Last year when we filled out this part of the Georgia State return we did not do it correctly. We don't want to make that mistake again because it held up our refund. How do we calculate the allocation of Georgia Taxpayer exclusion between myself and my spouse? I am retired (now age 70) and my husband (age 64 ) is not.
You can use the Retirement Income Exclusion Worksheet that you can find here.
Go to page 20 of 54 and use the worksheet to calculate how much your exclusion should be.
If you are using income from joint accounts you would split the amounts evenly. Conversely if only one of you owns the account all of the income would be entered under the owner's column.
How can I calculate the Georgia retirement exclusion between myself and my wife. TurboTax give no hint on how to do it and the only answer I found did not help. I am stuck for 2 hours now trying to enter it correctly.
I would like to suggest to TurboTax developers to provide a hint by giving on the corresponding page the total $$$ amount from which to calculate the exclusion. If this is possible to do and if it could be done within a couple of weeks, it would be great.
Thank you
J. M. Banderas
@Marcelo1 Here is a link to the Georgia 500 information booklet. The worksheet for retirement exclusion is on page 34.