2023 2024 2025 Medicare Part B IRMAA Premium MAGI Brackets. The 2024 Medicare IRMAA surcharge kicks in when modified adjusted gross income exceeds $103,000 for single taxpayers or $206,000 for married couples filing jointly. C. You can complete Form SSA-44 and mail or bring it to your local Social. En español. 70 for 2024, an increase of $9. " So, it seems like it should be "very safe" to use 212k for planning purposes in 2023 to stay out of IRMAA trouble in 2025. The annual contribution limit for a traditional IRA in 2023 was $6,500 or your taxable income. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you’ll pay the standard Part B premium and an income-related monthly adjustment amount. Beneficiaries who are married and lived with their spouses at any time during the year, but who file separate tax returns from their spouses with modified adjusted gross income: Income-Related Monthly Adjustment Amount. In 2023, the standard premium is $164. As we’ve discussed, IRMAA applies to both Medicare Part B and Part D. My total Medicare Part B premium for 2023 was set to climb from the standard $164. If you have to pay IRMAA, you’ll fall into one of 5 IRMAA tiers. Greater-income Medicare beneficiaries additionally pay a surcharge for Half D. Greater-income Medicare beneficiaries additionally pay a surcharge for Half D. Medicare 2022 Part B premium adjustments. As it can be seen through the changes from 2007 to 2011, thankfully, the IRMAA income thresholds increased by roughly 1. Other beneficiaries pay Income-Related Monthly Adjustment Amounts (IRMAA), which vary by income level. Married Submitting Individually >= $403,000. IRMAA is a surtax that increases with higher levels of income. The Roth IRA contribution limit for 2023 is $6,500 for those under 50, and $7,500 for those 50 and older. Beneficiaries who are married and lived with their spouses at any time during the year, but who file separate tax returns from their spouses with modified adjusted gross income: Income-Related Monthly Adjustment Amount. 70. The Part B basic premium in calendar year 2023 is scheduled to be $164. The Part B premium will increase to $148. $0. Since 2007, a beneficiary’s Part B monthly premium is based on his or her income. The IRS is introducing new income limits for its seven tax brackets, adjusting the thresholds to account for the impact of inflation. 10The same income tiers apply to Part D prescription drug plans, with IRMAA surcharges ranging from an additional $12. Here are the IRMAA income brackets for 2022 2023, and 2024. 70 . Each year, the Medicare Part B premium, deductible, and coinsurance rates are determined according to provisions of the Social Security Act. 4% in 0224 00:27. will increase from $7,400 in 2023 to $8,000 in 2024. For 2023, contribution maxes to 401(k)s jumped to $22,500 with an increase in the catch-up contribution to $7,500 for those over 50. 031: How IRMAA is Calculated and How. 90 in 2023. which is 277. $0. 90 (2023). Greater than $103,000 and less than. Income has a direct impact on how much you pay for Medicare. If. B. IRMAA Brackets. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you’ll pay the standard Part B premium and an income-related monthly adjustment amount. 50 in 2024. $97. Complete breakdown of income thresholds and the corresponding premium amounts in the chart below. The COLA in 2024 is 3. In 2023, the standard premium for Part B is $164. 00% for IRMAA-Part B and for IRMAA-Part D the surcharges will inflate by 5. 90 per month (no IRMAA surcharge). What is IRMAA? IRMAA is the Income Related Monthly Adjustment Amount added to your Medicare Part B and Medicare Part D premiums. For those unaware of IRMAA, the two-year lag can create unpleasant surprises when you first enroll in Medicare—especially if your. 50 ; Greater than $88,000 and . While 2023 IRMAA rates haven’t been finalized, we expect they will increase slightly. Greater than $91,000 and less than $409,000. 00. 10 per. In 2023, it can more than triple Part B premiums to as much as $560. Higher-income Medicare beneficiaries also pay. 1. 90 per month for those in the lowest income-adjustment bracket. For example, the highest income bracket for Part B now starts at $750,000 of MAGI, instead of $500,000. Tax filing levels. will increase from $4,660 in 2023 to $5,030 in 2024. All gains above those amounts do, though. This means that the income thresholds for each bracket will remain at the same level as in 2021. That surcharge is known as an Income-Related Monthly Adjustment Amount, aka IRMAA. The annual deductible for all Medicare Part B beneficiaries will be $240. The 2024 annual IRA contribution limit is $7,000 for individuals under 50, or $8,000 for 50 or older. 