My husband turned 65 on 09/15/2024 and we did not receive any retirement income. TT calculated a Georgia 15,004 retirement income exclusion. How is that calculated?

Forum|Forum|1 year ago
February 22, 2025
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He worked all of 2024 and I am 63 and still working. I only have read about a $5,000 credit for earned income.

DoninGA

Employee

Currently, taxpayers aged 65 and over may exclude up to $65,000, while those 62 to 64 (as well as those
permanently and totally disabled) may exclude up to $35,000. The exclusion applies to retirement income such
as capital gains, interest, and pensions, as well as up to $4,000 of earned income.

Did he have other income such as capital gains, taxable Social Security and interest which along with the $4,000 of earned income being excluded would equal the $15,004?

lgheeslingAuthor

We sold a house, but the capital gains was excluded because it was under the $500,000 joint limit. No social security, but $5,004 in interest. I read the earned income credit increased to $5,000 in 2024, but still can't get to the $15,004 amount. TT doesn't show how it was calculated.