A corrected 1099 and amended tax return moved my inherited IRA income from 2023 to 2024, when I actually received the funds. How can I get my Medicare premiums reduced after paying over $700 a month since 2024?

Answered by 4 licensed agents

Yes. If the corrected 1099 and amended tax return establish that the inherited IRA distribution was reported in the wrong tax year, you may have a strong basis for asking Social Security to recalculate your Medicare IRMAA premiums—and potentially make the correction retroactive.

The key is to distinguish an IRS correction/amended return from simply saying that your income was lower. Social Security has specific procedures for amended and corrected tax information.

Answered by Gary Foucha on October 5, 2026

Agent Licensed in LA, GA, MS & TX

Answered by Gary Foucha Medicare Insurance Agent
If I'm reading your question correctly, the one option available to you (if it works) is to request a one-year look-back, rather than the standard two-year. This can make a difference if your income was significantly lower that year, than for the year before. There is a form you can use to make this request.

Answered by Rick Bechtel on October 5, 2026

Broker Licensed in WA

Answered by Rick Bechtel Medicare Insurance Agent
You can submit a request to Social Security and file a reconsideration or income adjustment that will allow you to lower your Part B and Part D premium.

Answered by Claudia Dean on October 6, 2026

Agent Licensed in NC, AZ, CO & FL, NJ, SC & VA

Answered by Claudia Dean Medicare Insurance Agent
The Social Security Administration has an amendment form. You can fill out to challenge and write any explanations to them. And they may reduce or remove your penalty.

Answered by Christopher Boyd RICP, CLTC, LTCP, APP, MAML on October 6, 2026

Agent Licensed in IN, KY, MI, OH, PA & TN

Answered by Christopher Boyd RICP, CLTC, LTCP, APP, MAML Medicare Insurance Agent

Tags: Advice for Seniors Coverage Medicare Advantage

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