Georgia Likes Old People

Georgia has a nice retirement income exclusion for those aged 62 and over. Between ages 62 and 64 the amount is $35,000 per person and applies to most income except earned income like salaries and wages which is limited to a maximum of $4,000. If you are age 65 and up, you get a $65,000 exclusion. If you are filing a joint return with your spouse and both of you are 65, then the exclusion is a total of $130,000. Not bad. Business income from a Sub S corporation where you materially participate is considered earned income.