Issue link: https://info.seic.com/i/1499994
- - Tax Report 2/4 MEDICARE PART B/D PREMIUMS FOR 2024 Medicare Parts B and D premiums can be impacted by Modified Adjusted Gross Income* (MAGI). Amounts below are in addition to the base premiums. Amounts are monthly per person. *MAGI = AGI + Tax-Exempt Interest MAGI Threshold Part B Premium Adjustment Part D Premium Adjustment $0 to $97,000 $0 $0 $97,000 to $123,000 $66 $12 $123,000 to $153,000 $165 $32 $153,000 to $183,000 $264 $51 You: $178,793 $183,000 to $500,000 $363 $70 $500,000 and above. $396 $76 SCHEDULE B INCOME SOURCES The tax return listed the following income sources on Schedule B: INTEREST DIVIDENDS Description Amount Chevron Federal Credit Union $452 TD Ameritrade Clearing, Inc. $1 Description Amount : TD Ameritrade Clearing, Inc. $4,825 SEI PRIVATE TRUST COMPANY $12,636 SEI PRIVATE TRUST COMPANY $2,951 SCHEDULE D - CAPITAL GAINS/LOSSES The tax return listed the following sources of capital gains/losses: SHORT TERM LONG TERM TOTAL Description Amount Short Term Loss Carryover from 2021 ($15,362) Short Term Gain/Loss for 2022 ($2,083) Total Short Term Gain/Loss for 2022 ($17,445) Description Amount Long Term Loss Carryover from 2021 $0 Long Term Gain/Loss for 2022 $39,637 Total Long Term Gain/Loss for 2022 $39,637 Total Gains/Losses for 2022 $22,192 OBSERVATIONS You are in the 24.0% marginal bracket. Depending on your age and income projections, you might consider a Roth conversion. Your return indicates an overpayment of taxes through estimated payments and/or withholding, resulting in a refund. Tax refunds are essentially interest-free loans to the government. Consider discussing your withholding and estimated payments with a tax professional, as adjustments may allow you to retain more of your money. The 2023 safe harbor for underpayment penalties is your total tax x 110%, or $28,994. Note that the timing of your payments is also important with respect to avoiding penalties. Withholding from a paycheck or retirement account distributions are considered to have happened throughout the year, but estimated tax payments should be timed to correspond with the timing of the income earned. A tax professional should be able to help in cases where income is uneven throughout the year.