How do i determine how much to allocate to spouse and myself for the Georgia retirement exclusion? He is over 62 and i am not. Can i allocate it all to him?

Forum|Forum|6 years ago
June 2, 2019
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Georgia state tax return is asking this question for capital gains and state refund for 2018.

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KarenJ2

According to the GA Form 500 instructions, income from property that is jointly owned should be allocated to each taxpayer at 50% of the total value. The remainder should be allocated according to the owner of the income.

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tkent1234

My wife and I are both over 65. Georgia has a income exclusion for retirement income of $65,000 per individual. I am still working and have significant earned income. My wife does not. We have income from jointly owned investment accounts. How does Turbotax allocate the interest and dividends between spouses ?I cannot figure out what Turbotax is doing.