00. 00. If your Modified Adjusted Gross Income (MAGI) as reported on your IRS tax return from 2 years ago (i. 10 per month. Here are the brackets for 2023: 2021 Individual tax return. Less than or equal to $97,000. The current Medicare costs and IRMAA brackets can be found at this link. While your AGI will be locked in on Dec 31, 2023, only 4 of the 12 inflation numbers that 'lock in' the 2025 IRMAA brackets will be known. 70, increasing by about $9 from the previous year. Income-related monthly adjustment amount. 462. There are five IRMAA income brackets depending on your income and filing status. 80 to as much as $560. m. 001 Overview of New Initial Determinations on the Income-Related Monthly Adjustment Amount (IRMAA) Using Beneficiary Provided Information HI 01140. The maximum total Part B premium in 2023 will be $560. 80 from $164. The income-related monthly adjustment amount (IRMAA) has increased to $97,000 for individuals and $194,000 for couples. For those filing jointly, the IRMAA starts at $194,000. Traditional IRAs. 90 in 2023. The contribution and income limits for workplace retirement plans, Traditional and Roth IRA, FSA, and HSA will go up in 2024 to adjust for inflation. And contribution limits for IRAs were also increased by an additional $500, to $6,500 for 2023. Most people do not pay any premium for Medicare Part A, but even. This can add up to $839 more a year for Part B — in addition to the. Initial Coverage Limit : will increase from $4,430 in 2022 to $4,660 in 2023. Total Monthly Premium Amount. Less than or equal to $97,000. in English and other languages. The Social Security Administration (SSA) uses Federal income tax return information from the Internal Revenue Service (IRS) about beneficiaries’ modified adjusted gross income (MAGI) to make IRMAA determinations (see HI 01101. Total Monthly Premium Amount. The drug reportedly will cost $26,500 a year, and with premiums set to cover about a quarter of program costs, it’s likely Medicare users would see Part B costs for 2024 higher than the $174. The impact is simple, the more you make the higher your Medicare costs. And the more you earn, the more you’ll pay. The income that counts is the adjusted gross income you reported plus other forms of tax-exempt income. Description of the Medicare Income-Related Monthly Adjustment Amount (IRMAA) TN 23 10-23: HI 01101. Your additional premium is a percentage of the national base beneficiary premium $32. portfolio income from things like capital gains or Roth conversions are not. For 2023, high-income taxpayers will have to pay a standard monthly. Beneficiaries who file an individual tax return with income: Beneficiaries who file a joint tax return with income: Income-related monthly adjustment amount Total monthly Part B premium amount; Less than or equal to $103,000: Less than or equal to $206,000: $0. Medicare Part D. According to latest Medicare Board of Trustees report from the IRMAA brackets will increase by over 6. If you've had a life-changing event that reduced your household income, you can ask to lower the additional amount you'll pay for. For example, at the highest IRMAA income level 5 for income above $750,000 for married, joint tax filers, Medicare beneficiary would pay 85% of the premium cost and the Medicare program would pay the other 15%. 90 in. 90 in 2023. Less than or equal to $194,000. I don’t know ACA limits at all. Each year, the Medicare Part B premium, deductible, and coinsurance rates are determined according to provisions of the Social Security Act. 90 in 2023. IRMAA surcharges have grown steadily. 90 in 2023. Married Submitting Individually >= $403,000. 10Beneficiaries who are married and lived with their spouses at any time during the year, but who file separate tax returns from their spouses with modified adjusted gross income: Income-Related Monthly Adjustment Amount. Then there was another $31. Greater than $91,000 and less than. $0. One dollar over the limit, and you pay the penalty all year. 90 a month to $329. This IRMAA creates a surcharge you must pay in addition to the standard premiums. The base Medicare Part D premium varies based on which plan you pick. 35 for brand-name prescriptions will be required of you in 2023. In 2023, the standard premium for Part B is $164. Which bracket you fall into. The income-related monthly adjustment amount (IRMAA) sliding scale is a set of statutory percentage-based tables used to adjust Medicare Part B and Part D prescription drug coverage premiums. If a conversion puts you over the limit then you pay IRMAA 2 years later. 8% in 2024, from $56. In 2023, Medicare beneficiaries with a modified adjusted gross income above $97,000 have an income-related monthly adjustment (IRMAA) added to their Medicare Part B premiums. 