IRMAA when property sale boosts your income.

[Norsky]

I always file with Turbo Tax. In 2024, Social Security will be using the 2022 tax filing to determine my

Medicare B and D premiums. In 2022, we sold our vacation property because we were too old to

drive to Florida.  Way back in the early 2000's we had rented a week at a time when we were not there.

This meant there was no way to report the sale except in the income section of Turbotax. Our Adjusted Gross income went from $107,000 to $266,000 for 2022. This means we will be paying an extra $400 a month in

premiums. Is there any advice available that might help. our situation. Social Security said they have to

go by how our taxes were filed in 2022. They won't talk about it until we get a notice of thee increase in January, But the agent I talked to did not seem to feel that they could help us.

[Anonymous_]

You've probably already explored the site linked to below, but there is most likely not much that can be done when your income increases to that extent. 

See https://www.ssa.gov/medicare/lower-irmaa

Of course, this figure should get reduced in the years following since you had a one time, one year, event.

[dmertz]

It's extremely doubtful that this would qualify as a life-changing event that reduced your household income.  Instead, this would seem to be a non-life-changing event that temporarily increased your household income.

https://www.ssa.gov/medicare/lower-irmaa

[NCperson]

@Norsky think of the one year IRMAA as additional capital gains tax..... it's just for one year..... I don't see selling a property at a profit as a 'life event' - you made money and the Governemnt wants to make money :-).