I use Turbo Tax download. I have received a letter of official assessment from the state of Georgia. They indicate I owe more tax than was calculated by TT. I have determined the GA Retirement Income Exemption at age 62 for $35000 is the issue. I turned 62 in June 2023. The TT software tax calculation appears to use age 62 in the tax year as the requirement. But GA may say I have to be 62 before January 2023.
Does anyone know the specific time that you have to meet the age requirement? The GA DOR website does not detail the date requirement, just indicates age 62. Has anyone else run into this issue? They say I owe about $2000 plus penalty and interest.
Thanks in advance.
If you were age 62 based on your date of birth in 2023 then you were eligible for retirement income exclusion of up to $35,000 of retirement income. Meaning attaining age 62 on any date in 2023 from 01/01/2023 thru 12/31/2023.
Look at Georgia Schedule 1 Form 500 for the exclusion and your date of birth that was entered.
If you were age 62 based on your date of birth in 2023 then you were eligible for retirement income exclusion of up to $35,000 of retirement income. Meaning attaining age 62 on any date in 2023 from 01/01/2023 thru 12/31/2023.
Look at Georgia Schedule 1 Form 500 for the exclusion and your date of birth that was entered.
Thanks. The form shows my birth date in 1961 correctly. The GA website does not show any stipulation for when you turn 62. Now, I have to file all the protest paperwork to prove their error.
To support what DoninGA said, you can find it in Georgia Code § 48-7-27(a)(5)(D)(i):
https://law.justia.com/codes/georgia/2022/title-48/chapter-7/article-2/section-48-7-27/
If you are married and your spouse was under age 62 during 2023, perhaps they used the age of the wrong spouse to deny it.
TTX software would normally have dealt with it properly, but if you changed the order of which spouse was listed first for your 2023 tax return, that can lead to some significant person-form foul-ups. Otherwise, it sounds like a mess up on GA's end.