vpFREE2 Forums

Medicare shocker coming 2016 (due to gambling income)

#1

If your total income is going to be substantially less in 2016 than in
2014, you can write an appeal letter explaining your circumstances. When my
husband retired a couple of years ago, our Medicare payments were going to be
based on his previous salary putting us in the highest bracket. We
appealed saying retirement meant new income of less than $170,00/year. They
granted our appeal and have been paying lowest amount ($104.90) since. Now
it's a problem trying to keep those MAGI numbers down with W-2G's coming in
for our favorite new hobby.

robar

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#2

It is my understanding that the newly passed budget deal will have some provisions that will lessen the impact that would have happened otherwise.

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From: mailto:vpF…@…com
Sent: Saturday, October 31, 2015 12:26 PM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] Re: Medicare shocker coming 2016 (due to gambling income)

If your total income is going to be substantially less in 2016 than in
2014, you can write an appeal letter explaining your circumstances. When my
husband retired a couple of years ago, our Medicare payments were going to be
based on his previous salary putting us in the highest bracket. We
appealed saying retirement meant new income of less than $170,00/year. They
granted our appeal and have been paying lowest amount ($104.90) since. Now
it's a problem trying to keep those MAGI numbers down with W-2G's coming in
for our favorite new hobby.

robar

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]

#3

It's a shame. There is no gambling casino slot that has a theoretical long term loss. Makes no sense to give a W2G win statement to get money back for an amusement game. Taxes were paid on money inserted in machine. All player is getting, is his money back. It's an old rule that should be abolished, especially since gambling is all over country.

State lottery numbers? Put up a $1000 and hit a 3 digit number for $3 play and you pay taxes. Net theoretical win, negative 50%. makes no sense.

Just one persons opinion......Cheers

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