Ask An Expert

Q: My Medicare Part B premium increased from $135.50 a month in 2019 to $491.60 in 2020. My neighbor said her current Part B premium is $144.60 a month.

The Medicare helpline said when I sold my business in 2018, the sale pushed my 2018 total income to above $750,000. Will this be the premium I am required to pay every year going forward? — B.D., Lake Mary

A: No. Every year your modified adjusted gross income from your tax return from two years ago is reviewed. If it is above a certain amount, you will pay the standard Medicare premium amount, plus an extra charge known as the Income Related Monthly Adjustment Amount. If the sale of your business was a one-time event and your 2019 income is significantly less than it was in 2018, you

will likely see a reduction in the income related extra charge for tax year 2021.— Larry Breen

Q: My 18-year-old grandson did not receive a stimulus check. He said it was because someone else was able to claim him. He filed his taxes and did not have a refund coming back.

— L.S., Kissimmee

A: If he was over the age of 17 and claimed as a dependent on someone else’s tax return, he would not qualify for a stimulus payment. Anyone who is over the age of 17 would only qualify for a stimulus payment if they were not claimed as a dependent on someone else’s tax return. — Colby Winslow

Have a question? E-mail askanexpert@fpafla.com. Include your name (only your initials will be printed), hometown and phone. Questions are answered by Certified Financial Planners from the Financial Planning Association of Central Florida. Answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for space considerations.