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You bet it will ... your AGI is used to compute the IRMAA ...
https://www.kiplinger.com/retirement/medicare/medicare-premiums-2024-irmaa-for-parts-b-and-d
The Kiplinger's article, while useful for understanding income related monthly adjustment amount (IRMAA) and Roth conversion impacts thereon, is Medicare specific. OP is asking about Medicaid, presumably MAGI Medicaid. The rules are different.
Medicare is spelled out here:
https://secure.ssa.gov/poms.nsf/lnx/0601101031
and here:
https://secure.ssa.gov/poms.nsf/lnx/0601194020.
The problem is there is no comparable reference for MAGI Medicaid.
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