An estimated 7% of Medicare's 64.3 million beneficiaries end up paying income-related monthly adjustment amounts, or IRMAAs, in addition to their Medicare premiums.
and providing proof that you've experienced a"life-changing event" such as retirement, death of a spouse or divorce.One way to keep your taxable income down is to avoid having all of your nest egg in retirement accounts whose distributions are taxed as ordinary income, such as a traditional IRA or 401. So whether you've signed up for Medicare yet or not, it may be worthRoth contributions are taxed upfront, but qualified withdrawals are tax-free.
"A lot of people get into trouble by taking no money out of their 401 or IRA, and then they have their first RMD and it puts them in one of those IRMAA brackets," Meinhart said.If you have assets that could generate a taxable profit when sold — i.e.
Depending on the specifics of your situation, it may be worth considering holding exchange-traded funds instead of mutual funds in your brokerage account due to their tax efficiency, experts say.the benefits of tax-loss harvestingThat is, if you end up selling assets at a loss, you can use those losses to offset or reduce any gains you realized.
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