IRMAA Tags Recreational Gambler with Big Medicare Premium Increase

You may remember Jacob Bright from last month’s article about weekend gambling.

Bright reported $240,895 in gambling income on his Form 1040. He also claimed to have at least $240,895 in losses—but that’s the story in last month’s article.

For the purposes of this month’s article, let’s assume $240,895 in gambling income and $240,895 in losses. So that’s zero in reality and close to zero for federal income tax purposes.

But here’s the rub: ... Log in to view full article.