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.
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.
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
How to calculate Georgia income tax. What incomes are included. Are all income excluded from being taxed?
"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!!
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?
@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.
We are both over 63 and it says I owe $1344 for Ga state taxes
@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.
62 at the beginning of the year unfairly advantages people born in the winter... That's really unfortunate for people born in January.