IRMAA is a surcharge added to your Medicare Part B and Medicare Part D prescription drug coverage premiums if your income is above a certain level. Here's what you need to know.

The good news is that a new tax benefit aimed at helping families with children under 17 is now in effect. For the tax years ...

Question: I keep seeing references to modified adjusted gross income in stories about federal income tax breaks. What is modified adjusted gross income? Joy Taylor: The IRS and other federal agencies ...

The premium tax credit is a refundable credit that helps some taxpayers afford health insurance premiums. The advance PTC lowers the premiums themselves. Many, or all, of the products featured on this ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

Until enactment of the One Big Beautiful Bill Act, officially P.L. 119-21, the availability of a below-the-line deduction that was not the standard deduction or an itemized deduction was a rare event.

People understandably gripe about the complexities of the federal income tax laws. Filling out your tax return is not as easy as writing a couple of numbers on a postcard and sending it to the IRS.

Modified adjusted gross income, or MAGI, might sound like just more tax jargon, but knowing how to calculate your MAGI is key to determining your eligibility for several valuable tax benefits, ...

If you had substantial health care expenditures last year, you may be able to deduct some of them from your taxable income. But many taxpayers miss out on this valuable tax break because they don't ...