Retirement income exclusion

Forum|Forum|1 year ago
March 23, 2025
1 reply
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Just wanting to verify that I can take the retirement income exclusion even though I am still working and not retired (currently age 65, age 64 at the end of 2024). Interest from CD's, money market, saving account and checking account are all considered excluded income? Is an IRA distribution (mandatory as beneficiary from my deceased father) excluded as well (they took out 10% in taxes)?

I was not aware of this when I completed my 2022 and 2023 income tax forms. Can I go back and do an amended return for these years?

Not A Product Question

DoninGA

Employee

If you used TurboTax for the 2022, 2023 tax returns along with you current 2024 return. If your date of birth was correct in the Personal Information section of the program, then TurboTax would have given you the correct Georgia Retirement Exclusion Income on the GA return based on your age.

Age 62 thru 64, $35,000 Retirement Income Exclusion

Age 65 or older, $65,000 Retirement Income Exclusion