Looks like I’m going to fall into a pretty high IRMAA bracket for 2024. This is mostly due to long term capital gains. As a single taxpayer I expect to easily fall into the MAGI greater than $193,000 and less than $500,000 bracket. This bracket leaves me enough room where it may be a good idea to do addition Roth conversions this year. Would that be advised? Are there other considerations?
I understand the Roth conversions will increase my AGI and I would have to pay tax on the conversions. I also understand the IRMAA premium won’t be applied until 2026.
One other question. I expect my MAGI in 2025 will be considerably lower and may not be subject to IRMAA at all. Will the IRMAA premium be automatically dropped or adjusted by the Social Security Administration for 2027 or is some action by me going to be required?
I understand the Roth conversions will increase my AGI and I would have to pay tax on the conversions. I also understand the IRMAA premium won’t be applied until 2026.
One other question. I expect my MAGI in 2025 will be considerably lower and may not be subject to IRMAA at all. Will the IRMAA premium be automatically dropped or adjusted by the Social Security Administration for 2027 or is some action by me going to be required?
Statistics: Posted by Rdytoretire — Wed Sep 18, 2024 5:40 pm — Replies 1 — Views 28