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A 401k withdrawal is not a life changing event (in regard to IRMAA).SSA-44 doesn't have a good option to choose for someone who withdraws a large sum from a retirement account (401k, IRA, etc.) and gets dinged with IRMAA. Who knows the correct box to check on the form?
When I was looking into the 2 years into the future B increase due to a 1099-C for forgiven debt (which is taxed as ordinary income) I was told by SS that they would have to file a change of circumstances in 2 years (since that premium is based on income 2 years ago) so that their B premium would not go up (since they had the year of the 1099-C income that was over the limit for the usual "lowest" premium.It does not seem to be an option. Not a qualifying event.
An increase in income, is not a qualifying event.
IRMAA is like an old girlfriend. Showing up two years later after you've moved on.Info I neglected to include in the original post - I don't know if it matters... but common sense says it should--
The guy was 63 when he did the 401k withdrawal. He is T65 Mar 2025 and has the IRMAA notice for his upcoming Part B premium.
When I was looking into the 2 years into the future B increase due to a 1099-C for forgiven debt (which is taxed as ordinary income) I was told by SS that they would have to file a change of circumstances in 2 years (since that premium is based on income 2 years ago) so that their B premium would not go up (since they had the year of the 1099-C income that was over the limit for the usual "lowest" premium.
I am not sure how with drawing retirement money, since that is taxed unless it is a Roth IRA, wouldn't be dealt with the same way. What am I missing?
Yeah, I told him to take documentation to the local SS office and see what happens. I think he's screwed, but like you say, Mr Haire, froggy things occur.IRMAA is like an old girlfriend. Showing up two years later after you've moved on.
Worse case scenario, he's only looking at a one year increase. Unless he did it again.
I'd suggest an appeal anyway. He's appealing to SS and not Medicare. I've seen SS do some froggy things.
Anyway, check this out if you haven't already.
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You Can Appeal the IRMAA for Medicare Parts B and D
There’s a good chance you can get your IRMAA eliminated or reduced if your income has dropped in the past two years.www.kiplinger.com
After some of our previous interactions, I have you on ignore but I happened to see this from outside the forum. I am ignoring the ignore for purposes of this and the previous post I have made in this thread.Info I neglected to include in the original post - I don't know if it matters... but common sense says it should--
The guy was 63 when he did the 401k withdrawal. He is T65 Mar 2025 and has the IRMAA notice for his upcoming Part B premium.