I have retirement on my federal income tax, which is pulling into my GA reports. When I select the "tax exempt" retirement option, it sends me to Schedule 1.
On Schedule 1, I am notified that I have adjustments that need to be allocated to GA (if from GA or occurred while resident of GA - neither are applicable).
The note says indicate positive adjustment as negative number and negative adjustment as positive number. Then I'm prompted to add an amount to the Georgia Adjustments field.
I have not idea what amount to add here. Help will be greatly appreciated.
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Did you enter your state retirement pension income reported to you on Form 1099-R in the federal tax return section of the program? If so, that information flowed to the Georgia state tax return.
If you are age 62 and are a Georgia resident you are eligible for the Retirement Income Exclusion of up to $35,000 for those age 62 thru 64 and $65,000 for those age 65 or older.
The Georgia state program will automatically enter this information on the Georgia Schedule 1 if you are eligible.
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