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SSA determines if you owe an IRMAA based on the income you reported on your IRS tax return two years prior, meaning two years before the year that you start paying IRMAA. The income that counts is the adjusted gross income you reported plus other forms of tax-exempt income.

IRMAA payments go directly to Medicare, even if you pay monthly premiums to an insurance company for Medicare Advantage or Part D prescription drug coverage.

Medicare-eligible retirees and their Medicare-eligible dependents can submit an IRMAA application if they paid above the standard amount of $148.50 per month. If you did not pay more than the standard amount then you are not eligible for IRMAA.

3. Who Pays IRMAA? Only individuals who earn more than $97,000 and married couples filing jointly who earn more than $194,000 must pay IRMAA.

The income-related monthly adjustment amount (IRMAA) sliding scale is a set of statutory percentage-based tables used to adjust Medicare Part B and Part D prescription drug coverage premiums. The higher the beneficiary's range of modified adjusted gross income (MAGI), the higher the IRMAA.

As a reminder, your 2021 Modified Adjusted Gross Income (MAGI) determines your 2023 IRMAA bracket. To break down the 2023 IRMAA brackets (in plain English!): If an individual or married couple filing separately makes $97,000+; Or. A married couple filing jointly makes $194,000+…

It applies only to Medicare beneficiaries who have a modified adjusted gross income above $97,000 for an individual return and $194,000 for a joint return. If your earnings are below this threshold, IRMAA doesn't apply to you.

The Social Security Administration (SSA) determines who pays an IRMAA based on the income reported 2 years prior. So for 2023, the SSA looks at your 2021 tax returns to see if you must pay an IRMAA. IRMAA is calculated every year.