Question

tax

Forum|Forum|5 years ago
February 28, 2021
1 reply
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How do I determine the amount of my pension that is not subject to Georgia income tax but was included in income on my federal return? [email address removed]

Tax Advice

E

ErnieS0

TurboTax will automatically compute your Georgia Retirement Income Exclusion.

The exclusion is listed on line 7 of Schedule 1 of the Georgia Form 500.

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.

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