Income Planning to Keep Your Medicare Part B Premiums From Increasing

Medicare Part B covers certain doctor services, outpatient care, medical supplies and preventive services. You pay a monthly premium for Part B that is automatically deducted from your Social Security benefit payment.

Most people will pay the standard premium amount. If your modified adjusted gross income (MAGI) is above a certain amount, you may be charged an Income Related Monthly Adjustment Amount (IRMAA) - basically a higher premium.

Your MAGI is your total Adjusted Gross Income plus tax-exempt interest income, non-taxable Social Security benefits and untaxed foreign income on your tax return.

Medicare uses the MAGI reported on your IRS tax return from 2 years ago to determine your current year premium.

For example, the standard Part B premium in 2023 is $164.90. If your MAGI on your 2021 return was $97,000 or less if single or $194,000 or less on a joint tax return, you pay the standard 2023 premium.

If the MAGI on your 2021 tax return was between $97,000 up to $123,000 (single taxpayers) or between $194,000 up to $246,000 on a joint return, your 2023 premium would be $230.80.

There are additional income ranges that can bring your monthly premium as high as $560.50 per month in 2023, if your MAGI in 2020 was $500,000 or more for single or $750,000 or more for joint taxpayers. Visit www.medicare.gov/your-medicare-costs/part-b-costs for more details.

These bunnies are too young for Medicare but are discussing future healthcare options nonetheless.

ARE YOU FILING AS MARRIED FILING SEPARATELY? BE CAREFUL!! If your individual MAGI is above $97,000 and less than $403,000, your monthly premium jumps from $164.90 to $527.50. That’s a huge jump.

TAX PLANNING: Let’s say you are single and have $45,000 in Social Security, $35,000 in IRA distributions and $15,000 in interest and dividends in 2021. That brings you to $95,000 in MAGI, which is below the $97,000 threshold where they increase your premiums. If you sold a stock for a $2,001 gain, that would bring you to $97,001 in MAGI and your monthly premium would jump by $66 per month. Perhaps it would be wise to wait and sell that stock in 2022.

The only problem is, Medicare doesn’t announce next year’s premium parameters until the fall, which usually is after you’ve filed your previous year tax returns. What to do?

Well here we are near the end of 2023, which will be used to establish 2025 Part B premiums. The best you can do is just use the 2021 parameters and plan accordingly.

The MAGI cut-off for standard premiums in recent years have changed as follows:

• 2021 (for 2023): $97,000 (single), $194,000 (joint)

• 2020 (for 2022): $91,000, $182,000

• 2019 (for 2021): $88,000, $176,000

• 2018 (for 2020): $87,000, $174,000

• 2015-2017 (for 2017-2019): $85,000, $170,000

What happens if your income jumps really high one year? You sell a rental property, win the Lotto, take a new job, etc. Well, your premiums will jump if your MAGI leaps over those income parameters. Not much you can do about it. The good news is that it will drop back down the following year if your MAGI drops below the income threshold.

There are some unique situations where you are allowed to an appeal a Part B premium IRMAA after you receive your notice from the Social Security Administration. Certain life-changing events that cause an income decrease can be considered to reduce your premium, such as death of a spouse, marriage, divorce, reduction in work hours, loss of pension, involuntary loss of income-producing property due to a disaster and receipt of settlement from employer due to closure or bankruptcy.

Visit www.medicare.gov for more information.

Roller Skating, Roller Blading, Ice Skating and Skateboarding Around Ventura County

Looking for some wheel fun around the Conejo Valley and Greater Ventura County? Look no further than this list of nearby skating, blading and boarding venues in and around the area.

ICE SKATING

LA Kings Iceoplex Ice Arena in Simi Valley

Hockey Alley Ice Skating Training Facility in Newbury Park

ROLLER SKATING, ROLLER HOCKEY

Skating Plus Indoor Roller Rink in Ventura

Tri-Valley Roller Hockey League in Calabasas

SKATEBOARDING

Pleasant Valley Skate Park in Camarillo

Bedford Pinkard Skate Park in Oxnard

Westlake Skate Park in Westlake Village

The Skateboarding Hall of Fame and Museum opened at the Simi Valley Town Center opened in December 2018. There is a small ramp available at this 10,000 sq ft facility.

Fillmore Skate Park

Santa Paula Skate Park

Borchard Skate Park in Newbury Park

Poindexter Skate Park in Moorpark

Westpark, Hobert Park and Pacific Skate Parks in Ventura

Ojai Skate Park

Skate Plaza at Berylwood Park in Simi Valley (opened August 12, 2020)

CLOSED

Channel Islands Ice Center in Oxnard (closed its doors in April 2016 but is looking to raise funds for a new home)

Skatelab Skate Park in Simi Valley closed its doors 1/6/19 after 21 years in operation, but its founder indicated a new location is coming.

