The Press-Dispatch
Issue link: https://www.ifoldsflip.com/i/1214883
The Press-Dispatch Local Wednesday, Februar y 26, 2020 A- 5 Social Security Matters Will selling large asset affect wife's benefits? Mary Farmer Brigham, 49 years old, is currently being treated for stage 4 pancreatic cancer. This news came as a big shock to our family, especially since cancer is not known to run in our family. She has been consistently los- ing weight over the past year and was being treated for stomach pain. Her condition remained undiscovered until right before Christmas 2019, when a CT scan revealed the cancer. Mary is a wonderful woman who would give the shirt off her back for someone in need, and now she needs our help. Mary has worked in nursing homes and care centers throughout her career as a Nursing and Physical Therapy assistant; She has cared for countless patients and has brought a positive and happy attitude to those in need of care. She always brought a ray of sunshine into the lives of everyone. Through the power of prayer, medical care and support from family and friends, WE can battle this fight together. One Community, One Fight! Please join us for a benefit dinner in support of Mary Farmer Brigham and her fight against pancreatic cancer! The meal will be a free-will donation. Carry-out is available for a flat $10 Plain or meat sauce available Salad, Breadsticks, Drinks and a variety of desserts When: Saturday, Feb 29 Dinner: 4pm – 8pm Silent Auction: 6pm – 8pm Where: First United Methodist Church 801 Walnut St, Petersburg Phone: (812) 789-6126 If you are unable to attend and would like to donate, please do so online at www.gf.me/u/xfaa6d and Silent Auction PETERSBURG ELEMENTARY Friday, March 6 6pm - 8pm Come ONE, Come ALL! GAMES • INFLATABLES • RAFFLES • CAKE WALK FOOD • SILENT AUCTION • PHOTOS LITTLE LEAGUE REGISTRATION • SNOW CONES • PENNY WARS e numbers will be given out in the office for $1 and the bidding will start March 2, until the carnival, for the silent auction. ey will also be sold the night of the carnival. All auction items will be on display at the school starting March 2. ere are tons of silent auction items you will not want to miss out on! Bring your friends, bring your family. Fun for everyone! Dear Rusty: If I have reached full retirement age (FR A) and wish to sell a $500,000 as- set, will it af- fect my wife's Social Secu- rity if we file jointly? I have heard that it will affect my Medicare (the amount withheld each month) but she still has three more years before she can receive benefits. Is it better to liqui- date assets before she reach- es FR A if we will be penal- ized? Would her Medicare be affected as well as mine? Signed: Planning Ahead. Dear Planning: Only earnings from working can affect Social Security (SS) benefits, so passive income from selling a large asset won't affect your wife's fu- ture Social Security bene- fits (nor yours). However, if your "combined income" from all sources (which is your Adjusted Gross Income plus any other non-taxable income you may have, plus 50 percent of your SS ben- efits) exceeds certain lev- els, your Medicare premi- um will be subject to the Income Related Medicare Adjust- ment Amount (IR- MA A) rule, which will add a supple- mental amount to your base Medi- care Part B premi- um. If your com- bined income (in- cluding that sold asset) for the 2020 tax year is between $ 326,000 and $750,000 then your Medicare premium for 2022 will be at least $462.70 (I say "at least '' because the Medicare Part B premium can increase each year). The IRMA A premium in- creases on a sliding scale starting at $174,001 of com- bined income for a married couple filing jointly ($ 87,001 for an individual). If you liq- uidate that large asset this year, it will be reported on your 2020 income tax return which will be filed in 2021. That will mean that your Medicare premium for 2022 will be affected by IRMA A, and so will your wife's if she has enrolled in Medicare at age 65 in 2021 (which she need not do if she has oth- er "creditable" healthcare coverage through an em- ployer). So, should you liquidate that large asset before your wife reaches her SS full re- tirement age? It doesn't matter for Social Securi- ty purposes because that passive income will not af- fect your wife's SS bene- fit. But, if your wife enrolls in Medicare at age 65, her Medicare Part B premi- um, as well as yours, will be subject to IRMA A and, thus be considerably high- er than the standard premi- um of $144.60 (the amount