Georgia Retirement Exclusion

[stchurch61]

My wife and I are both 63 and full-time Georgia residents. According to my understanding of Georgia Retirement Exclusion in 2024, we should each receive a $35,000 exclusion ($70,000 total) but TurboTax is calculating an odd $43,220 exclusion amount. Why so low and such an odd amount? 

[SabrinaD2]

Here are a few reasons why TurboTax might be calculating an odd exclusion amount like $43,220 instead of the expected $70,000:

• The exclusion applies to specific types of retirement income, such as pensions, annuities, interest, dividends, rental income, and capital gains
  • If some of your income doesn't qualify, it might reduce the total exclusion amount.
• Earned Income: Up to $4,000 of earned income per person can be included in the exclusion
  • If you have more than $4,000 in earned income, it might affect the calculation.
• Exclusion Amount: Each eligible individual can exclude up to 
• Wages and Self-Employment Income: Any earned income from employment or self-employment does not qualify
• Non-Retirement Investment Income: Income from investments that are not part of retirement savings, such as regular brokerage accounts, does not qualify

For more details, you can refer to the Georgia Department of Revenue's page on Retirement Income Exclusion and the Legal Clarity guide on Georgia Retirement Income Exclusion