The CPA Financial Planner | June 2025

The Social Security wage base for 2025 has increased to $176,100, meaning more earnings are subject to Social Security tax. High-income earners may face Medicare surcharges through the income-related monthly adjustment amount (IRMAA), but can potentially lower their costs by delaying income-generating transactions or reporting qualifying life events. The standard Medicare Part B premium is $185.00, with surcharges based on income from two years prior.

529 plans now offer expanded benefits beyond college, including up to $10,000 in student loan repayment and Roth IRA rollovers up to $35,000 under specific conditions. They also serve as effective estate planning tools for grandparents. Additionally, peer-to-peer payment users are urged to verify recipient information and use security features, as authorized errors are typically non-refundable.

Click the link below for more information on this month's newsletter.