@fly170 wrote:
Turbo Tax is only crediting $57817 for senior tax exemption and the State of Georgia shows it should be $65000. When I apply the SS and Retirement income to the Smartasset website, the Georgia tax should be approx $500 less. Why is TurboTax only using the $57817 deduction?
The Georgia Retirement Income Exclusion is up to $65,000 for a taxpayer age 65 or older. It is Not a flat $65,000 just because you are age 65 or older. The exclusion is based on your taxable income from the Federal tax return that can be excluded.
For example assuming age 65 or older - Interest income $1,000, Dividend income $500, taxable Social Security benefits $10,000, Pension Income (Form 1099-R) $30,000. That would total $41,500 of taxable income that would be excluded on the Georgia tax return.
Look at the Georgia Schedule 1 for the breakdown of the exclusion amounts.
