A new tax law went into effect last year in Georgia. Few people seem to know about it so I am including information from the Georgia Department of Revenue's website:
STATE INCOME TAX EXEMPTIONS FOR RETIREMENT INCOME. Social Security is exempt. Taxpayers who are 62 years of age or older, or permanently and totally disabled regardless of age, may be eligible for a retirement income adjustment on their Georgia tax return. Retirement income includes income from pensions and annuities, interest income, dividend income, net income from rental property, capital gains income and income from royalties. For married couples filing joint returns with both members receiving retirement income, the maximum adjustment for the applicable year may be up to twice the individual exclusion amount. Retirement income exceeding the maximum adjustable amount will be taxed at the normal rate. The retirement income exclusion for tax year 2008 and beyond is $35,000.
This is very good news. It is never too early to begin planning tax savings.
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