Jun
03
2011
By Guest (not verified)
Is a one time lump sum payment included in the modified adjusted gross income used for determining ones part B premium?
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Not affiliated with the US Social Security Administration
Is a one time lump sum payment included in the modified adjusted gross income used for determining ones part B premium?
Not affiliated with the US Social Security Administration
Lump sum severance pay and inclusion in MAGI
I'd suggest you see how this was treated for federal income tax purposes.
Generally, your modified adjusted gross income (MAGI) is the total of your adjusted gross income and tax-exempt interest income you may have. These are the amounts on lines 37 and 8b of IRS from 1040. Some examples of income are: wages, salaries, tips, taxable interest, certain dividends, business income, capital gains, and unemployment compensation, as well as annuities, Social Security payments and some pensions.
http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/1601