90 (down from $170. 10 The same income tiers apply to Part D prescription drug plans, with IRMAA surcharges ranging from an additional $12. Beyond that, there are steps you can take now to avoid IRMAA charges in the future. The IRMAA limits are recalculated annually, so what you do in 2022 can. 4 million in 2019 and then drop to 3. 20 to $76. 36%. If you had a major life-changing event and your income has gone down, you may use this form to request a reduction in your income-related monthly adjustment amount. Close Search. 90 in 2023. Total Monthly Premium Amount. While your AGI will be locked in on Dec 31, 2023, only 4 of the 12 inflation numbers that 'lock in' the 2025 IRMAA brackets will be known. 40 . $97,000 or less. $170. Then there was another $31. $97. (In 2023, the threshold will be $97,000 for individuals filing a single return and married individuals filing a separate return, and $194,000 for married individuals filing a joint return. $97,000 or less. 00. 50 a month or $6,732 for the year. To prepare for 2023, check your income from 2021 and compare the new thresholds. This article breaks down all of your 2023 Medicare costs. 400% of that would be $120,000. 0960-0784 . If you did not pay more than the standard amount then you are not eligible for IRMAA. 90. Based on this year’s standard monthly premium of $170. There’s even more good news. 15 for generic prescriptions and $10. 90 in 2023 to $174. It is expected that tiers 1-4 will increase by 2% year over year. 00. The contribution and income limits for workplace retirement plans, Traditional and Roth IRA, FSA, and HSA will go up in 2024 to adjust for inflation. Those who earn more than that amount will be subject to Medicare IRMAA amounts according to the IRMAA income limits displayed below. 00. This is the ultimate guide to the 2023 IRMAA brackets (and 2024 projected). Medicare Part D Premium Increase Limits. So, whether or not you owe IRMAA in 2023 is based on your Modified Adjusted Gross Income in 2021. a full deduction up to the amount of your contribution limit. IRMAA charges are determined by using the modified adjusted gross income (MAGI) reported on your taxes from two years prior. 020: IRMAA Sliding Scale Tables: TN 27 10-23: HI 01101. For example, in 2023 the IRMAA brackets look like this: For example, in 2023, if a married couple on Medicare had income of $194,000 in 2021, each person will pay $164. 20 per month ($410. 20 per month or -3. For 2023, IRMAA kicks in if your 2021 MAGI was over $97,000; for married couples filing joint tax returns, above $194,000. 60 per month , up from $230. For. For example, FY 2023 Income Limits are calculated using 2017-2021 5-year American Community Survey (ACS) data, and one-year 2021 data where possible. 70. 80 in 2024. If your income is above a specific. Less than or equal to $194,000. 90 per month. If your income is above a certain limit, you'll pay an income-related monthly adjustment. The annual deductible for all Medicare Part B beneficiaries will be $240 in. IR-2023-203, Nov. While most people who receive Medicare benefits when they reach age 65 will never have to worry about IRMAA, those with higher incomes are charged extra each month for their coverage. Beneficiaries who file individual tax returns with modified adjusted gross income: Beneficiaries who file joint tax returns with modified adjusted gross income: Income-related monthly adjustment amount: The total monthly premium amount: Less than or equal to $91,000: Less than or equal to $182,000: $0. gov. By Donna LeValley last updated October 16, 2023 If you have Medicare Part B and/or Medicare Part D prescription drug coverage, you could owe a monthly. $194,000 or. The standard Medicare Part B premium will increase to $174. Step 3: Compare Your MAGI to the IRMAA Thresholds. 20 per month ($650. 90 a month. 50 IRMAA surcharge) Example 2: Alison and Jeremiah are married with a MAGI of $300,000 in 2021. 10It's easy to determine your 2024 Part B and Part D total premiums by adding the income-related monthly adjustment amount to the 2024 premium costs. That 1 dollar in extra income can cost a married retired. 00. Income-related monthly adjustment amount Total monthly Part B premium amount. You’d pay a surcharge of $937 in 2023. The Medicare Part B premiums, the IRMAA brackets and add-on were just announced. IRMAA still applies if you have a high income. Still, you can make reasonable estimates and give yourself some margin to stay clear of the cutoff points. 