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Georgia pension Exclusion Question

Forum|Forum|5 years ago
April 9, 2021
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I am 60. My wife of 37+ years is 63. I just read this on the Turbo-Tax Georgia state filing info:

- Retirement income up to $35,000 ($70,000 if married filing jointly) for individuals permanently disabled or aged 62 to 64. Taxpayers 65 years of age or older may exclude up to $65,000 ($130,000 if married filing jointly) of retirement income. If married filing jointly, each spouse must qualify separately. Up to $4,000 of the exclusion can be earned income.

My military pension is taxable under Georgia law. Can I exclude up to $70,000 of this based on my wife's age or do I have to reach age 62 first? Or can I exclude half that amount based on her age. I GUARANTEE if we were ever to get a divorce, she'd get half of it!!

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Best answer by DoninGA

The Georgia Retirement Income exclusion is based on each individual's retirement, taxable Social Security benefits and earned income. So your pension income cannot be excluded on a Georgia state income tax return until the year you reach age 62.

Thank you for that last line of your message. I got a good chuckle on that. Made my day.

US Army Veteran '68 -'74

DoninGAAnswer

Employee

The Georgia Retirement Income exclusion is based on each individual's retirement, taxable Social Security benefits and earned income. So your pension income cannot be excluded on a Georgia state income tax return until the year you reach age 62.

Thank you for that last line of your message. I got a good chuckle on that. Made my day.

US Army Veteran '68 -'74

S

secreto4847

Turbotax is not reporting my wife's and my Georgia retirement income exclusion correctly. Many of her 1099s are included in my exclusion although "spouse" is clearly checked on the 1099 that was entered in Turbotax. I tried to override the amounts for her and me but the program would not allow it. It looks like there's a software error. How can I get around this? I'm already over my $65,000 limit, but my wife is not able to get all of her credits to get her to the $65,000 limit.