Georgia Retirement Income Exclusion

Forum|Forum|1 year ago
March 18, 2025
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Turbo Tax deluxe computed a $10,000 retirement income exclusion for my wife and I on our 2024 Georgia state income tax return.

At the time of filing I was 63 and she was 62, the question I have is , if NEITHER OF US are receiving retirement income, how do we qualify for this exclusion? Why is turbo tax making the computation?

Best answer by DavidD66

It sounds like, since you were both over 62, you each received a $5,000 exclusion of earned income.

In Georgia, there is a tax exclusion on up to $35,000 of retirement income received by people 62 to 64, or up to $65,000 received by those 65 and older. 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 $5,000 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.

Georgia does not tax Social Security income.

DavidD66Answer

It sounds like, since you were both over 62, you each received a $5,000 exclusion of earned income.

In Georgia, there is a tax exclusion on up to $35,000 of retirement income received by people 62 to 64, or up to $65,000 received by those 65 and older. 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 $5,000 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.

Georgia does not tax Social Security income.

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