georgia retirement exclusion

[sandy30028]

Turbo gave me the 65,000.00 georgia retirement exclusion. I'm not retired, but I am 66. I also took money from my 401K last year. I do gamble. I want to know if I am entitled to this deduction and Why? 

[DoninGA]

All Georgia residents age 65 or older are eligible for the Retirement Income Exclusion of $65,000 on the Georgia state income tax return.

[sandy30028]

thank you.

[JEFrink83]

I am 64 and my wife is 62 and we both qualified for exclusion.  Why?

[DoninGA]

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@JEFrink83 wrote:

I am 64 and my wife is 62 and we both qualified for exclusion.  Why?

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Georgia residents age 62 thru age 64 are eligible for the Retirement Income Exclusion up to $35,000 for each taxpayer.

[Gumlogtax]

Hi, I turned 65 in July of 2024. Does this $65000 exclusion apply to my 2024 Georgia tax return? 

[DoninGA]

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@Gumlogtax wrote:

Hi, I turned 65 in July of 2024. Does this $65000 exclusion apply to my 2024 Georgia tax return? 

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Yes.  Since you turn 65 in 2024 you are eligible for the $65,000 Retirement Income Exclusion on the 2024 Georgia state tax return.

[Gumlogtax]

Why isn't TurboTax including the retirement income exclusion for both my wife and me on our Georgia Tax return for 2024? It only includes it for me. 

[DoninGA]

@Gumlogtax Your spouse would be eligible for her income (wages, Social Security, retirement) to be excluded if she was age 62 or older.  What is her age in 2024?

[Gumlogtax]

She is 65. After reviewing the forms TurboTax has allocated all of the interest and dividend income that we receive from a joint account to me and none of it to my wife. I can't figure out where to allocate it equally between us.