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:
To view this worksheet in TaxACT Online:
To view this worksheet in TaxACT Desktop: