topic Georgia income exclusions in Deductions & credits

Georgia income exclusions

fxstc9930635 — Wed, 30 Dec 2020 19:20:56 GMT

I am currently eligible for a $35000 georgia state income exclusion for a 100% va rated disability...I have also turned 62 which is also supposed to make me eligible for a $35000 exclusion...can I claim both exclusions in GA or am I limited to just $35000?

Re: Georgia income exclusions

ErnieS0 — Wed, 27 Jan 2021 21:28:31 GMT

No. You may be thinking of the same $35,000 exclusion. The Georgia Retirement Inclusion covers taxpayers who are 62 or older, or permanently and totally disabled regardless of age.

So prior to turning 62, you may have claimed the $35,000 exclusion due to 100% disability. Upon turning 62, the exclusion is available to all taxpayers. There is only one $35,000 exclusion per person.

The retirement exclusion is $65,000 if the taxpayer is 65 or older.

Eligible retirement income includes:

Income from pensions and annuities
Interest income
Dividend income
Net income from rental property
Capital gains income
Income from royalties
Up to $4,000 of earned income

For married couples filing joint returns with both members receiving retirement income, the maximum adjustment for that year may be up to twice the individual exclusion amount. Retirement income exceeding the maximum adjustable amount will be taxed at the normal rate.

TurboTax will automatically calculate your exclusion if you qualify based on age. If you are disabled TurboTax will ask some questions to figure out if you are eligible.

Re: Georgia income exclusions

fxstc9930635 — Thu, 28 Jan 2021 01:50:50 GMT

Thank you for the clarification!

Re: Georgia income exclusions

tsfllmsb — Wed, 23 Feb 2022 19:55:27 GMT

On what date do you have to be 62 to receive this credit? No where in the GA tax booklet does it cover this and no where does it discuss if you can prorate if you turn 62 at some point during the year?

Thanks

Re: Georgia income exclusions

DoninGA — Wed, 23 Feb 2022 19:57:08 GMT

@tsfllmsb wrote:

On what date do you have to be 62 to receive this credit? No where in the GA tax booklet does it cover this and no where does it discuss if you can prorate if you turn 62 at some point during the year?

Thanks

You have to be age 62 on or before 12/31/2021 to be eligible for the Retirement Income Exclusion on the 2021 Georgia state tax return.