The basic Part B premium amount for 2020 is $144.60 per month. The Part D premium for drug coverage in 2020 ranges from $13 to $83 per month (depending on the drug plan selected). However, high-income taxpayers with modified adjusted gross income above a set amount in 2018, pay an additional amount for Parts B and D premiums for 2020. (https://www.medicare.gov/your-medicare-costs/part-b-costs).
Note: In the table below, the column for “Married filing separately” applies if the spouses filed separately and lived together at any time in 2018.
|MAGI in 2018 determines 2020 premiums||Part B||Part D|
|Individual return||Joint return||Married filing separately|
|$87,000 or less||$174,000 or less||$87,000 or less||$144.60||Your plan premium|
Over $87,000 but not over $109,000
|Over $174,000 but not over $218,000||N/A||$202.40||$12.20 + your plan premium|
|Over $109,000 but not over $136,000||Over $218,000 but not over $272,000||N/A||$289.20||$31.50 + your plan premium|
|Over $136,000 but not over $163,000||Over $272,000 but not over $326,000||N/A||$376.00||$50.70 + your plan premium|
|Over $163,000 but less than $500,000||Over $326,000 but less than $750,000||Over $87,000 but less than $413,000||$462.70||$70.00 + your plan premium|
|$500,000 and over||$750,000 and over||$413,000 and over||$491.60||$76.40 + your plan premium|
Source : JK Lasser Posts >> Tax News