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Returning Member
posted Jul 15, 2021 1:04:44 PM

AGI and its effect on social security and medicare

Why is it if I need to withdraw money from 401K for extraordinary expenses that pitiful social security benefit doesn't cover and it adds to me AGI is IRMAA assessed for the entire year and not just for the portion of the year that the windfall threw me into the higher tier?  Also why are casino winnings that are not taxable due to offsetting losses placed into AGI for Social Security and Medicare purposes?

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1 Replies
Employee Tax & Finance Expert
Jul 15, 2021 2:17:43 PM

The IRS and states all operate on a full calendar year for income. I certainly understand your logic for wanting it to count for part of the year. Re the gambling winnings, your winnings are only offset by losses as an itemized deduction. This response probably doesn't make you feel any better about your tax situation, but I suppose that is the nature of taxes!