Becky discussed the Income-Related Monthly Adjustment Amount (IRMAA), which can increase Medicare premiums for higher-income recipients.

Depending on income levels, these additional premiums can range from about $74 to $444 per month.

Becky also reviewed several practical strategies that may help reduce this potential tax burden.

For individuals who are still working, maximizing contributions to a 401(k) can help lower taxable income.

If eligible, contributing to a traditional IRA may also provide an additional deduction.

For retirees, making qualified charitable distributions (QCDs) directly from an IRA can be another effective way to reduce adjusted income, which may help avoid or minimize IRMAA-related Medicare premium increases.