70 per month in 2024. 001 Overview of New Initial Determinations on the Income-Related Monthly Adjustment Amount (IRMAA) Using Beneficiary Provided Information HI 01140. However, high earners could be saddled with a monthly payment of up to $560, depending on their income bracket. 90 to $395. If you’re self-employed, you may be able to deduct your Medicare premiums even if you don’t itemize. At your current income level, in 2024, you would pay just around $3,506 in annual Medicare premiums combined for Part B ($2,935) and Part D (around $571 on average). – If MAGI is between $111,001 and. Less than or equal to $194,000. 2023 IRMAA Brackets. 50 per month (also a decrease from 2022). 90 in 2023. 50 a. 70 per month in this bracket in 2023. Consequently, people with an annual income under $170,000 who are at the low end of their 2021 IRMAA income bracket could see a decrease (-26% to -100%) in their IRMAA payments as they are moved to a lower 2022 IRMAA income. 40 per month to $491. The 2023 IRMAA Brackets are: GET YOUR FREE MEDICARE IRMAA AND SOCIAL SECURITY STRESS TEST GET YOUR FREE REPORT NOW Do IRMAA. If you fall into one of the high-income categories—more than $103,000 for individuals and $206,000 for couples—the. If your filing status and yearly income in 2021 was. The term ‘ IRMAA ‘ stands for Income-Related Monthly Adjustment Amount. 4th. If you go over the IRMAA cliff in 2022 (for 2024 premiums), you pay the IRMAA for 2024 only. The average total Part D premium is the sum of the average basic premium and the average supplemental premium for plans with enhanced coverage and is the most accurate current projection of what. The monthly premium for that tier will be $230. Here are the IRMAA income brackets for 2022 2023, and 2024. From 2022 to 2023 the CPI-U, if inflation remains constant, will increase by 5. $148. Our 2021 income was going to escalate my premiums by two levels with Aunt IRMAA—or so I was initially informed. 70 in 2024. Less than or equal to $103,000. For Part D, the IRMAA surcharges range from an additional $12. g. For 2023, the amount an individual can contribute via payroll deduction to defined contribution plans (a 401(k), 403(b), 457 retirement plan or the Thrift Savings Plan) increases to $22,500, an increase of. $103. $194,001 –. (based on 2022 income). 00. 90 per month, or about 25 percent of expected Part B costs per enrollee age 65 or older. Medicare Part B Premium: $329. That surcharge is known as an Income-Related Monthly Adjustment Amount, aka IRMAA. Qualifying for full-LIS benefits in 2023: If your income is below 135% of the FPL in 2023 ($19,683 if you are single or $26,622 for married couples), you could qualify for the full Low-Income Subsidy (resource limits also apply - see charts below). IRMAA Percentage Tables, Medicare Part B Premium Year 2023 The income limits for Medicare Extra Help for 2023 are $22,110 for an individual and $29,820 for a married couple living together. The standard monthly premium for Medicare Part B decreased from $170. Call TTY +1 800-325-0778 if you're deaf or hard of hearing. Their projected federal tax liability for 2023 would be about $13,671. 06%. After your income surpasses that, you'll enter the phase-out range, and your. No one knows. on your income. Greater than $103,000 and less than. *Housing Income Limits (HILs) were previously called the Core Need Income Thresholds (CNITs). Each year, the Medicare Part B premium, deductible, and coinsurance rates are determined according to provisions of the Social Security Act. If you did not pay more than the standard amount then you are not eligible for IRMAA. $94,500/$85,000*249. Beneficiaries who are married and lived with their spouses at any time during the year, but who file separate tax returns from their spouses with modified adjusted gross income: Income-Related Monthly Adjustment Amount. 130(d),these amounts must be rounded down to the next lowest multiple of $50. The estimated average monthly premium for Medicare Part D stand-alone drug plans is projected to be $43 in 2023, based on current enrollment, a 10% increase from $39 in 2022 – a rate of increase. Published February 08, 2023. Total Monthly Premium. Retirement plan at work: Your deduction may be limited if you (or your spouse, if you are married) are covered by a retirement plan at work and your income exceeds certain levels. $0. MenuMost Medicare beneficiaries pay the standard amount for Medicare Part B premium, which will be $164. The annual deductible for all Medicare Part B beneficiaries will be $240. The cumulative tax rate will be 24% if they convert $165,000 and stop before the second IRMAA tier, 26% if they convert $230,000 and stop before the third IRMAA tier, and so on. 10. However, Medicare Part B is a standard plan with a base price. Total Monthly Premium Amount. 