Fax???
That is crazy!
I assume the form you filled out was SSA-44. If not, fill it out and you can take it to the drop box inside your local Social Security office. Thatâs what I had to do after the one I sent in was lost. That finally got the ball rolling, and someone from the local office called me within a few days to follow up.
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We had a similar issue and were lucky that a local UPS franchise provides fax service. Now we wait, and pay the extra amount, until who knows when. If doc asks why my BP is up, Iâll blame it on Medicare.
My husband is the one who talked to the rep since itâs his Medicare. Iâm not sure if dropping it off was an option. I will ask him and perhaps we will take another copy of the packet by.
Edited to add: Iâm glad to hear someone responded fairly quickly. I applied for my Social Security on Oct. 3 and finally heard from someone yesterday. The website says typically 2-4 weeks, not 10. I know they are short-staffed, as everyone is.
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I canât find a list of which offices have the secure drop boxes, but SS says the boxes are available in roughly 1,000 offices nationwide. Also, if you are overcharged and later your appeal is successful, you will be refunded the amount you overpaid.
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Donât you get the step up for inheritance? Also, SS looks at income from two years prior to determine the deduction. Example, for 2023 deduction, they look at 2021 income.
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This form references asking for income from 2020. Is there a more current one with the current tax year asked for?
Oh, interesting about the look back.
This was a weird situation dealing with a trust where a piece of property had been put in it long ago. Believe me, we tried every possible way to avoid paying the taxes. The moral of the story, keep up on the tax implications of changing trust laws.
I think they look back 2 years, so 2020 is right for 2022.
I thought itâs not when it was put in the trust, but itâs the death date for step up.
Does a property in a trust treated differently when it comes to step up? I hope not. If it gets the step up, its doesnât matter when the property was bought. Its cost basis will be the market value on death. If you sell it right away, you donât have capital gains,.
I canât explain it correctly but it was a weird situation. We consulted several lawyers and tax accountants because we couldnât believe it either.
Edited to add â there were several different kinds of trust and the property in question was partially in the trust and partially not and all this happened over 25 years ago. So no one should worry about their trusts now. I would just check with your accountants if trust laws change in the next 25 years.
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It does sound complex, my trust is 20 years old, I need to reread it.
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This is the form thatâs on the Social Security site right now. They typically base IRMAA on your income two years prior. But if you can show that you had a life-changing event, theyâll look at your previous yearâs return. That was my situation; I provided them with a copy of my 2021 return. They made the adjustment based on that.
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I had heard they would make an immediate adjustment if you can prove you no longer have the higher income. My DH fully retired in September. He isnât collecting SS yet either or a pension. That significantly drops our income and I was told it could be immediately adjusted in terms of our Medicare IRMMA.
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They donât know that, thatâs why you need to submit a form or something.
Yes, that is correct. Submit the form I linked, the SSA-44; they will require documentation from your DHâs former employer that he is no longer employed. It does say that he can make an attestation as to his retirement on the form, but we were told that was not sufficient and were subsequently required to provide documentation directly from my DHâs former employer.
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I know they donât âknowâ and I would need to submit this form. But my understanding is I donât have to wait a yearâŠor until my next taxes are filed. This adjustment can be made immediately once the documentation is sent.
No problem getting documentation! His employers no longer are paying him his per diem or a salary.
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I recently turned 65 and signed up for Medicare. I was assessed a surcharge based on 2020 income, which was the last year spouse and I worked a full year. I filled out the referenced form, attached a copy of my 2021 tax return and stated what we expected our 2022 taxable to be and mailed it to the local SS office. Less than two weeks later I received a letter removing the surcharge.
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Yes I would do right away, why wait. Theyâll be able to adjust for 2023.
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