Tax Implications to Medicare Premiums for receiving RMDs

Sinclair
Sinclair Member Posts: 1 Newcomer
in Retirement Income

I will be 73 and I have several accounts that total around 900k that I need to start receiving RMDs on. If a person filing jointly has MAGI of less than $200k what would be the tax bracket and the impact on the medicare part B monthly premium?

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Answers

  • PhillipB
    PhillipB FreeTaxUSA Team Posts: 80

    Hello,

    I am not well verse on how income effect Medicare premiums, so I cannot opine on that part of your question.

    However, if your taxable income (Gross Income minus Standard or Itemized Deductions) is between 201,050 and 94,300, your tax bracket would be 22%. All of the income in that range would be taxed at the 22% rate, then the next 94,300 dollars to 23,200 dollars would be taxed at 12%, and finally the rest would be taxed at 10%.

    Let me know if that answers your question.

    Thanks for using the FreeTaxUSA Community.

    PhillipB Tax Pro Agent, FreeTaxUSA

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