I am married and file my taxes jointly. We both collect SS as we are in our 70's. what is the max AGI I can have before our SS or Medicare benefits are reduced ? I supplement my income by cashing in IRA funds.
Your Social Security benefits and Medicare coverage won't be reduced no matter how much income you have. However, if your yearly income is high enough, you may have to pay income taxes on a portion of your Social Security benefits, and your premium rates for Parts B & D of Medicare may be increased.
A couple may be subject to income taxes on a portion of their Social Security benefits if they have more than $32,000 in combined income in a year. For more information on this provision, refer to: https://www.ssa.gov/planners/taxes.html.
Higher Part B & D premiums may apply to couples with at least $170,000 in yearly income. For more information on this provision, see: https://www.medicare.gov/your-medicare-costs/part-b-costs/part-b-costs.html.