90 in 2023. 60/month for. The federal government will collect $20. married filing jointly with a spouse who is covered by a plan at work: more than $218,000 but less than $228,000: a partial deduction. Medicare Part B Premium: $329. Under § 156. The good news, however, is that the IRMAA brackets are also indexed for inflation. Seniors who enroll in a. For 2023, the thresholds are $97,000 and $194,000. $194,000 or. 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. Supply: Medicare Prices, Medicare. e. And the income ceiling for contributions to Roth IRAs was also raised to account for inflation. IRMAA Percentage Tables, Medicare Part B Premium Year 2023Medicare Part D Premiums by Income – 2023. Beneficiaries Affected by Income-Related Monthly Adjustment Amount (IRMAA) (Premium Year 2020):5 Program Number of Beneficiaries Affected IRMAA - Part B 4,635,801 IRMAA - Part D 3,760,399. The Social Security Administration (SSA) determines who pays an IRMAA based on the income reported 2 years prior. 33%. You can find the tables below for individuals with income greater than $97,000 (or joint filers with income greater than $194,000). Then there was another $31. Beneficiaries who are married and lived with their spouses at any time during the year, but who file separate tax returns from their spouses, with modified adjusted gross income: Income-related monthly adjustment amount. These rates also increased for 2024, and the rate brackets have been updated: Those with income from $103,001 to $129,000 on an individual return or from $206,001 to $258,000 on a joint return will pay $244. If inflation is 0% from June 2022 through August 2023, these will be. Medicare-eligible retirees and their Medicare-eligible dependents can submit an IRMAA application if they paid above the standard amount of $170. CMS’s goals for Medicare Advantage and Part D mirror our vision for the agency’s programs as. 80 for a total of $3955. For those filing jointly, the IRMAA starts at $194,000. The IRMAA Brackets in 2019 were: As it can been seen since 2007 the IRMAA surcharges have grown over time and in some ways they have grown substantially. If you are over 63 and have a high income, this Roth conversion calculator shows the projected Medicare Income-Related Monthly Adjustment Amount (IRMAA) you may pay per month starting in 2025. Medicare recipients with 2022 incomes exceeding $103,000 (single filers) or $206,000 (married filing jointly) will pay a premium between $244. Total Monthly Premium Amount. Beneficiaries who file an individual tax return with income: Beneficiaries who file a joint tax return with income: Income-related monthly adjustment amount Total monthly Part B premium amount; Less than or equal to $103,000: Less than or equal to $206,000: $0. If your yearly income in 2021 was File individual tax return File joint tax return File married & separate tax return You pay (in 2023) $97,000 or less $194,000 or less $97,000 or less Your plan premiumMarried Submitting Collectively: >= $750,000. 00. The usual Half B premium is $164. 00. When it comes to Capital Gains affecting IRMAA there is one saving grace: the sale of a primary residency. For those filing jointly, the IRMAA starts at $194,000. gov. 2023 Medicare Part D Income Related Adjustment Amount (IRMAA) Income Brackets: If your filing status and yearly income in 2021 (filed in 2022) was: File individual tax return: File joint tax return: File married & separate tax return: You pay each month for Part D (in 2023) $97,000 or less: $194,000 or less: $97,000 or less: no IRMAA, only your. 00: $170. I still owe $200K on the mortgage (small fraction for CA home), but won't pay off early since cashing in 401-K will trigger capital gains "income". 90/month. For an inflation rate of -10% (meaning. Filing Status Matters. Roth Conversion Consideration for IRMAA 2023. The majority of seniors impacted by the Medicare premium surcharge are between ages 65 and 80. Understand your Medicare coverage in 2023. 80 from $164. According to the announcement, only 7% of beneficiaries pay more than the basic premium. 