I believe that, especially since you're over age 59.5, you have the ability to simply do a hefty-enough tIRA withdrawal at the end of the calendar year, and then take up to 60 days (by which time you may know your exact income for the previous year) to decide what to do with that tIRA money (or some part of it): convert it to Roth, return it to a tIRA, or just leave it in taxable. Would that not solve your $101 problem? I'm sure someone will correct me if I'm wrong, and I should say that I haven't actually tried what I'm describing.Thanks for the info. I was just curious on the recharacterization. I have only been doing conversions the past 3-4 years and have got it dialed in now but it would be nice to be able to safely convert right up to an IRMAA point without fear of going over. It would be nice if you ended up $100 over an IRMAA point to recharacterize $101 and save about $2,000 in Medicare premiums. Last year I gaged it so I was about $6K under an IRMAA point but it took some learning to get there. I didn't have knowledge of IRMAA until I turned 65 and found out that instead of my insurance premiums dropping when I went on Medicare, they went up compared to my work premiums, and a lot compared to the $178/month (times 2) I was expecting. Everyone told me I would love the Medicare premiums compared to work but now I know it doesn't work that way in my tax bracket. Oh well, first world problems.
Statistics: Posted by tibbitts — Wed Dec 20, 2023 11:55 pm — Replies 10 — Views 775