ATLANTA - As we inch closer to the tax filing deadline, let's make sure you getting all of the tax breaks coming to you. Here's one that folks in their 60s may be overlooking.
Many folks overlook it because, quite frankly, the title is misleading. It's called the Georgia Retirement Exclusion. It should be called the Georgia Seniors Exclusion because many folks who fall into this category are not retired.
Either way, Georgia residents can avoid taxes on up to $35,000 of income if you fall into two categories. If you're between the ages of 62 and 64, this is for you. And if you're 62 years old and younger - and fully disabled - it applies to you, too.
A note about disability, our Enrolled Agent expert we check in with, Bill Nemeth, tells us that substance abuse, even alcoholism, is deemed a disability if diagnosed by a medical doctor.
But there's more. If you're 65 and older, there is a possible tax break that would be applied on income up to $65,000. Meaning, no state taxes on that income.
This Georgia Department of Revenue link will fill you in more on the benefits of Georgia Retirement Exclusion:
And a friendly reminder that the tax filing deadline is Tuesday, April 18.
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