The State of Georgia's Income Division's Tax website offers the following information:
- Taxable Social Security and Railroad Retirement on the Federal return are exempt Georgia Income Tax.
- A retirement exclusion of $30,000 (exclusion will be increased in 2008 to $ 35,000) is allowed provided the taxpayer is 62 years of age or older, or the taxpayer is totally and permanently disabled. Retirement income under Georgia law is defined as interest, dividends, net rentals, capital gains, royalties, pensions, annuities in addition to the first $4000.00 of earned income. Earned income is income from a trade or business, wages, salaries, tips, or other compensation. Both spouses can qualify for the retirement exclusion but each much qualify separately. Even part-year residents and nonresidents can benefit from this exclusion. Part time residents and non-residents must prorate the retirement exclusion.
For more information on Georgia's State Taxes, visit the state of Georgia Income Tax division's website or call an accounting professional.
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