turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Is the subtraction from GA teacher retirement income for contributions made from July 1, 1987 through Dec. 31, 1989 a one time deduction?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
maglib
Level 10

Is the subtraction from GA teacher retirement income for contributions made from July 1, 1987 through Dec. 31, 1989 a one time deduction?

https://www.trsga.com/news/ga-department-of-revenue-tax-recovery-adjustment  This should explain it.  The amount of contributions were not tax deferred, so those amounts can be recovered tax free from GA...

n 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.

**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer"
I am NOT an expert and you should confirm with a tax expert.

View solution in original post

1 Reply
maglib
Level 10

Is the subtraction from GA teacher retirement income for contributions made from July 1, 1987 through Dec. 31, 1989 a one time deduction?

https://www.trsga.com/news/ga-department-of-revenue-tax-recovery-adjustment  This should explain it.  The amount of contributions were not tax deferred, so those amounts can be recovered tax free from GA...

n 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.

**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer"
I am NOT an expert and you should confirm with a tax expert.
Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies