charles6
New Member

Georgia retirement exclusion

Which items are subject to this and how do I allocate amounts or percentages?

Retirement tax questions

In TurboTax, all federally taxable IRA distributions, pensions, annuities, and Social Security are deleted from the state income tax return automatically if the taxpayer is a Georgia resident. See the Georgia website.

As you go through the Georgia interview in TurboTax, you should encounter a screen entitled "Here's the income that Georgia handles differently".

At the top of this screen, you will likely see "Retirement Income Exclusion Learn More".

The number to the right should be the sum of your IRA distributions, pensions, annuities, and Social Security that were taxable on the federal return and which was removed from Georgia taxable income. If it is not, go back to the federal return and make sure that each type of income was correctly entered.


ritaburd
Returning Member

Retirement tax questions

I am trying to determine the impact of taking a 401K RMD for the 1st time in GA in 2019.  I would also like to determine the right amount of RMD withholding.  My understanding is that there is a $65K exclusion per individual for retirement income in GA.  So, are each of the following included in calculating the exclusion:  Social Security, Pension, 401K RMD?  Then, in 2019 any amount over $65K/individual (filing jointly) is taxed at $340 + 5.75% of the amount over $10K.  Right?