The Holiday Ice Rink at The Lakes at Thousand Oaks operated annually from mid-November to January until the 2019-2020 holiday season.

The Conejo Valley Ice Skating Rink opened in 1977 at 510 North Ventu Park Road in Newbury Park (which today is the address of Hampton Inn & Suites). The facility closed its doors in 1994, after 17 years in business.

How to Be Coyote Aware in the Conejo Valley and Greater Ventura County

Living in the Conejo Valley, surrounded by thousands of acres of open space, most of us come into contact with coyotes from time to time. Coyotes are a vital component of rural and urban communities, deserving of respect for their adaptability, resilience and intelligence. Below are some tips on coyote awareness, courtesy of Project Coyote.

Facts:

• Coyotes are members of the dog family; they are curious, adaptable, and learn quickly.

• Coyotes often mate for life, are devoted parents, and are highly communicative (barks, yips, howls).

• Coyotes weigh 18-35 pounds in the West.

• Coyotes may be more protective of dens/territories during pup rearing (April-Aug).

• Coyotes eat large numbers of rodents and rabbits, as well as fruit, vegetation, insects and carrion. They help keep ecosystems vital, healthy and clean.

• Coyotes are naturally wary of people but can habituate to our presence and the reliable food sources that we provide.

Safety:

• DON’T FEED COYOTES. Their life and your safety depend on coyotes remaining wild and naturally wary of people.

• Remove attractants; pick up trash, secure garbage, and feed pets inside. Don’t leave food or pets outside at night.

• Walk dogs on leashes, especially during pup rearing season (April-Aug). Pick up your small dog if you see a coyote and don’t let pets roam.

• If approached, don’t run. Wave arms, make noise and walk toward the coyote until he retreats. Be “Big, Bad and Loud.”

• Avoid areas where coyotes may be denning or feeding/hiding pups.

• Appreciate coyotes from a distance. Share this information with family and friends.

Additional information found on the City of Calabasas website at www.cityofcalabasas.com/government/public-works/environmental-igr-division/living-with-coyotes-in-calabasas.

All About the Previously Owned Clean Vehicle Credit

A brand new tax credit, the Previously Owned Clean Vehicle Credit, came about from the Inflation Reduction Act of 2022. This new credit applies to pre-owned all-electric, plug-in hybrid and fuel cell electric vehicles purchased on or after January 1, 2023 through 2032. The credit, which is non-refundable, is 30% of the sales price, up to a maximum credit of $4,000.

As with pretty much every tax law, lawmakers made sure to make the requirements for this credit as confusing as possible. Here are the main parameters:

• The sales price, exclusive of taxes ad fees, much be $25,000 or less.

• The model year of the car must be at least two years prior to the calendar year the car is purchased.

• The car must be purchased from a licensed dealer, not a private party.

• The buyer’s modified adjusted gross income (AGI) cannot exceed $150,000 for married filing jointly taxpayers, $112,500 for head of household filing status and $75,000 for other taxpayers, in either the year of purchase or the previous year.

• The buyer cannot be claimed as a dependent by someone else.

• You can’t claim the credit more than once every three years, based on the actual purchase date of the car.

• The credit is applicable per taxpayer; the IRS as of this writing has not clarified if both spouses could claim the credit within the same three-year period. (That said, in theory they could file separately in the years they claim the credit.)

There are other specifics listed at www.fueleconomy.gov/feg/taxused.shtml#requirements.

Another important detail is that vehicles are only eligible for the credit for the first qualifying sale taking place on or after August 16, 2022. In other words, a used clean vehicle is not eligible for the credit after the first time, after 8/16/22, it is re-sold for $25,000 or less. How in the world will we know if that’s the case? Ask the dealer. They will know. What this means is that two cars with the same make, model and features offered at the same price of $25,000 or less…one them could be eligible for the credit while the other one is not.

As mentioned above, this is a non-refundable credit. This means that if you take the credit on your tax return, but your federal taxes are less than the credit, the excess goes away.

But wait…there’s a solution for that beginning in 2024! Starting this year, the credit can be transferred to the dealer and applied towards the sales price. The dealer, in turn, will receive the full credit from the IRS. The only catch is that you have to meet the AGI requirements mentioned above. If you file your tax return and do not meet those requirements, you’ll have to pay back the credit with your return. Whether you claim the credit at the dealer or on your return, you have to report the purchase on Form 8936.

Let’s use an example:

George is single and decides he wants to purchase a used EV. George expects his income to be $90,000 in 2024, but his 2023 return showed $70,000 in AGI, which qualifies him for the credit in 2024. He goes to the CarMax website and searches for electric cars at a price of $25,000 or less that are shown at www.fueleconomy.gov/feg/taxused.shtml.

