This bill would change how Medicare counts certain income when calculating the income-related monthly adjustment amount (IRMAA). For months in years beginning on or after January 1, 2025, the bill would not count adjusted gross income that comes from the sale of a person's principal residence (as defined in section 121 of the Internal Revenue Code) when determining modified adjusted gross income for IRMAA. The bill also says the sale is not excluded if that same sale already was excluded earlier under this rule.
If you sell your main home, the money counted as adjusted gross income from that sale would be left out of the IRMAA calculation for Medicare for months in years starting on or after January 1, 2025. The exclusion applies only to sales that meet the tax code definition of a principal residence. If a sale has already been excluded under this provision, it will not be excluded again.
No publicly available information on estimated costs, savings, or budget effects is included in the bill text or metadata provided.
No publicly available information about supporters' arguments or stated reasons is included in the bill text or metadata provided.
No publicly available information about opponents' arguments or stated concerns is included in the bill text or metadata provided.