How do I fix an issue with an IRMAA penalty?

Full question: I recently retired and got a letter claiming i was getting an IRMAA penalty based upon income from 2 years ago – but my current income is now 1/3 of what i made now that I’m retired. How do I fix this issue? Hi there, You can request to lower the IRMAA by…

Read More

Do I need to share my self-employment earnings with Social Security Administration?

Full question: I’ve worked for corporations since 1975 and have SSA earned income from those jobs. I also own a small business (since 1994, LLC with average total income $5k per year) that rarely shows a profit. Do I need to include that as ‘self employment’ if I have no earned income from the business?…

Read More

Can my benefit increase if my current income replaces a lower earning year?

Full question: I’m 72 and work full-time and took my Social Security benefit at FRA (age 66). My employer continues to deduct OASDI from my paycheck. Does the income I earn count toward my PIA calculation? Can my benefit increase if current income replaces a lower earning year? Hi there, Yes, to both of your…

Read More

What is included in the annual earning limit of $22,320 in 2024?

Full question: What is included in the annual earning limit of $22,320 in 2024? W-2 payments? What about income from land rent? Sale of a business? Pensions payments? Hi there, The earnings test threshold limits only include earned income, which is W-2 payments and net self-employed income. Other income you mentioned is not earned. Take…

Read More

I am a caregiver to my disabled granddaughter. Does that count as earned income?

Full question: I just turned 65 and my husband passed away seven months ago at age 66. He was collecting Social Security Disability Insurance, SSDI. The Social Security Administration withheld the first two months of my benefits because I made too much money. My only income is from being caregiver to my granddaughter who is…

Read More

Are my Medicaid waiver payments counted as earned income?

Full question: I care for my adult disabled children in my home, and I receive Medicaid waiver payments through the IRIS Program in the state of Wisconsin for doing so. Our fiscal agent is iLIFE in Milwaukee, WI. I’ve been a caregiver with the IRIS Program since 2013 when our youngest turned 18. I’ve always…

Read More

< Back