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Tax Guide

GEORGIA RETIREMENT INCOME EXCLUSION

For taxable years beginning on or after January 1, 2012, taxpayers who are age 62 but less than 65 during any part of the taxable year, or permanently and totally disabled, can exclude up to $35,000 per year for each taxpayer. Taxpayers who are age 65 or older during any part of the taxable year can exlude up to $65,000 for tax years beginning on or after January 1, 2012 per year for each taxpayer. Married couples filing jointly are each entitled to the exclusion in their individual capacity.

Retirement income consists of both earned and unearned income. Of that amount, the earned income portion is limited to $4,000. For purposes of this exclusion, unearned retirement income includes:

  • Interest Income
  • ​Dividend Income
  • Net income or loss from rental property
  • Capital gains or losses
  • Income from royalties
  • Income from pensions and annuities