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Video: Understanding the new Social Security Fairness Act

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • March 5, 2025 12:18 PM

OVERVIEW

What is the new Social Security Fairness Act, and who does it impact? CPA and TurboTax Tax Expert Lisa Greene-Lewis is here to explain the essential info you need.

TABLE OF CONTENTS

Video Transcript

Video Transcript

TRACY BYRNES: Calling all public service workers, there is a new Social Security Fairness Act in town that was signed by the former president. And you need to know about it because it's going to affect your tax return. Lisa Greene-Lewis, TurboTax expert and CPA, is here with us to explain everything. I love how he got this in under the gun, but at least it's a good thing for workers out there, right?

LISA GREENE-LEWIS: Yes, it eliminates the windfall elimination provision and the government pension offset. So what those did, if these workers, like firefighters, police officers, if they paid into a pension, which they typically do, but also had a job that paid into Social Security, they were getting a lower benefit. But what this Social Security Fairness Act does, it eliminates those provisions and allows them to get the full benefit.

TRACY BYRNES: That's amazing, actually, and probably high time. So now how-- so this will affect their 2024 tax return. So what do they need to know when they start to fill things out? How does this affect their bottom line?

LISA GREENE-LEWIS: Yes, so two things that this Social Security Fairness Act did. One of them is they're going to get retroactive pay to January 1, 2024. So they're going to get a lump sum payment. And then the second thing it's doing is it's increasing their monthly Social Security. So the tax implications of that on the lump sum payment, that could make their-- the rest of their Social Security taxable. Because you know there are thresholds at which your Social Security is taxable when you're getting other income like a pension. So it could possibly make that entire amount taxable.

TRACY BYRNES: And then you had mentioned their full benefits. So their benefits will go up. So that also could affect the taxability, right?

LISA GREENE-LEWIS: That's something they to consider.

TRACY BYRNES: Right. So when they're doing their tax returns, they have to be super careful about this. So now, how does-- how do they figure this out? Do they have to crunch these numbers? Who's figuring out these numbers for them?

LISA GREENE-LEWIS: So with TurboTax, we automatically figure it out for you based on what income you put in. When you put in the Social Security and your other streams of income, it's automatically figured out for you. Or you can just hand your taxes over to our TurboTax Live full service experts so you don't have to worry about it.

TRACY BYRNES: But, basically, this-- they don't have to sit down, pen and pencil, and try to figure out how much their lump sum payment should be. Someone out there is going to do this for them.

LISA GREENE-LEWIS: Right, but they can, if they want to know ahead of time. So it goes by your combined income. And combined income is your other income that you receive, like from your pensions, then half of Social Security. And then depending on what that number is, a certain percentage of your Social Security is taxed, up to 85%.

TRACY BYRNES: All right. Lisa, this all sounds great, and our police officers and firefighters deserve this increase. But when can they actually expect to see money in their wallets? And which tax return does this start to affect?

LISA GREENE-LEWIS: So there's talk of it going out the end of December of 2025, but then there has been mention of delays in that. And then as far as when you claim it, so if you did receive it in December 2025, you would claim it on your 2025 taxes. But you also can have a choice. If your income was lower in 2024, you could claim it in that year. You're able to make a decision on which year you want to claim it in.

TRACY BYRNES: OK, so not surprising, Social Security is complicated. Make sure you get some help, but it's in the news. It'll be talked about, so pay attention. Lisa Greene-Lewis, CPA and TurboTax expert, thank you for clarifying all that.

LISA GREENE-LEWIS: Thank you for having me. [MUSIC PLAYING]

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When Does a Senior Citizen on Social Security Stop Filing Taxes?A Guide to Social Security Tax Is Social Security Disability Income Taxable?Who Is Exempt from Paying Social Security Tax?Identity Theft: What to Do if Someone Has Already Filed Taxes Using Your Social Security Number

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100% Accurate Calculations Guarantee - Business Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. You are responsible for paying any additional tax liability you may owe. Additional terms and limitations apply. See License Agreement for details.
Maximum Tax Savings Guarantee - Business Returns: If you get a smaller tax due (or larger business tax refund) from another tax preparation method using the same data, TurboTax will refund the applicable TurboTax Desktop Business license purchase price you paid. Additional terms and limitations apply. See License Agreement for details.
Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TURBOTAX DESKTOP DISCLAIMERS

Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.
TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees may apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connection. Desktop add-on products and services purchased are non-refundable.
Fastest Refund Possible: Get your tax refund from the IRS as fast as possible by e-filing and choosing to receive your refund by direct deposit. Tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.
Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received.
TurboTax Technical Support: Customer service and technical support hours and options vary by time of year.
Deduct From Your Federal or State Refund: Individual taxes only. Subject to eligibility requirements. Additional terms apply. A $40 Refund Processing Service fee applies to this payment. method. Prices are subject to change without notice.
Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2022 and higher) and QuickBooks Desktop (2023 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.
Live Tax Advice: Access to tax experts to obtain answers to tax questions and to assist with tax year 2024 return(s) prepared with TurboTax Desktop software. Additional fees may apply. Must be purchased and used by October 31, 2025. Excludes TurboTax Desktop Business. See License Agreement for details.
Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

All features, services, support, prices, offers, terms and conditions are subject to change without notice.

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