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.