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The Social Security Fairness Act may affect income taxes and Medicare premiums - CNBC
With much “hoopla,” the so-called Social Security Fairness Act has become law, soon to provide substantively increased Social Security benefits for about 3 million affected beneficiaries. Those affected had their SS benefits reduced (or eliminated) by either the Windfall Elimination Provision (WEP) or the Government Pension Offset (GPO) – which includes about 2+ million who get Social Security retirement benefits, and another approximately 800,000 spouses or widows of SS beneficiaries. And some of that money will be paid retroactively to January 2024 in a lump sum. While that is certainly good news for affected retirees, it also likely means an additional income tax obligation, and may also affect Medicare premiums if the “IRMAA” (Income Related Monthly Adjustment Amount) threshold is reached. All of this is explained in this CNBC Personal Finance article by Lori Konish.
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