George finds a 2013 Chevy Bolt for $13,000 but it shows it has had two owners. If it was already re-sold by a dealer to the 2nd owner after 8/16/22 for $25,000 or less, it is not eligible for the credit. The dealer will be able to tell you if this is the case. But let’s assume the previous sale took place before that date. George purchases the car for $13,000 plus sales taxes, license fees, etc., less the credit, because he chooses to transfer the credit to the dealer. The credit is 30% times $13,000, or $3,900. Enjoy your used Chevy Bolt, George! (Let’s hope the car’s battery still holds a decent charge.)

Looking for information on NEW clean vehicle car tax credits? Visit www.fueleconomy.gov/feg/tax2023.shtml.

U.S. 101 in Ventura County is Designated "The Screaming Eagles Highway"

As you drive U.S. Route 101 northbound in the Conejo Valley just past the Westlake Boulevard offramp, you’ll see a sign that says "The Screaming Eagles Hwy 101st Airborne Division."

The sign was authorized by Assembly Concurrent Resolution No. 54 (ACR-54) Screaming Eagles Highway: 101st Airborne Division, in 2003.

The 101st Airborne Division ("Screaming Eagles") is a specialized modular light infantry division of the U.S. Army trained for air assault operations. It was formed in World War I on July 23, 1918 and has been involved in every major U.S. war since then.

The 101st Airborne Division was instrumental in the success of the D-Day Invasion, the Operation Market Garden in Holland, in Bastogne for the Battle of the Bulge, in Vietnam for Operation Nevada Eagle, and in many other courageous missions worldwide. 

In recognition of the 101's significance for military personnel of the 101st Airborne Division, the Assembly designated the 44 mile section of the 101 in Ventura County as the Screaming Eagles Highway.

The sign was unveiled in September 2005. The same sign is placed on the southbound 101 just south of the Bates Road offramp on the Ventura/Santa Barbara County border.

Casita Valdez Mexican Restaurant Operated in Thousand Oaks From 1961 to 1979

(Image courtesy of Conejo Through the Lens, Thousand Oaks Library.)

Louie and Dee Valdez opened Casita Valdez out of their home at 159 E. Thousand Oaks Boulevard, Thousand Oaks, in 1961. It was expanded in 1963 by converting the garage into a dining area, then the adjacent home was acquired to further expand the popular Mexican eatery. It was remodeled as seen here in 1975. It operated until 1979, when it was sold to Henry Valdez (not related to Louie and Dee), owner of Enrique's Mexican Restaurant in Van Nuys. Enrique's Mexican Restaurant operated until 2009. Tipsy Goat opened here on March 17, 2011. And there you have the history of 159 E. Thousand Oaks Boulevard.

Bowling Alleys in Ventura County and Nearby Areas

Archaeologists found ancient bowling balls and bowling pins in an Egyptian gravesite in the 1930s that date back to 3200 B.C., thus making bowling the world's oldest documented sport.  The first indoor bowling alley was Knickerbockers of New York City in 1840.

Bowling’s peak in popularity was in the 1960s, when there were over 12,000 bowling establishments in the United States. In 2022, there were approximately 3,500 bowling alleys in the U.S. But bowling seems to be growing in popularity, with companies like Bowlero expanding the market.

Here’s a compilation of local bowling alleys in Ventura County and adjacent areas.

• Buena Lanes in Ventura

• Harley's Bowling Centers in Camarillo and Simi Valley

• Harley's Valley Bowl in Simi Valley

• Bowlero in Woodland Hills

• Bowlero in Oxnard at The Collection at RiverPark

• Lucky Strike Moorpark

• Four-Lane Sunset Lanes at Sunset Terrace Thousand Oaks

Bowling in the Conejo Valley!? The four-lane Sunset Lanes opened in mid-January 2024 at the Sunset Terrace Restaurant & Lounge in Thousand Oaks. Prior to this, the last time we had bowling in Thousand Oaks was 1995, when the 40 lane Conejo Village Bowl closed. It was located where Borders was until January 2010 and various county medical services now reside. Conejo Village Bowl opened in July 1960, as did the short-lived Acorn Bowl, which was located at 3089 Ventura Boulevard (subsequently renamed Thousand Oaks Boulevard).

Acorn Bowl Thousand Oaks in the early 1960s (Photo Credit: City of Thousand Oaks Library, Pat Allen Slide Collection - Thousand Oaks Boulevard Survey)

Bowled Over:

• Wagon Wheel Bowl in Oxnard closed in May 2015.

• Ventura Bowling Center closed in November 2012

• Discovery Ventura closed in 2020

Kids Bowl Free at local area bowling alleys

Many years ago existed the Ojai Bowling Lanes at 345 East Ojai Avenue in Ojai. This was a four lane establishment that operated in the 1940s-1950s. The Topa Topa Brewing Co. now operates at that address.