Medicare glossary
MAGI
MAGI stands for modified adjusted gross income. For Medicare, it's the income figure Social Security uses to decide whether you owe an IRMAA surcharge on your Part B and Part D premiums.
Your MAGI is generally your adjusted gross income plus a few items like tax-exempt interest. Social Security looks at the MAGI from your tax return two years earlier, so 2026 surcharges are based on 2024 income. Keeping an eye on MAGI near an IRMAA threshold can be worth real money, since the brackets are cliffs.
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