Submitted By: someone
Answered: May 30, 2018 11:38 pm

How can I know whether I’ll be subject to the Medicare surcharge next year?

Medicare beneficiaries with modified adjusted gross income (MAGI) over a set amount ($85,000 for single individuals and $170,000 for married persons filing jointly) pay an additional Part B and Part D premium. MAGI in 2017 is what is used to determine whether there’s an additional premium in 2019. MAGI for this purpose means your adjusted gross income plus tax-exempt interest income.

advertisement
Tax Glossary

Investment in the contract

The total cost investment in an annuity. When annuity payments are made, the portion allocable to the cost investment is tax free.

More terms