90. Beneficiaries who are married and lived with their spouses at any time during the year, but who file separate tax returns from their spouses with modified adjusted gross income: Income-Related Monthly Adjustment Amount. 70 for 2024, an increase of $9. 90 per month (no IRMAA surcharge). Supply: Medicare Prices, Medicare. Your 2021 income will determine your 2023 IRMAA payments. $170. 00. As we’ve discussed, IRMAA applies to both Medicare Part B and Part D. 73% to. Medicare beneficiaries who have to pay a higher. a full deduction up to the amount of your contribution limit. We also expect the IRMAA threshold will increase to more than $91,000 for individuals and $182,000 for joint. For instance, up to $147,000 of income is subject to Social Security payroll tax in 2022, but that figure will rise 9% to $160,200 in 2023. Filing Joint Tax Return. Roth Conversion with Social Security and Medicare IRMAA A step-by-step walkthrough of how to use the Case Study Spreadsheet to estimate tax rates on Roth conversion with Social Security and Medicare IRMAA. The 2023 IRMAA Brackets are: GET YOUR FREE MEDICARE IRMAA AND SOCIAL SECURITY STRESS TEST GET YOUR FREE REPORT NOW Do IRMAA. 90 a month to $329. The 2024 IRMAA MAGI income limits are straightforward: $103,000 for individuals and $206,000 for joint filers. 2. 50, though this varies based on individual plans. Beginning in January 2024, the income threshold for full benefits will be raised to 150 percent of the federal poverty level ($21,870 for an individual in 2023). Income-Related Monthly Adjustment Amount Total Monthly Premium Amount. IRMAA, again, is a cliff penalty. 10 for. 50 a month or $6,732 for the year. $103. They have been changed based on changes in the. Each year, the Medicare Part B premium, deductible, and coinsurance rates are determined according to provisions of the Social Security Act. for individuals in the following categories will increase to $164. (For 2022, the standard Part B premium amount is $170. If. If your yearly income in 2021 was File individual tax return File joint tax return File married & separate tax return You pay (in 2023) $97,000 or less $194,000 or less $97,000 or less Your plan premiumEven the 2025 IRMAA brackets are not 'locked in' as it is predicated on the inflation adjustment from Sept 2023 - Aug 2024. The maximum IRMAA in 2021 will be $356. exceed the dollar limit for calendar year 2014 increased by an amount equal to the product of that amount and the premium adjustment percentage for 2024. Your Part D Premium will depend on the plan you choose. Beneficiaries who are married and lived with their spouses at any time during the year, but who file separate tax returns from their spouses, with modified adjusted gross income: Income-related monthly adjustment amount. Part D premiums are dictated by the Part D plan carrier, but beneficiaries with an income over the IRMAA limit must pay an additional amount. Looks like the avg inflation will be more than 3% for 2023. 1, 2023 WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. For those with an income filing status of married filing jointly, the first IRMAA income bracket is. Your annual income: Your monthly premium in 2023: Individuals: Couples: Equal to or below $97,000: The table below shows the income limits and potential Medicare Part B premiums for 2023: Filing Individual Tax Return. 031: How IRMAA is Calculated and How. The income limit for the Saver's Credit (also known as the Retirement Savings Contributions Credit) for low- and moderate-income. 001D in this section, Appeals processing procedures for service representatives (SR) and 800 number agents (N8NN)The current Medicare costs and IRMAA brackets can be found at this link. The surcharge for Part B ranges this year from $68 to $408. In other words, the highest earners could. For Part D, the IRMAA surcharges range from an additional $12. The true cost of Part B that IRMAA beneficiaries pay is 35% for level 1, 50% for level 2, 65% for level 3, 80% for level 4, and 85% for level 5. $0. 40 to $77. 60 per month per person in 2020. 