Monday, January 30, 2012
Georgia Retirement Income Exclusion
Each taxpayer age 62 or older by the end of the year gets to exclude $35,000 of retirement income (only the first $4,000 in earned income) for 2011. Social security is already excluded 100% so is not part of the $35,000. In 2012, the amount goes to $65,000 and every year after the amount increases until all retirement income will be excluded. Georgia will become an even better place to retire.
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does anyone know if a GA retirement income exclusion can generate a loss carry back? From the calculations I have made, it appears so but that is so foreign to my understanding that I wanted to see if anyone has had this.
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