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Overriding / Updating current year IRMAA income brackets based estimates for inflation.

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(@morlock103)
Eminent Member Customer
Joined: 5 years ago
Posts: 26
Topic starter  

IRMAA income brackets are updated in the fall of each year based on annual inflation. Updated estimates for IRMAA income brackets based on actual year-to-date inflation plus inflation assumptions for the rest of the year are a maintained at: https://thefinancebuff.com/medicare-irmaa-income-brackets.html.

It would be helpful if the actual IRMAAA brackets for current year 2024 income (2006 Medicare premium year) could be incorporated into PRC before year end. It would also be helpful if the IRMAA income brackets could be overridden before then to incorporate the latest estimates from the financial bluff. This would allow PRC to be more useful in planning Roth IRA conversions before year end.



   
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(@bo3b)
Trusted Member Customer
Joined: 4 years ago
Posts: 62
 

@morlock103 Even better - Pralana opens annual tables, such as IRMAA brackets, to User edit.



   
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(@pr73734r)
Active Member
Joined: 1 year ago
Posts: 13
 

But .... PRC contains IRMAA values for the planning horizon, usually the death of the one or more protagonists. These values might be okay for long range planning. What do PRC users do for current year's tax return? The IRMAA penalty occurs two years later. For example, 2025 tax return affects 2027 IRMAA.



   
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(@ricke)
Reputable Member Customer
Joined: 5 years ago
Posts: 291
 

@pr73734r

Pralana calculates the current year's Medicare MAGI and charges you IRMAA two years from now based on the inflation rates you entered (general inflation sets the threshold, Medical inflation sets the amount). Under Build-Expenses-Healthcare you enter your Medicare MAGI for the last two years to let the tool calculate IRMAA for this year and next.



   
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