[vpFREE] RE: Tax question(s)

 

This point is an important one that I wasn't aware of in time.   I too had huge W2Gs for a few years, and it cost me a fortune in taxes, by pushing my AGI into the stratosphere, even when I had a losing total for the year.


Since we file jointly, this has impacted my husband's Medicare.  We keep getting different information, saying that it is based on the previous 2 years' average, and that it is reevaluated yearly and that there is no reversal that can happen in our favor.  His costs will never be reduced, but could be increased.  So for anyone (or with a spouse) nearing retirement age, it should be on the radar screen.


I have been talking with my CPA about using the session method....she is in favor, but I am concerned that changing after all these years could trigger an audit. 



---In vpFREE@yahoogroups.com, <misscraps@...> wrote:
As anyone with a lot of w2g forms will soon find out, there are other tax problems that can arise. The "wins" push up your Adjusted Gross Income. This can affect the amount of medical costs you can deduct, the amount u pay for Medicare if a senior, and so on. Even if u actually are a loser overall, the AGI going up can cost u money, sometimes quite a bit.

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