My husband turned 65 on 09/15/2024 and we did not receive any retirement income. TT calculated a Georgia 15,004 retirement income exclusion. How is that calculated?

[lgheesling]

He worked all of 2024 and I am 63 and still working. I only have read about a $5,000 credit for earned income.

[DoninGA]

Currently, taxpayers aged 65 and over may exclude up to $65,000, while those 62 to 64 (as well as those
permanently and totally disabled) may exclude up to $35,000. The exclusion applies to retirement income such
as capital gains, interest, and pensions, as well as up to $4,000 of earned income.

Did he have other income such as capital gains, taxable Social Security and interest which along with the $4,000 of earned income being excluded would equal the $15,004?

[lgheesling]

We sold a house, but the capital gains was excluded because it was under the $500,000 joint limit.  No social security, but $5,004 in interest.  I read the earned income credit increased to $5,000 in 2024, but still can't get to the $15,004 amount.  TT doesn't show how it was calculated.

[lgheesling]

Maybe because I turned 63 last year and we received an additional $5,000?  That would add up to $15,004.

[DoninGA]

You are correct, the earned income exclusion is $5,000 for tax year 2024.  I was using the information posted on the Georgia Department of Revenue website where it still shows $4,000.

I also verified by looking at my own Georgia tax return, and the exclusion amount is $5,000 on the Georgia Income and Retirement Worksheet.

If you are using the TurboTax desktop editions you can click on Forms.  When in Forms mode scroll down to the Georgia state tax return section and click on Inc/Ret Wks to open the Income and Retirement worksheet to see where the income came from that is being excluded.

If you are using the TurboTax online web-based editions, then you will have to pay the TurboTax online account fees before you can see the Georgia return or the the worksheets.  Once the fees are paid use this procedure to view/print the compete tax return including the state -

Click on Tax Tools on the left side of the online program screen.  Then click on Print Center.  Then click on Print, save or preview this year's return.  Choose the option Include government and TurboTax worksheets