 The of Chicago 312-750-1522 |
IMPORTANT
If you are now receiving monthly checks from Social Security please read the following:
If you are now receiving monthly checks from Social Security please read the following:
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Prepare Now**
What Happened? – The recent passage and implementation of the “2023 Social Security Fairness Act- H.R. 82” may impact your 2025 tax filings.
If you and/or your spouse worked in the private sector and you paid Social Security taxes for ten years or more, you may have received new or additional Social Security payments for 2024. You will continue to receive them going forward.
Result – For most CTPF retirees, 85% of your Social Security income will probably be subject to taxation.
What to do now – Contact your personal tax professional about your additional 2025 tax liability.
In April 2026, the extra Social Security payments could result in a significant lump sum tax payment as well as possible interest and penalties.
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What Happened? – The recent passage and implementation of the “2023 Social Security Fairness Act- H.R. 82” may impact your 2025 tax filings.
If you and/or your spouse worked in the private sector and you paid Social Security taxes for ten years or more, you may have received new or additional Social Security payments for 2024. You will continue to receive them going forward.
Result – For most CTPF retirees, 85% of your Social Security income will probably be subject to taxation.
What to do now – Contact your personal tax professional about your additional 2025 tax liability.
In April 2026, the extra Social Security payments could result in a significant lump sum tax payment as well as possible interest and penalties.
Back to the home page