@taxes19511 wrote:
Again, I am wording this question a bit differently hoping to get some kind of answer that actually does answer the original inquiry. I live in Georgia. Turbotax did NOT count my IRA and annuity withdrawals as income and I should be paying taxes on these withdrawals? Why is this. I do not and never did have taxes taken out ahead of time. These are monies that taxes were never paid on. I guess I will find another tax preparer since turbotax does not seem to be correct and I can't get an answer. I am sure the IRA will send me a letter soon. Sucks because I live on a fixed income and do not like surprises. Thanks for a correct answer.
Which tax return are you referring to, federal or state?
If you are referring to the Georgia state income tax return and you are age 62 or older there is a retirement income exclusion where retirement income is not included on the Georgia state tax return.
Between ages 62 and 64 the exclusion is $35,000
Age 65 and older the exclusion is $65,000
If you are referring to the federal tax return was the income from the IRA and annuity entered on the Form 1040 Lines 4a and 5a with the taxable amount entered on lines 4b and 5b?
Was this your total income?
Is your adjusted gross income on the Form 1040 Line 11 less than your Standard Deduction for your filing status?
Standard deductions for 2020
- Single - $12,400 add $1,650 if age 65 or older
- Married Filing Separately - $12,400 add $1,300 if age 65 or older
- Married Filing Jointly - $24,800 add $1,300 for each spouse age 65 or older
- Head of Household - $18,650 add $1,650 if age 65 or older
