To soften the potential blow of tax season, first responder retirees in Illinois now have an increased opportunity to reduce their taxable earnings with a health care deduction.
While this is a nationwide opportunity for retired law enforcement, firefighter and emergency services workers, the Illinois Public Pension Fund Association is making a special effort to spread the news to those who could benefit in Illinois.
“We’re just trying to get as many people as we can to know about it and take advantage of it,” Dan Ryan, the nonprofit’s project coordinator, said. Ryan told The Center Square these changes could put extra money in the pockets of at least 35,000 retirees in Illinois who pay medical insurance premiums.
“They can exclude up to $3,000 in their pension income for money that they used to pay for health insurance,” Ryan said.