GEORGIA Retirement Exclusion for Joint Filers in a TRUST

[yenoff8219]

How do we both qualify for the Retirement Exclusion of $65000 when most of unearned income has been designated under the TRUST/ partners SS#. He has almost all the income credited to his SS#.

[ErnieS0]

Please clarity your question. When you say “He has almost all the income credited to his SS#” do you mean all the income is under the trust’s EIN number? Or is he someone else? Do you get a Schedule K-1 from the trust?

[yenoff8219]

Thank you. Sorry. 

We created a  Family Revocable Living Trust and put all our assets into it (obviously not the traditional IRAs). We used my husband SS#. When we pass the executor can apply for an TIN/EIN. On paper I have little to no separate assets. 

Again, sorry for being so vague.

[MaryK4 · Accepted solution]

A retirement exclusion is allowed provided the taxpayer is 62 years of age or older, or the taxpayer is totally and permanently disabled. Retirement income includes items such as: interest, dividends, net rentals, capital gains, royalties, pensions, annuities, and the first $4000.00 of earned income. Unfortunately, each spouse must qualify separately so if the income is in his name, it is limited. @yenoff8219