280. ) In the deductible phase, Part D enrollees pay 100% of their drug costs, up to $505 in 2023. While 2023 IRMAA rates haven’t been finalized, we expect they will increase slightly. The higher the beneficiary’s range of modified adjusted gross income (MAGI), the higher the IRMAA. $194,000 or. In 2022, you may have high income again. The 2018 Medicare Part D Income Related Monthly Adjustment Amounts (IRMAA) (and new income levels ) are shown in the charts below. Revenue Service (IRS) tax return from 2 years ago is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). Then 2023 for 2025; 2024 for 2026; and so on. However, by law, the IRMAA Brackets adjust according to the Consumer Price Index for Urban Consumers (CPI-U). Because we have a marginal income tax rate, if you are bumped into the next higher tax bracket, only your extra dollars of income over the limit are taxed at the. That full table is presented next. 80 from $164. There are also three tax filing status levels. The revenue brackets are the identical. if inflation is 0% from September 2022 through August 2023, congress doesn't change the law,. Total Monthly Premium. Roth Conversion Consideration for IRMAA 2023. Nov 02, 2023. Because we have a marginal income tax rate, if you are bumped into the next higher tax bracket, only your extra dollars of income over the limit are taxed at the. Greater than $103,000 and less than $397,000. IRMAA is a surcharge that people with income above a certain amount must pay in addition to their Medicare Part B and Part D premiums. In 2024, that standard Part B premium sits at $174. All gains above those amounts do, though. It is expected that tiers 1-4 will increase by 2% year over year. 20 from $170. You will also have provide your most current Federal Tax Form as evidence. Medicare Part D Premium Increase Limits. IRMAA stands for Income Related Monthly Adjustment Amount. In 2023, Medicare beneficiaries with a modified adjusted gross income above $97,000 have an income-related monthly adjustment (IRMAA) added to their Medicare Part B premiums. Title: irmaa-notice-2023. 90/month. In 2023, the standard premium is $164. The Premium Amounts per IRMAA Bracket: According to the Medicare Board Trustees Report from 2019, the surcharges will inflate at as follows through 2028: Part B – 6. Call +1 800-772-1213. These amounts are added onto your Part B and Part D each month. Greater than $91,000 and less than $409,000. IRMAA stands for income-related monthly adjustment amounts. 80 from $164. 00. 2023 IRMAA Brackets. The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, an increase of $14 from the annual deductible of $226 in 2023. This accounts for around 25 percent of the monthly cost for Part B, with the government (i. However, you can make reasonable estimates 09-19-2022, 06:28 PM #. No retirement plan at work: Your deduction is allowed in full if you (and your spouse, if you are married) aren’t covered by a retirement plan at. File individual tax2 The 2023 Star Ratings used for 2024 Quality Bonus Payments (that were made public in October 2022). That amount changes from year to year, but it's generally consistent for most Medicare enrollees. Substantial Gainful Activity (2023): $1,470 per month for people who are not blind $2,460 per month for people who are blind Trial Work Period Service Month (2023): $1050 per month Number of OASDI Beneficiaries (as of 12/31/22): Total OASDI beneficiaries: Retired workers and family members: Retired workers: Spouses: 66. The minimum income limits are suggested levels to ensure rent does not exceed 30% of annual income. $194,001 –. 90 (down from $170. The numbers depicted here are based on the Social Security Administration’s (SSA) most current records. less than $412,000 ; $326. From 2022 to 2023 the CPI-U, if inflation remains constant, will increase by 5. She will not be subject to IRMAA in 2023 because her income is below the $97,000 threshold; Her 2023 Medicare Part B premium will be $164. 70 and the. Note that it is not IRMMA (just like HIPAA is not HIPPA). Oversimplifying, our taxable. CMS’s goals for Medicare Advantage and Part D mirror our vision for the agency’s programs as. 90 per month for those in the lowest income-adjustment bracket. Although it's decreasing, the CMS said there will be income-related adjustments to the monthly premium, ranging between $12. Remember you read them here first! 👇. Today, the Centers for Medicare & Medicaid Services (CMS) released the Announcement of Calendar Year (CY) 2023 Medicare Advantage (MA) Capitation Rates and Part C and Part D Payment Policies (the Rate Announcement). There’s even more good news. Filing Joint Tax Return. However, for those earning. The new 2024 monthly premium will be $9. 20 and savings of $2,577. What are the IRMAA Brackets for 2024. 84%. That surcharge is known as an Income-Related Monthly Adjustment Amount, aka IRMAA. For 2024, the Part B premium is $174. $0. The MAGI used to determine if the income-related monthly adjustment amount (IRMAA) applies is the most recent tax information that IRS is able to provide. Medicare beneficiaries who reported an individual income at or below $103,000 in 2022, or a married couple who earn no more than $206,000 per year in 2022, will now pay $174. 