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skybaby0401
New Member

In Ga. at the age of 63 you no longer have to pay state taxes. How does that show up on my state returns

 
13 Replies
MarkB
New Member

In Ga. at the age of 63 you no longer have to pay state taxes. How does that show up on my state returns

Yes if under certain circumstances

Retirement Income Exclusion  https://dor.georgia.gov/retirement-income-exclusion

Taxpayers who are 62 or older, or permanently and totally disabled regardless of age, may be eligible for a retirement income adjustment on their Georgia tax return. 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.

See Form IT-511(https://dor.georgia.gov/documents/it-511-2015-individual-income-tax-booklet) to obtain the worksheet for calculating the maximum allowable adjustment.

SuperDave5757
New Member

In Ga. at the age of 63 you no longer have to pay state taxes. How does that show up on my state returns

I've read about the Retirement Income Exclusion for GA and understand everything but can't find anywhere where it states WHEN you must be 62-64 or 65 or older. For example, I turn 62 in December this year (2019). Will I be able to exclude the $35,000 from my Pension Income for the 2019 tax year even though I was actually 61 for most of the year?

 

In Georgia, in my county (Cherokee Co), folks that are 62 also get relieved from paying the school portion of our property taxes. The rules for that, however, clearly state that one must be 62 at the beginning of the year.

 

If the same age rule applied to Retirement Exclusion I would have to wait until the 2020 tax year in order to qualify for the exclusion. I can't find the answer, even on the State of Georgia's DOR website.

DoninGA
Level 15

In Ga. at the age of 63 you no longer have to pay state taxes. How does that show up on my state returns

You are eligible for the Georgia Retirement Income Exclusion if you are age 62 or older for any part of the year.

 

Georgia Tax Code - https://codes.findlaw.com/ga/title-48-revenue-and-taxation/ga-code-sect-48-7-27.html

soolin45
New Member

In Ga. at the age of 63 you no longer have to pay state taxes. How does that show up on my state returns

How to calculate Georgia income tax.  What incomes are included. Are all income excluded from being taxed?

ghost
Level 8

In Ga. at the age of 63 you no longer have to pay state taxes. How does that show up on my state returns

@soolin45  No, all income is not excluded. See answer given here by @MarkB  There is an exclusion limit (age dependent) and only $4000 of earned income may be excluded. The TT program will exclude the income for you based on the income entries you make.

SuperDave5757
New Member

In Ga. at the age of 63 you no longer have to pay state taxes. How does that show up on my state returns

"You are eligible for the Georgia Retirement Income Exclusion if you are age 62 or older for any part of the year.

 

Georgia Tax Code - https://codes.findlaw.com/ga/title-48-revenue-and-taxation/ga-code-sect-48-7-27.html"

 

Thank you!!

DoninGA
Level 15

In Ga. at the age of 63 you no longer have to pay state taxes. How does that show up on my state returns

@SuperDave5757 

You are Welcome.

 

Also a resident of Cherokee County...

eagle1934
New Member

In Ga. at the age of 63 you no longer have to pay state taxes. How does that show up on my state returns

I am 86 years old and have been paying state taxes annually beyond my 62 birthday. How do I get information on a refund for the amounts paid past the required age of 62? 

DoninGA
Level 15

In Ga. at the age of 63 you no longer have to pay state taxes. How does that show up on my state returns


@eagle1934 wrote:

I am 86 years old and have been paying state taxes annually beyond my 62 birthday. How do I get information on a refund for the amounts paid past the required age of 62? 


Please explain.  How have you been paying Georgia state income taxes?  On your Georgia state income tax return, Form 500?  The Georgia Retirement Income Exclusion is available to any Georgia resident age 62 or older when completing a state tax return.  How have you been doing your taxes?  Have you used TurboTax or some other means to file your state tax return?

At age 65 or older you are eligible to exclude up to $65,000 of retirement income and up to $4,000 of earned income on the state tax return.  Retirement income and earned income over those amounts remain taxable by the state.

Aunda Chitty
New Member

In Ga. at the age of 63 you no longer have to pay state taxes. How does that show up on my state returns

We are both over 63 and it says I owe  $1344 for Ga state taxes

DoninGA
Level 15

In Ga. at the age of 63 you no longer have to pay state taxes. How does that show up on my state returns


@Aunda Chitty wrote:

We are both over 63 and it says I owe  $1344 for Ga state taxes


If you are still working and earning an income you could very well have GA taxes owed.

The Retirement Income Exclusion is for unearned income, such as retirement/pension income, interest and dividends, capital gains and the first $4,000 of earned income. 

ScottyQ
New Member

In Ga. at the age of 63 you no longer have to pay state taxes. How does that show up on my state returns

62 at the beginning of the year unfairly advantages people born in the winter... That's really unfortunate for people born in January.

Janellw
New Member

In Ga. at the age of 63 you no longer have to pay state taxes. How does that show up on my state returns

It says if 62 for any part of the year. So it doesn’t matter when your birthday is

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