Name: 5 tax tips for older adults
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5 tax tips for older adults

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More than half of older taxpayers (57%) are worried they'll have to pay more taxes this year because of the 5.9% Social Security cost-of-living adjustment in 2022, according to a January survey by The Senior Citizens League, a nonpartisan seniors group.Taxes for the over-65 set can feel more complicated for a variety of reasons: There are often multiple streams of income, some retirees still work part time, and people may be managing required minimum distributions from retirement accounts."It can happen that people have more income in their later life than they did when they were working," says Barbara O'Neill, a certified financial planner in Ocala, Florida, and the author of "Flipping a Switch : Your Guide to Happiness and Financial Security in Later Life."For older adults, here are some items to keep in mind this tax season:Your income can affect your Medicare Part B and Part D premiums in the future because of the income-related monthly adjustment amount, or IRMAA. Medicare premiums are based on your tax return from two years prior, and you may have to pay more if your income exceeds certain thresholds.These IRMAA surcharges can be difficult to manage "because they operate as a cliff, not a phase-in," says Edward Jastrem, a certified financial planner in Westwood, Massachusetts. "For example, if you are $1 over an income tier, you are subject to the full surcharge."In 2023, people filing individually with a modified adjusted gross income of more than $97,000 in 2021 — or jointly with more than $194,000 — will pay higher monthly amounts for Medicare. "Tax bracket management becomes crucial in later life," O'Neill says.

More than half of older taxpayers (57%) are worried they'll have to pay more taxes this year because of the 5.9% Social Security cost-of-living adjustment in 2022, according to a January survey by The Senior Citizens League, a nonpartisan seniors group.Taxes for the over-65 set can feel more complicated for a variety of reasons: There are often multiple streams of income, some retirees still work part time, and people may be managing required minimum distributions from retirement accounts."It can happen that people have more income in their later life than they did when they were working,"...

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KATE ASHFORD of NerdWallet

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