1105. Part B premiums are expected to increase 6. )Individuals who reported MAGIs under $85,000 and married couples filing jointly who reported MAGIs under $170,000 on their 2019 returns are paying the current Medicare part B premium of $148. 90 per month for Medicare Part B. That's more or less how I do it. If one of these events affects a Medicare enrollee, he or she can proactively notify the SSA by using a “ Medicare Income-Related Monthly Adjustment Amount – Life-Changing Event “ form. In your example, your MAGI for 2022 determines your IRMAA (or not) for the single year of 2024. There are higher income limits if you have a disability and are working. retirement Medicare Four Things to Know if Medicare’s IRMAA Kicks In The income-related monthly adjustment amount, known as IRMAA, happens when your. 00. Still, you can make reasonable estimates and give yourself some margin to stay clear of the cutoff points. Plan Premium + $69. Beneficiaries who file individual tax returns with modified adjusted gross income: Beneficiaries who file joint tax returns with modified adjusted gross income: Income-related monthly adjustment amount: The total monthly premium amount: Less than or equal to $91,000: Less than or equal to $182,000: $0. The contribution limit for SIMPLE retirement plans increased to $15,500, with a catch-up contribution limit of $3,500. Still, you can make reasonable estimates and give yourself some margin to stay clear of the cutoff points. The annual deductible for all Medicare Part B beneficiaries will be $240. You are new to Medicare in 2024. 2021 Extra Help Income Limits: Full Subsidy––Below 135% of poverty guidelines (below $17,388. Tell the representative you want to lower your Medicare Income-Related Monthly Adjustment Amount (IRMAA) due to a life-changing event. If your yearly income in 2021 was File individual tax return File joint tax return File married & separate tax return You pay (in 2023) $97,000 or less $194,000 or less $97,000 or less Your plan premium Married Submitting Collectively: >= $750,000. Continuing inflation and a shift in policy for the drug Aduhelm will change Medicare’s income-related monthly adjusted amount (IRMAA) brackets and the 2023. In 2023, their $300,000 income will put them in Tier 2, instead of Tier 3. $369. Close Search. $194,000 or less. Someone asked, how exactly does one limit one's income in 2022 to avoid a cliff for 2024 that does not release until the end of 2023? Is it safe, and advisable, to just use the 2023 threshold? Surely 2024 will be the same or higher, right? Have the. Like Medicare Part B, Medicare Part D prescription drug plans use the IRMAA to determine plan premium costs by income level. The standard deduction is the fixed amount the IRS allows you to deduct from your annual income even if you don’t itemize your tax return. This means that the income thresholds for each bracket will remain at the same level as in 2021. According to the announcement, only 7% of beneficiaries pay more than the basic premium. FAS Project on Government SecrecyThe standard deduction for couples filing jointly is $29,200 in 2024, up from $27,700 in the 2023 tax year. 90 per month. $170. Just like with your Part B coverage, you’ll pay an increased cost if you make more than the preset income level. 20). 10. This is down $5. Greater than $103,000 and less than. The standard monthly premium for Medicare Part B enrollees will be $174. 40 per month to $491. $0. 50 per month (also a decrease from 2022). You will only need to pay an IRMAA if your annual modified adjusted gross income (MAGI) exceeds a predetermined amount. If you are over 63 and have a high income, this Roth conversion calculator shows the projected Medicare Income-Related Monthly Adjustment Amount (IRMAA) you may pay per month starting in 2025. $0. The limit for annual contributions to Roth and traditional individual retirement accounts (IRAs) for the 2023 tax year is $6,500 and $7,500 if you're age 50 or older. The average total Part D premium is the sum of the average basic premium and the average supplemental premium for plans with enhanced coverage and is the most accurate current projection of what. $0. The Part B premium will increase to $148. Since they will file as married filing jointly, the following applies for 2023: Beneficiaries who are married and lived with their spouses at any time during the year, but who file separate tax returns from their spouses with modified adjusted gross income: Income-Related Monthly Adjustment Amount. The term ‘ IRMAA ‘ stands for Income-Related Monthly Adjustment Amount. However, high earners could be saddled with a monthly payment of up to $560, depending on their income bracket. It is possible that the increase in Social Security income in 2023 could trigger IRMAA for some retirees in 2025. The current Medicare costs and IRMAA brackets can be found at this link. 5%) will pay less than the full Part B standard monthly premium amount in 2019 due to the statutory hold harmless provision, which limits certain. For example, the highest income bracket for Part B now starts at $750,000 of MAGI, instead of $500,000. 