for 2020). Note that if your combined income for the fol- lowing year is low enough to reduce your IRMA A premi- um, the Medicare premium will revert back to the low- er level. Medicare typically uses income data from two years ago to determine cur- rent year premium, so they wouldn't normally change your IRMA A premium back until they receive your in- come data for the previous year from the IRS. But, it is possible for you to contact Social Security earlier and provide them with proof that your income is now low- er than reported in a previ- ous year (causing the high- er IRMA A premium) and they will adjust your Medi- care premium sooner than they otherwise might. BOHNERT NAMED TO IOWA LAKES COMMUNITY COLLEGE DEAN'S LIST Iowa Lakes Communi- ty College recognized Ja- cob Bohnert, of Peters- burg, as one of the stu- dents to achieve making the Fall semester Dean's List. To achieve this hon- or, a student must have a 3.25 grade point average or better. 'Understanding your property taxes' seminar March 11 A seminar on "Under- standing your Pike Coun- ty Property Taxes" will be presented by the Pike County Farm Bureau, Inc. in cooperation with the lo- cal Soil and Water District, the Economic Develop- ment Corporation, and the Purdue Extension Office. Dr. DeBoer, a Purdue Professor of Economics, will be speaking on "How the Property Tax Works in Pike County." Topics will include assessments, tax rates, appeals and exemp- tions, levees, credits and how the collected taxes are spent. He will also discuss the likely effects of the 20 percent drop in Pike Coun- ty assessed valuation. Professor DeBoer earned his Ph.D. at Syra- cuse University and has taught at Purdue since 1984. Along with author- ing many articles and a textbook, he has provid- ed research to the State of Indiana on tax issues and has won many honors and awards for teaching excel- lence and for service to ru- ral Indiana. The event is free to any Pike County resident and will take place on March 11 at the Otwell Communi- ty Center. Doors will open at 6 p.m., with dinner at 6:30 p.m. Reservations are needed and can be made by calling 812-354-6838 before February 28. TROY K. SHARP Troy K. Sharp, 54, of Winslow, entered rest on Friday, Feb. 21, 2020, at Memorial Hospital and Healthcare in Jasper. He was born on April 6, 1965, in Princeton, to Jer- rall and Brenda ( Wade) Sharp. He is survived by his mother, Brenda ( Wade) Sharp, of Winslow; sisters, Keeja Lee, of Winslow, and Lesley Sharp, of Nashville, Tenn.; two nephews; and a great-niece. He was preceded in death by his father, Jerrall Sharp, on April 8, 2015. Funeral services will be at 2 p.m. on Thursday, Feb. 27, 2020 CST at Lamb- Basham Memorial Chapel, Rev. Alex Benefiel officiat- ing. Burial will follow in Williams Cemetery. Visitation will be from 11 a.m. CST until service time on Thursday at the chapel. Family and friends may send messages of comfort to www.lambbasham.com. Obituaries Student Spotlight Girl Scouts celebrated 'World Thinking Day' Girl Scout Troop 483 celebrated Girl Scout World Thinking Day. They learned about many different countries and cultures. They made swaps for fellow Girl Scouts in Africa. Attending was Zoey Haycraft, Kimber Traylor, Chloe Howard and Ebony Mason. The scouts listened and met the guest speaker, Berit Skaare, who has been involved in Girl Scouts for over 68 years and has traveled all over the world. PRIVATE MEDICAID ROOMS AVAILABLE SOON Call for information 812-354-8833 Enhancing Lives Innovative Healthcare From recovery care and wellness long-term health conditions, Golden Petersburg offers a full spectrum and services, provided by compassionate, staff. These include 24-hour skilled nursing care, short-term rehabilitation, private rehab to "Home Suites" and provides both inpatient and outpatient therapy services. For a tour or more information, please contact us. Golden LivingCenter - Petersburg 309 West Pike Avenue Petersburg, IN 47567 (812) 354-8833 www.GoldenLivingCenters.com/Petersburg This facility welcomes all persons in need of its services and does not discriminate on the basis age, disability, race, color, national origin, ancestry, religion, gender, sexual orientation or source of payment. GLC-09973-12 N293 309 W. Pike Ave., Petersburg Girl Scout cookies on sale Girl Scouts Elly Townsley, Eva Townsley and Jozey Denno along with parents and leaders Carmen Ster- ling, Keatie Townsley and Ellen Ticketts were on Main St., Petersburg in front of the China Wok selling cookies last Friday night.