USA Urgent - Hypothetical Scenario Involving Medicare


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Greetings,
My wife and I need to decide, by Friday 5/28, whether we want to enroll in Medicare on 6/1, and terminate our current health coverage provided by her employer.

I would like to determine the income tax impact of doing so. Specifically, my wife's taxable income would increase by $30,147 and our deductible medical expenses would be $11,688 less, by virtue of the reduction in insurance premiums. I would like to know what our Federal and State of CA tax liability would have been in 2020, assuming all other income and expenses remain the same.

I will provide relevant details if someone qualified can help.

Thanks.
Mel
L.A., CA
 
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kirby

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Have your tax person do a proforma of this on your 2020 returns. Your tax person is in the best position to know your tax situation. Meanwhile contact your person whom you tentatively have chosen to assist you in your Medicare plan choices, (regular Medicare, an Advantage plan, Medicare with a supplemental, etc) and have them help you. Fast.
 
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