20 to $164. You could pay a higher monthly premium for Medicare drug coverage. The following are the income thresholds that apply for the 2023 tax year: Part B IRMAA Brackets : Individuals with a 2021 income of $97,000 or less (or married couples filing jointly with an income of $194,000. The IRS is introducing new income limits for its seven tax brackets, adjusting the thresholds to account for the impact of inflation. Their projected federal tax liability for 2023 would be about $13,671. Plus, individuals with earned income of more than $200,000, or. 00: $174. Less than or equal to $87,000. You’ll pay the premium each month, even if you don’t get any Part B-covered services. After crossing the threshold, the monthly amounts for Part B IRMAA (paid in addition to the standard premium) will be $65. 40 per month per person. For example, Social Security would use tax returns from 2022 to determine your IRMAA in 2024. According to latest Medicare Board of Trustees report from the IRMAA brackets will increase by over 6. Why does my very low-income limit not equal 50% of my median family income (or my low. The 2023 income limits for Medicare Savings Programs (MSPs) are $19,920 per year for an individual and $26,868 per year for a married couple, in many cases. The Roth IRA contribution limit for 2023 is $6,500 for those under 50, and $7,500 for those 50 and older. Filing Status Matters. 280. 10 in 2022), plus what is called the income-related monthly adjustment amount (IRMAA)). If your income is above a certain limit, you’ll pay an income-related monthly adjustment amount in addition to your plan premium. Call TTY +1 800-325-0778 if you're deaf or hard of hearing. You pay higher Medicare Part B and Part D premiums if your income exceeds certain thresholds. 10 per. 70 per month in this bracket in 2023. 10 The same income tiers apply to Part D prescription drug plans, with IRMAA surcharges ranging from an additional $12. Beyond that, there are steps you can take now to avoid IRMAA charges in the future. Total Monthly Premium. 40 per year) to $54. Ordinarily, the following year is expected to be a little higher, but if you are wanting something sort of rock solid safe, I think $103k is a good limit for 2023 income (for use in avoiding IRMAA in 2025). For Part D, the IRMAA surcharges range from an additional $12. Medigap policies are sold by private companies, and they cover co-pays and deductibles that Medicare doesn't normally cover. Retirement and Medicare expert Phil Moeller weighs in on what to expect. For couples who file a joint tax return, that threshold is $194,000 per year. 80 and $560. And the income ceiling for contributions to Roth IRAs was also raised to account for inflation. above $213,000. Based on this year’s standard monthly premium of $170. 1) However, the premiums for Part B (medical insurance) and Part D (prescription drug insurance) can vary between individuals based on their income level. By Donna LeValley last updated October 16, 2023 If you have Medicare Part B and/or Medicare Part D prescription drug coverage, you could owe a monthly. com. 2023 IRMAA Brackets. Medicare-eligible retirees and their Medicare-eligible dependents can submit an IRMAA application if they paid above the standard amount of $170. Unlike Part B, the Part D IRMAA brackets will remain the same in 2022. 2025 IRMAA Per Person. 00. The Part B premium went from $164. The 2024 Medicare IRMAA surcharge kicks in when modified adjusted gross income exceeds $103,000 for single taxpayers or $206,000 for married couples filing jointly. Sources: Code of Federal Regulations, § 418. Applying for Medicare Extra Help can be done online, in person at a local Social Security office, or by phone at 800-772-1213. According to Congressional Research Service Brief on MAGI for IRMAA, that limit was $194,000 as of 2023. are considered Medicare Part D plans and members with higher incomes may be subject to the Medicare Part D Income Related Monthly Adjustment Amount (IRMAA. 6)The 2023 IRMAA is based on 2021 tax returns; the 2024 IRMAA will be based on 2022 tax returns. 