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brgreeson1
New Member

I dont understand the teachers retirement adjustment for state of Ga?

 
7 Replies
DoninGA
Level 15

I dont understand the teachers retirement adjustment for state of Ga?

Were you a teacher in Georgia and made contributions to the retirement account between 07/01/87 and 12/31/89?  If so, were the contributions taxed by the state of Georgia during that time?
MR_ED
Level 3

I dont understand the teachers retirement adjustment for state of Ga?

This expands a little on Don's comments:

Georgia Teacher's Retirement Adjustment

The State of Georgia allows for a one time Teacher Retirement Subtraction from Georgia Income.  Before entering this amount in the program, please read this article to see if the qualification has been met.

In January of 1990, the Georgia Department of Revenue created a 'tax recovery adjustment' for TRS member contributions made from July 1, 1987 through January 1, 1990.  During that period, member contributions were sheltered from federal income tax, but not Georgia state income tax.  Thus, a member's contributions and pension were taxed by the State of Georgia.  The Georgia Department of Revenue allowed TRS members, who contributed to TRS from July 1, 1987 through January 1, 1990, to 'recover' the taxes paid on those contributions when they filed for their state taxes.  At retirement all retirees receive this important information at the time they receive their first benefit check.  TRS members eligible for this recovery adjustment will receive, along with their first benefit check, a letter that provides the total dollar amount of TRS contributions made during this time frame so members can document the adjustment on their state tax returns.  For example, a member who retired on July 1, 1998 received this important tax information with his/her first retirement check.  In early 1999, when the retiree filed his or her state taxes for 1998, the adjustment would have been included.  To be clear, the amount shown in the letter you received is not the amount you are owed by the Georgia Department of Revenue, but is the amount of money from which you can recover taxes paid on it.  If you already received your adjustment, then you are all set.  If you did not claim the adjustment, please contact the Georgia Department of Revenue directly to find out if you are still eligible.

 


brian2012
New Member

I dont understand the teachers retirement adjustment for state of Ga?

@MR_ED if i am not a teacher or this thing doesnt apply to me, what do i am supposed to put in the box? $0?

DoninGA
Level 15

I dont understand the teachers retirement adjustment for state of Ga?


@brian2012 wrote:

@MR_ED if i am not a teacher or this thing doesnt apply to me, what do i am supposed to put in the box? $0?


You leave the box blank and either continue or click on the back button to exit this section of the program since it does not apply to you.

CHANDRA GILL
New Member

I dont understand the teachers retirement adjustment for state of Ga?

I DON'T SEE ANY ADJUSTMENT ON MY 1099R

DoninGA
Level 15

I dont understand the teachers retirement adjustment for state of Ga?


@CHANDRA GILL wrote:

I DON'T SEE ANY ADJUSTMENT ON MY 1099R


If this in not your first retirement distribution there will be no adjustment on your Form 1099-R.

 

As has previously been stated on this thread -

 

In January of 1990, the Georgia Department of Revenue created a 'tax recovery adjustment' for TRS member contributions made from July 1, 1987 through January 1, 1990.  During that period, member contributions were sheltered from federal income tax, but not Georgia state income tax.  Thus, a member's contributions and pension were taxed by the State of Georgia.  The Georgia Department of Revenue allowed TRS members, who contributed to TRS from July 1, 1987 through January 1, 1990, to 'recover' the taxes paid on those contributions when they filed for their state taxes.  At retirement all retirees receive this important information at the time they receive their first benefit check.  TRS members eligible for this recovery adjustment will receive, along with their first benefit check, a letter that provides the total dollar amount of TRS contributions made during this time frame so members can document the adjustment on their state tax returns.  For example, a member who retired on July 1, 1998 received this important tax information with his/her first retirement check.  In early 1999, when the retiree filed his or her state taxes for 1998, the adjustment would have been included.  To be clear, the amount shown in the letter you received is not the amount you are owed by the Georgia Department of Revenue, but is the amount of money from which you can recover taxes paid on it.  If you already received your adjustment, then you are all set.  If you did not claim the adjustment, please contact the Georgia Department of Revenue directly to find out if you are still eligible.

Rube77
New Member

I dont understand the teachers retirement adjustment for state of Ga?

I do not understand Teacher's Retirement Adjustment, either. I understand instructions that state, "look in box X" and so on. These answers do not clarify anything. It also appears that some people don't consider many filers are beneficiaries of Teacher's Retirement and not the retirees. Someone knowledgeable on the matter would recognize not to instruct a tax-filer to "Skip" filling in the Teacher's Retirement Adjustment amount, when in fact, it is required to proceed with certain state income tax returns if you have already entered the form on the Federal return.

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