Higher-income Medicare beneficiaries may face smaller surcharges on 2023 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 plan. 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.
When RMDs from traditional accounts kick in, your taxable income could be pushed up enough that you become subject to IRMAAs, or to a higher amount if you already were paying the surcharge. "A lot of people get into trouble by taking no money out of their 401 plan 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.
"With mutual funds, you don't have a whole lot of control because they have to pass the gains on to you," said O'Neill, of Money Talk. "The problem is you don't know how big those distributions are going to be until very late in the tax year."
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