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December 13, 2021 1:37 am
Medicare Premiums Increase for 2022
The CMS announced premiums and deductibles for Medicare in 2022 (CMS.gov, 11/15/21). The basic Part B monthly premium for 2022 is $170.10, or $21.60 more than in 2021. For those with modified adjusted gross income (MAGI) in 2020 over a threshold amount, there is an additional Part B and Part D premium in 2022. The threshold amounts have been adjusted for inflation. For example, a married person filing jointly paid additional premiums in 2021 if 2019 MAGI exceeded $176,000. The threshold for 2020 MAGI used to determine the additional premiums in 2022 is $182,000. As MAGI increases, so do the additional premiums for 2022. Find a complete breakdown of the premiums and deductibles for 2022 from the CMS.
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Tax Glossary
Withholding
An amount taken from income as a prepayment of an individual’s tax liability for the year. In the case of wages, the employer withholds part of every wage payment. Backup withholding from dividend or interest income is required if you do not provide the payer with a correct taxpayer identification number. Withholding on pensions and IRAs is automatic unless you elect to waive withholding.
