Sort of true. It is even worse for those on ACA Health insurance. Gross income does not impact your mediare payments until you hit $103k single or $206 married. See this table. for medicare
State tax refund posted overnight. They received the paper return on April 17th, so it only took a week.
Just found out from my tax prep guy that I can only deduct my losses vs. W2G gains if I itemize. At $28000 standard deduction, I cannot. Shit. Wow, I have kept detailed records for years for no reason. Shit.
It might make sense to itemize if your winnings are high enough and instead of filling jointly you file individual returns.
I have paid the maximum Medicare Income Related Monthly Adjustment Amount (IRMAA) every billing period since I started Medicare. It’s added up to a lot of money. What really irks me is that we’ve also paid the maximum Social Security and Medicare tax every year since 1980. These are backdoor taxes which substantially reduce benefits which I had thought we had earned through hard work and years of payments. From one perspective we’ve been very fortunate that our few significant gaming wins have made no difference at all to our additional "premiums" (IRMAA), or to our tax bracket, but from the other perspective we’ve felt like the government is doubling down in trying to take back all the benefits we had thought we’d paid for. A friend of mine won a huge amount in the Illinois lottery years ago-the best kind of windfall gaming win. But, even now he’ll still go off on a rant about the taxes he paid on his win.
So, we have to assume you have other serious income that maxes out IRMAA. Good news, you are still making lots of money. Bad news, feds have added another HIDDEN tax to you. If some of that income is from 401k - I assume you are moving stuff over to Roth. For those that do not understand IRMAA - see tables here> https://www.humana.com/medicare/medicare-resources/irmaa Most of us are paying $174 each for medicare part B. If you max it out, you pay $594 a month... just for part B.
