The Georgia Retirement Income Exclusion includes distributions from Traditional IRAs and Roth conversions.
Taxpayers who are 62 or older, or permanently and totally disabled regardless of age, may be eligible for a retirement income adjustment on their Georgia tax return. Retirement income includes:
- Income from pensions and annuities
- Interest income
- Dividend income
- Net income from rental property
- Capital gains income
- Income from royalties
- Up to $4,000 of earned income
The exclusion is computed separately and is up to $35,000 per taxpayer age 62 to 64 or less than 62 and permanently disabled and up to $65,000 if the taxpayer is 65 or older.
For married couples filing joint returns with both members receiving retirement income, the maximum adjustment for that year may be up to twice the individual exclusion amount. Retirement income exceeding the maximum adjustable amount will be taxed at the normal rate.
Related Information: Retirement Income Exclusion
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