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Are military pensions exempt from georgia state tax New c

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Are military pensions exempt from...
Are military pensions exempt from georgia state tax? New change?
Submitted: 9 years ago.Category: Tax
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Answered in 13 minutes by:
1/1/2009
Tax Professional: TaxMomNJ, Senior Tax Advisor replied 9 years ago
TaxMomNJ
TaxMomNJ, Senior Tax Advisor
Category: Tax
Satisfied Customers: 245
Experience: 7 years experience with tax preparation company, over 500 hours of tax courses taken
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Jim,

 

To date, there have been no changes when it comes to military pensions in Georgia. The pensions are taxable.

 

There is a retirement exclusion in Georgia that you may qualify for.

 

From the GA Dept. of Revenue:

 

"For tax year 2007, the maximum retirement income exclusion is $30,000 for taxpayers who are:

(A) 62 years of age or older, or

(B) permanently disabled to such an extent that they are

unable to perform any type of gainful employment."

 

There is also a low income credit.


From the GA Dept. of Revenue:

 

"You qualify if you are a Georgia resident, your Federal AGI is less than $20,000, and you are not claimed or eligible to be claimed as a dependent by another taxpayer on their Federal or Georgia return."

 

Please let me know if I can assist you further.

TaxMomNJ
TaxMomNJ, Senior Tax Advisor
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