1) However, the premiums for Part B (medical insurance) and Part D (prescription drug insurance) can vary between individuals based on their income level. Total Monthly Premium Amount. Overview of the 2024 IRMAA Brackets Individual $103,000 or less/MFJ $206,000 or less – No surcharge To illustrate this challenge, note that numerical examples here use the 2023 tiers, based on 2021 income, but it is likely (e. 90. For couples who file a joint tax return, that threshold is $194,000 per year. Filing Joint Tax Return. If you are expected to pay IRMAA, SSA will notify you that you have a higher Part D premium. Each year, the Medicare Part B premium, deductible, and coinsurance rates are determined according to provisions of the Social Security Act. $103. 6)The 2023 IRMAA is based on 2021 tax returns; the 2024 IRMAA will be based on 2022 tax returns. Your personal Roth IRA contribution limit, or eligibility to contribute at all, is dictated by your income level. If you retire in 2022, CMS may not look at your 2021 tax return, which will help you avoid IRMAA that year, but it may look at your income in 2022 for the year 2023. 40 per month per person. 000 - Medicare Income-Related Monthly Adjustment Amount - Table of Contents - 10/25/2023 Batch run: 10/25/2023 Rev:10/25/2023The standard Part B premium amount in 2023 is $164. 2. depending on your income. You’ll pay the premium each month, even if you don’t get any Part B-covered services. Beneficiaries who are married and lived with their spouses at any time during the year, but who file separate tax returns from their spouses, with modified adjusted gross income: Income-related monthly adjustment amount. These amounts are added onto your Part B and Part D each month. You pay each month (in 2023) $97,000 or less. CMS’s goals for Medicare Advantage and Part D mirror our vision for the agency’s programs as. This brief video outlines the 2023 Medicare Part B Premium Amounts as well as the Income Related Monthly Adjustment Amounts (IRMAA) for both Part B and Part. This is the maximum amount you pay in the initial coverage limit as well. 2 The 2023 Star Ratings used for 2024 Quality Bonus Payments (that were made public in October 2022). No retirement plan at work: Your deduction is allowed in full if you (and your spouse, if you are married) aren’t covered by a retirement plan at. 80 and $560. Note: there are. IRMAA is a surcharge that people with income above a certain amount must pay in addition to their Medicare Part B and Part D premiums. In 2024, that standard Part B premium sits at $174. For those with an income filing status of married filing jointly, the first IRMAA income bracket is. Please note that an individual with MAGI between $133,500 and $160,000 will see a monthly IRMAA increase from $34. Greater than $103,000 and less than $397,000. What the IRMAA MAGI thresholds will be for those Medicare premiums depend on what the CPI-U values will be for the 12 months from September 2022 through August 2023 13 months from August 2022 through August 2023. You can make 2023 IRA contributions until the unextended federal tax deadline (for income earned in 2023). From 2022 to 2023 the CPI-U, if inflation remains constant, will increase by 5. e. B. Ultimately the cost (tax) for having too much money while in Medicare is only going to increase in 2024. Income-related monthly adjustment amount. 50 a month extra for Part D drug coverage, although I take no medications. One dollar over the limit, and you pay the penalty all year. $0. 50 for 2019, an increase of $1. More than or equal to $500,000. Similar for me. For 2023, the provincial income thresholds and the British Columbia tax reduction have been indexed. Donors age 70½ or older may use qualified charitable distributions. 90 per month. 90. Beneficiaries who file individual tax returns with modified adjusted gross income: Beneficiaries who file joint tax returns with modified adjusted gross income: Income-Related Monthly Adjustment Amount. However, high earners could be saddled with a monthly payment of up to $560, depending on their income bracket. There are higher income limits if you have a disability and are working. 90 in. 4 Single, Head of Household or Qualifying Widow(er) with dependent child. For individuals the first $250,000 capital gain and for couples the first $500,000 capital gain does not count towards IRMAA. 40 could be added to your Part D premium. The true cost of Part B that IRMAA beneficiaries pay is 35% for level 1, 50% for level 2, 65% for level 3, 80% for level 4, and 85% for level 5. IRMAA 2022 annual reimbursements will be issued during the 3rd week of October 2023. Combined Medicare Part B premiums and IRMAA surcharges will range from $220. 80 from $164. Meagan Dow, CFA®, CFP® • Senior Strategist, Client Needs Research. The maximum IRMAA in 2021 will be $356. It is possible that the increase in Social Security income in 2023 could trigger IRMAA for some retirees in 2025. 