60/month for Part B premiums and $432. For those unaware of IRMAA, the two-year lag can create unpleasant surprises when you first enroll in Medicare—especially if your. The annual contribution limit for a traditional IRA in 2023 was $6,500 or your taxable income. 70. For couples who file a joint tax return, that threshold is $194,000 per year. Updated 2023 IRMAA brackets can increase Medicare Part B monthly premiums by as much as $395. 00. To figure out your amount of IRMAA income simply look at lines 2a and 11 of your 2022 IRS form 1040. The good news, however, is that the IRMAA brackets are also indexed for inflation. The Medicare portion of the FICA payroll tax is 1. 030: IRMAA Determination Process: TN 3 11-10: HI 01101. These rates also increased for 2024, and the rate brackets have been updated:. 80 from $164. Medicare’s IRMAA Brackets from 2007 to 2022. IRMAA refers to Income-Related Monthly Adjustment Amount added to your Medicare Part B and Part D premiums. Understand your Medicare coverage in 2023. 90 for those in that bracket. The Medicare Part B 2023 standard monthly premium is $164. The annual deductible for all Medicare Part B beneficiaries will be $240 in. The “standard premium” for 2023 is $31. 90 in 2023. IRMAA is simply a tax on those who earn too much income. Greater-income Medicare beneficiaries additionally. Beneficiaries who file individual tax returns with modified adjusted gross income: Beneficiaries who file joint tax returns with modified adjusted gross income: Income-Related Monthly Adjustment Amount. Your Part D Premium will depend on the plan you choose. IRMAA is a surtax that increases with higher levels of income. Total Monthly Premium Amount. High-income Medicare beneficiaries are also subject to monthly. 50 a month extra for Part D drug coverage, although I take no medications. 130(d),these amounts must be rounded down to the next lowest multiple of $50. My husband turns 65 in 2025 and we know that any IRMAA penalty will be based on our income this year. Beneficiaries who file individual tax returns with modified adjusted gross income: Beneficiaries who file joint tax returns with modified adjusted gross income: Income-Related Monthly Adjustment Amount. ". I have a fat 401-K, so no real money worries (unless both stocks and bonds crash, plus inflation). The annual deductible for all Medicare Part B beneficiaries will be $240. Minimizing Taxes In Retirement is a sure way to increase your retirement income. Your Income-Based Adjustment. Your filing status makes a difference too. 00. This income is based on your MAGI (Modified Adjusted Gross Income) from your 2021 Tax Return. 00. Medicare premiums increase as your income grows through Income-Related Monthly Adjustment Amount (IRMAA), which is an additional surcharge for higher-income individuals on top of the 2021 Medicare Part B baseline premium of $148. This is the maximum amount you pay in the initial coverage limit as well. Beneficiaries who file an individual tax return with income: Beneficiaries who file a joint tax return with income: Income-related monthly adjustment amount Total monthly Part B premium amount; Less than or equal to $103,000: Less than or equal to $206,000: $0. 10. (877) 410-9594 info@irmaacertifiedplanner. Beneficiaries who file individual tax returns with modified adjusted gross income: Beneficiaries who file joint tax returns with modified adjusted gross income: Income-Related Monthly Adjustment Amount. Have been using the Finance Buff site to estimate the 2024 IRMAA limits - would fellow Bogleheads consider this site a reliable source to estimate the 2024 (for 2022 income and don't want to accidentally "fall off the cliff" into the next higher bracket) the IRMAA limits?. July 29, 2022 announcement of 2023 Part D National Average Monthly Bid Amount, Medicare Part D Base Beneficiary Premium, Part D Regional Low-Income Premium Subsidy Amounts, Medicare Advantage Regional Benchmarks, and Income. An estimated 2 million Medicare beneficiaries (about 3. Medicare Income-Related Monthly Adjustment Amount - Life-Changing Event. IRMAA concerns for 2025. Part D – 4. 2nd Surcharge Bracket: 6:42%. 4% in 0224 00:27. Note: unfortunately, the previous 2 Medicare Board of Trustees Reports (2022 and 2021) due to circumstances on coverage and Covid-19 do not reflect. 0 million IRMAA applicability and amounts are recalculated annually. If your income is above a certain limit, you’ll pay an income-related monthly adjustment amount in addition to your plan premium. What about IRMAA? Thanks to the decrease in the standard premium, the income-related monthly adjustment amount (IRMAA) is slightly lower as well. , does not overstate the retiree’s reduction in state income tax) to assume the IRA distributions are subject to state income tax.