IRMAA & MAGI

Forum|Forum|6 years ago
December 6, 2019
3 replies
12 views

For those over 65, could Turbotax list the MAGI for Medicare's IRMAA (Adjusted gross income + tax exempt interest income).

TurboTax

Vanessa A

Level 15

Are just asking if TurboTax shows your MAGI?

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rjs

Level 15

On your 2017 tax return, the MAGI for IRMAA is Form 1040 line 37 plus line 8b.

On your 2018 tax return, the MAGI for IRMAA is Form 1040 line 7 plus line 2a.

On your 2019 tax return, the MAGI for IRMAA is Form 1040 line 8b plus line 2a.

Keep in mind that your IRMAA is based on your MAGI from two or three years ago. For example, your IRMAA for 2020 will usually be based on your 2018 tax return, or possibly your 2017 tax return.

Boggy4062

Level 2

The fact that the Trubotax is already keeping track of the taxpayer's age (adds additional tax deduction if you are over 65), providing MAGI for Medicare should be trivial. One not add it is simply beyond reason IMHO.

rjs

Level 15

@Boggy4062

Are you talking about TurboTax Online or the CD/Download TurboTax software? Where would TurboTax show the MAGI for IRMAA? There's no place for it on the tax forms. When you want to see what your 2020 Medicare premiums will be, how would you find your 2018 or 2017 MAGI in TurboTax?

Is it really so hard to add two numbers from your tax return? A lot of people don't have any tax-exempt interest, so they don't even have to add anything. The MAGI is right there on the tax return.

TomD8

Alumni - Champ

If you are receiving Social Security benefits, you will soon receive a letter from Social Security with the details on your new 2020 benefit amount. That letter will include the IRMAA information you’re seeking.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

mthead33

Level 2

Correct, and this works if none of your situation has changed. If you have stopped working and therefore wish to apply for a reconsideration because of a qualifying life event, my MAGI becomes important to be able to easily establish.