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The Orlando Police Retiree’s Association is devoted to all the wonderful men and women, both civilian and sworn, who have served the Orlando Police Department. This association was created to keep them close to the OPD family and give them opportunities to contribute to its future.

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Tax Break for Retirees

INFORMATION BULLETIN
Illinois Public Pension Fund Association
HELPS Tax Break for
Police and Fire Retiree Medical Insurance Payments
November, 2023

Please be sure your retired members are aware that they may reduce their taxable earnings by up to $3,000 for medical insurance premiums paid during a calendar year.  This is allowable under the Healthcare Enhancement for Local Public Safety Retirees Act, or the “HELPS” Retiree Act.

Previously, there was a requirement that the premium had to be deducted from the retiree’s pension check in order to qualify for HELPS credit.  That is no longer the case following the adoption of the federal Secure 2.0 retirement law.  Premiums paid directly for health, accident or long-term care insurance qualify for the credit.

Note that the $3,000 reduction does not appear on the annual 1099R form that is sent out by the pension fund.  The retiree must claim the reduction on his or her personal 1040 tax form on Line 5B or similar adjustment.  Instructions on claiming the reduction are included in IRS Publication 575 (page 7 with update on page 2).  As this is not a simple matter, it is recommended that pensioners consult with their tax preparer to […]

January 28th, 2024|
Orlando Police Retirees News

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