How can I know whether I’ll be subject to the Medicare surcharge next year?

Medicare beneficiaries with modified adjusted gross income (MAGI) over a set amount ($85,000 for single individuals and $170,000 for married persons filing jointly) pay an additional Part B and Part D premium. MAGI in 2017 is what is used to determine whether there’s an additional premium in 2019. MAGI for this purpose means your adjusted gross income plus tax-exempt interest income.

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Tax Glossary

Deductions

Items directly reducing income. Personal deductions such as for mortgage interest, state and local taxes, and charitable contributions are allowed only if deductions are itemized on Schedule A, but deductions such as for alimony, capital losses, moving expenses to a new job location, business losses, student loan interest, and IRA and Keogh deductions are deducted from gross income even if itemized deductions are not claimed.

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