The higher premiums some taxpayers have to pay for 2020 vary depending on the taxpayers’ modified AGI (MAGI) as shown on their 2018 income tax returns. The various MAGI levels increased a small amount with the exception of the maximum MAGI levels. The exact costs and modified AGI levels can be found at www.medicare.gov by clicking on the “Your Medicare Costs” tab and then on “Part B Costs”.
The highest Medicare Part B premium for 2020 is $491.60/month and applies to:
- Individuals with modified AGI of $500,000 or more
- Married Filing Jointly taxpayers with modified AGI of $750,000 or more
- Married Filing Separately taxpayers with modified AGI of $413,000 or more
This text has been shared courtesy of: David & Mary Mellem, EAs & Ashwaubenon Tax Professionals, 920-496-1065 (fax 920-496-9111).
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