IRA and Medicare Deductible IRMAA

rwalkera1 — Wed, 30 Oct 2024 16:41:35 GMT

If so, are IRA accounts subject to a 5 year "hold" before funds can be withdrawn without tax penalty?

How do I calculate what my IRMAA would be since my last two year filed taxes are on file?

Thank you and Regards,

Richard Walker

Re: IRA and Medicare Deductible IRMAA

Andrew_W — Wed, 30 Oct 2024 17:49:28 GMT

Hi Richard,

IRA accounts subject to a "5-year hold" are generally Roth IRA accounts. For the distribution of gains from a Roth IRA to be tax-free, the source funds must have been held in a Roth IRA for at least 5 years, and the account holder must be at least 59 1/2 years old when the distribution occurs.

The IRMAA, or the Income-Related Monthly Adjustment Amount, is a Social Security item related to Medicare. Unfortunately, this is not a tax-related item/calculation, so we cannot advise on how to determine this number. It would be best to contact the Social Security Administration to discuss how this is calculated for you.

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IRA and Medicare Deductible IRMAA

Re: IRA and Medicare Deductible IRMAA