No. You may be thinking of the same $35,000 exclusion. The Georgia Retirement Inclusion covers taxpayers who are 62 or older, or permanently and totally disabled regardless of age.
So prior to turning 62, you may have claimed the $35,000 exclusion due to 100% disability. Upon turning 62, the exclusion is available to all taxpayers. There is only one $35,000 exclusion per person.
The retirement exclusion is $65,000 if the taxpayer is 65 or older.
Eligible 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
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.
TurboTax will automatically calculate your exclusion if you qualify based on age. If you are disabled TurboTax will ask some questions to figure out if you are eligible.
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