I have a few questions about medicare premiums. It'd be great if you could answer them.
Of course. The law requires an adjustment to your monthly Medicare Part B medical insurance and Medicare prescription drug coverage premiums. This affects less than five percent of people with Medicare. Most people don't pay higher premiums.
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What if the deducted amount is greater than my monthly social security payment?
In that case you'll get a separate bill from another federal agency, such as the Centers for Medicare & Medicaid Services or the Railroad Retirement Board.
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I see. And what are the monthly medicare premiums for 2020?
The standard Part B premium for 2020 is $ 144.60.
Are you single and filed an individual tax return, or married and filed a joint tax return?
No, to both.
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What else can you tell me about my tax return?
Do you want to know how we determine your 2020 income-related monthly adjustment amounts?
Sure, why not?
We use your most recent federal tax return the IRS provides to us. This information is from a tax return filed in 2019 for tax year 2018. Sometimes, the IRS only provides information from a return filed in 2018 for tax year 2017.
