 63 so i dont get hit by irmma at age 65 for medicare.
and yeah about agi.
seems like medicare views w2-g winnings like the irs calcs agi
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You might be eligible for an exemption on the sale of your main domicile, but you would need to talk to a tax poro about that.
Quote: 100xOddsyeah, i plan to sell my house at age 63 so i dont get hit by irmma at age 65 for medicare.
and yeah about agi.
seems like medicare views w2-g winnings like the irs calcs agi
link to original post
I read something, I don't know if it is true, but it said your medicare payment at 65 is based on your income at age 63. I don't know the details but I still hope to retire in two years at 62 so my income will be down when I am 63.
Quote: DRichQuote: 100xOddsyeah, i plan to sell my house at age 63 so i dont get hit by irmma at age 65 for medicare.
and yeah about agi.
seems like medicare views w2-g winnings like the irs calcs agi
link to original post
I read something, I don't know if it is true, but it said your medicare payment at 65 is based on your income at age 63. I don't know the details but I still hope to retire in two years at 62 so my income will be down when I am 63.
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Yes, 2027 premiums are based on 2025 income. If your individual income is under $95,000, you pay $234 per month, and your payments increase in brackets. That is the gist of it, but it wouldn't be Medicare if there weren't a few swerves to it. I don't know the brackets for married couples filing jointly.
Quote: AIAt $689.90 per month, you are already paying the absolute maximum tier for your Medicare Part B base premium under the Income-Related Monthly Adjustment Amount (IRMAA) for high-income earners.
Understanding Your Premium Tier Current Status: Your $689.90 rate reflects the highest bracketed surcharge for individuals with a modified adjusted gross income (MAGI) over $500,000 (or over $750,000 for married couples filing jointly) based on your tax return from two years prior. Absolute Maximum: Because you are at the top bracket, $689.90 is the highest standard Part B IRMAA tier charged.
I file as a pro gambler, so I do not report my W2-G income, just my net gambling income. For 2026, this will include some phantom income from the 90% cap on gambling deductions.
However, if Medicare only counts gambling winnings and not losses, you end up paying on phantom income, and that is not right.
Quote: gordonm888Yes. I am selling a rental house and my comic book collection this year and my medicare payments will be increased next year because of my increase in AGI ( in addition to the capital gains taxes I will be paying.)
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Medicare payments would increase in 2028 if your income increases this year, not in 2027
Quote: gordonm888Yes. I am selling a rental house and my comic book collection this year and my medicare payments will be increased next year because of my increase in AGI ( in addition to the capital gains taxes I will be paying.)
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I have over a thousand comics from my childhood, included Xmen 137, where Phoenix died (for the 1st time).
Who/how are you selling your comic book collection?
Quote: 100xOddsQuote: gordonm888Yes. I am selling a rental house and my comic book collection this year and my medicare payments will be increased next year because of my increase in AGI ( in addition to the capital gains taxes I will be paying.)
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I have over a thousand comics from my childhood, included Xmen 137, where Phoenix died (for the 1st time).
Who/how are you selling your comic book collection?
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I have already sold it. It was a large collection with many golden age and atomic age comics and a large number of Marvel key comics. I was very fortunate to find a collector in Texas who bought the entire collection at >80% of retail value.
There are Facebook Groups and Instagram Groups for comic book collectors. I would suggest seeking those out and posting in those groups, saying you have comic books from your childhood that you want to sell. You will be contacted by many dozens of dealers and collectors. Dealers will offer maybe 40% of retail value; collectors will offer more. You'll have to spend time sorting out all the people contacting you.
It is important that you know your collection's value, the importance of condition, etc. There are lots of resources on-line. Your X-Men 137 has a retail value of $6.00 in good condition (grade 2.0) and close to $100 in near mint condition.
billryan is probably the forum member who is the most knowledgeable about selling comic books. You might send him a PM.
Quote: gordonm888Yes. I am selling a rental house and my comic book collection this year and my medicare payments will be increased next year because of my increase in AGI ( in addition to the capital gains taxes I will be paying.)
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Can you put the house in a trust instead and have the trust sell it instead?
