On Georgia Form 500, Schedule 1, you are allowed to subtract a "retirement income exclusion." If you are 62-64 years of age (or less than 62 and permanently disabled), the maximum retirement income exclusion is $35,000. For taxpayers 65 or older, the retirement exclusion is $65,000. This exclusion is available for both the taxpayer and spouse; however, each must qualify on a separate basis. Each spouse may claim the amounts above. Income from property that is jointly owned should be allocated to each taxpayer at 50% of the total value. Up to $4,000 of the maximum allowable exclusion may be earned income.

To enter income information for the retirement income exclusion:

  1. From within your TaxACT return (Online or Desktop) click on the State Q&A tab, then click Georgia directly below the blue tabs at the top of the screen
  2. Click Adjustments to income to expand the category, then click Retirement income exclusion - Income information
  3. Confirm or adjust the amounts for the retirement income exclusion as necessary 

To view this worksheet in TaxACT Online:

  1. Click on the Print link at the top right side of the screen
  2. Click on Print Individual Forms
  3. Expand the GA Forms folder
  4. Expand the Worksheets folder
  5. Click Retirement Income Exclusion - Retirement Income Exclusion Worksheet
  6. Click on Print at the right side of the screen and then click on the worksheet name to view and/or print the worksheet

To view this worksheet in TaxACT Desktop:

  1. Click on Forms at the top of the screen
  2. Expand the Georgia folder
  3. Expand the Worksheets folder
  4. Double click Retirement Income Exclusion - Retirement Income Exclusion Worksheet

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