Medicare costs and the Potential need to accelerate use of Energy Tax Credits
In 2024 I installed solar and batteries at a cost where I had planned to need to rollover some of my available tax credits from these purchases into future years. With the new administration there seems to be some risk that the ability to roll over such credits may be rescinded and hence lost. Do you have an opinion on this possibility? To avoid this I have planned to accelerate income this year by converting some IRA money into a Roth. However I don't want to convert so much that it pushes me into a higher cost Medicare Part B payment bracket. As I am new to Medicare, it is unclear what this number is. It looks like my income this year will be used to calculate my Medicare payments in 2026. If this is correct and I want to stay in the base/lowest cost bracket what is my income threshold? 206,000+, 212,000+, or whatever the threshold is set at for 2026?
Comments
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Hi Mike,
It is hard to say what congress will do. Wouldn't it be nice to have a tax crystal ball? Keep in mind it isn't just up to the new administration. A lot of politics will go on in making tax decisions like that.
I don't know what 2026 will bring, but for 2024, higher premiums will be paid when individuals make more than $103,000 a year.
