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Submitted By: Alfred
Answered: November 22, 2013 11:32 am
Answered: November 22, 2013 11:32 am
What are the surcharges for Medicare Parts B and D for 2014?
High-income taxpayers pay an additional charge for Medicare Parts B and D. The Part B surcharges for 2014 are unchanged from 2013; those for Part D are only slightly higher for 2014 than in 2013. “High income” means having modified adjusted gross income over $85,000 if single (or married filing separately), or $170,000 if married filing jointly. Find more about these surcharges at www.medicare.gov.
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Tax Glossary
Exemption
A fixed deduction allowed to every taxpayer, except those who may be claimed as a dependent by another person. Extra exemption deductions are allowed for a spouse on a joint return and for each qualifying dependent. A deduction of $3,400 is allowed for each exemption claimed on 2007 returns, but the deduction is phased out for certain high income individuals.
