The difference in your calculation and TurboTax' calculation is probably due to what you are considering "retirement income".
The Georgia retirement exclusion for taxpayers aged 65 and over is up to $65,000, while those 62 to 64 (as well as those permanently and totally disabled) are able to exclude up to $35,000. 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 $5,000 of earned income (up from $4,000 in years prior to 2024)
Note: The Georgia Department of Revenue's website does not yet reflect the increase in the exclusion of earned income to $5,000.For married couples filing joint returns with both members receiving retirement income, the maximum adjustment for that year may be up to twice the individual exclusion amount.
The Georgia Retirement Exclusion is calculated on Schedule 1 of Georgia 500. If you want to review the calculation you will need to pay for TurboTax and then you will be able to print your entire return or specific forms/schedules prior to filing. You will still be able to make changes prior to filing. Follow these steps to print a preliminary copy of our return in TuboTax Online:
- While logged in and working on your return, click on Tax Tools
- From the drop down menu click on Print Center
- Click on Print, save or preview this year's return
- On the next screen click on "Pay Now"
- You may be prompted to "Go to My Info" if you need to add additional information
- Submit your payment information and you will be able to print your tax returns
Note, you must pay by credit card in order print or preview your preliminary return. You will not be able to pay using your federal tax return.
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