60. For. Nov 21, 2023, 10:09am EST. 20 to $76. If one of these events affects a Medicare enrollee, he or she can proactively notify the SSA by using a “ Medicare Income-Related Monthly Adjustment Amount – Life-Changing Event “ form. 10. 2023 Housing Income Limits (HILS) - Effective January 1, 2023. 80 more than. The income-related monthly adjustment amount (IRMAA) is a sliding scale created by the Social Security Administration to adjust Medicare Part B and Part D prescription drug coverage premiums. Someone asked, how exactly does one limit one's income in 2022 to avoid a cliff for 2024 that does not release until the end of 2023? Is it safe, and advisable, to just use the 2023 threshold? Surely 2024 will be the same or higher, right? Have the. 70 and the. According to the Medicare Board of Trustees, who oversee the financial operations of Medicare, costs of. People who qualify for Medicaid automatically qualify for Medicare Part D Extra Help. The standard monthly premium for Medicare Part B enrollees will be $174. Total Monthly Premium Amount. 10 for. My total Medicare Part B premium for 2023 was set to climb from the standard $164. Supply: Medicare Prices, Medicare. 90 a month. The 2023 IRMAA surcharge for Part B can cost $395. IRMAA surcharges. Less than or equal to $97,000. Reimbursement of Income Related Monthly Adjustment Amount (IRMAA). 80 from $164. Total Monthly Premium Amount. High-income households pay an extra charge—IRMAA—on top of the standard Medicare pre. 60. IRMAA is simply a tax on those who earn too much income. Income-Related Monthly Adjustment Amount Total Monthly Premium Amount. 50 in 2024. 90 in 2023. The annual deductible for all Medicare Part B beneficiaries will be $240 in. 90 in 2023. The usual Half B premium is $164. You could pay a higher monthly premium for Medicare drug coverage. Unfortunately, though, the Medicare Part B premium inflated by 5. Example: A two-person household filing a joint tax return had adjusted gross income (AGI) of $280,000 in 2022 and 2023. If your MAGI was below these thresholds in 2021, you do not pay IRMAA in 2023. 5%) will pay less than the full Part B standard monthly premium amount in 2019 due to the statutory hold harmless provision, which limits certain. Less than or equal to $103,000. are considered Medicare Part D plans and members with higher incomes may be subject to the Medicare Part D Income Related Monthly Adjustment Amount (IRMAA. 031: How IRMAA is Calculated and How. This. 70 for 2024, an increase of $9. Here is an excerpt: "It’s too early to know what the 2023 IRMAA brackets will be. 40 to $77. Today, the Centers for Medicare & Medicaid Services (CMS) released the Announcement of Calendar Year (CY) 2023 Medicare Advantage (MA) Capitation Rates and Part C and Part D Payment Policies (the Rate Announcement). 00. Similarly, the tax return filed for 2021 will be used to calculate IRMAA surcharges for the year 2023. 50 could be added to your Part B premium, and a maximum of $76. 70 in 2024). At the first income level subject to IRMAA — individual taxpayers with MAGI greater than. 00. The income threshold in 2023 sat at $97,000 (or $194,000 for those filing jointly). Preparing for Medicare IRMAA brackets in 20232024 Part D IRMAA for Individuals; Income Category: Your 2024 Costs: Change from 2023: Less than $103,000 (<$97,000 in 2023) $0:. Total Monthly Premium. What are the 2024 IRMAA Brackets? Nothing is official yet, but by law the IRMAA Brackets adjust according to the Consumer Price Index for Urban Consumers (CPI-U). 90 premium + $164. 00. 0% annually (0. The income brackets that trigger IRMAA surcharges increased from $86,000 for single taxpayers and $176,000 for married couples in effect in 2021. this site may help you out and you can see where I got the $210,000 from. 90 (or higher) in 2023: • Individuals whose income is above $91,000, or a married individual when the couple’s combined income is over $182,000, will pay the standard premium and an Income Related Monthly Adjustment Amount (IRMAA). FAS Project on Government SecrecyThe standard deduction for couples filing jointly is $29,200 in 2024, up from $27,700 in the 2023 tax year. 00 for an individual and $23,517. That high income will determine your 2024 IRMAA (unless you have another life changing event). You will only need to pay an IRMAA if your annual modified adjusted gross income (MAGI) exceeds a predetermined amount. Look up IRMAA income limits. No income for 2 years since laid-off and hitting 65 in a few months.