Seniors in Georgia over 70 may have to pay state tax on some of their income but there is a Georgia Retirement Income Exclusion.
The maximum Retirement Income Exclusion is $65,000 for taxpayers who are 65 years of age or older. See the Georgia Department of Revenue here.
The exclusion is available for the taxpayer and his/her spouse; however, each must qualify on a separate basis. If both spouses qualify, each spouse may claim the amounts above.
Income from property that is jointly owned should be allocated to each taxpayer at 50% of the total value.
Up to $4,000 of the maximum allowable exclusion may be earned income.
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
TurboTax will compute the Retirement Exclusion at the screen We found a Georgia tax break for you in the Georgia state income tax return.
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