RETIREES WITH BANK ACCOUNTS OVER $10K IRS REPORTING CHANGE TAKES EFFECT JUNE

Описание: RETIREES WITH BANK ACCOUNTS OVER $10K IRS REPORTING CHANGE TAKES EFFECT JUNE
Are you a retiree with over $10,000 in your bank account? A critical IRS reporting change is taking effect this June that could impact your taxes, Medicare Part B premiums, and Social Security benefits. In this video, we break down the new IRS bank reporting rules for 2026 and what every retiree needs to know about the $10,000 threshold.

Many retirees unknowingly trigger red flags through "structuring"—a common banking mistake that can lead to audits or heavy fines. We’ll explain how the Bank Secrecy Act works, the difference between CTRs and SARs (Suspicious Activity Reports), and how interest income from high-yield savings or CDs could push you into a higher IRMAA bracket, costing you thousands in extra Medicare costs.

What you’ll learn in this video:

The truth about the $10,000 IRS reporting rule and how it’s enforced in 2026.
How to avoid the "structuring" trap that many retirees fall into.
The impact of interest income on your Medicare Part B premiums and IRMAA thresholds.
Why you must check your SSA earnings record for errors before the end of the month.
Step-by-step instructions on how to file Form SSA-44 for a premium recalculation.
Don't let a simple banking transaction lead to a benefit reduction or an IRS audit. Stay informed and protect your retirement savings.

Important Links:

Check your Social Security earnings record: ssa.gov
Download Form SSA-44: ssa.gov/forms/ssa-44.pdf
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