ga income tax

[hipster dufus]

trying to do my taxes. my taxable income for ga is considerably more then my federal taxable income. can anyone explain this? i have a standard deduction on my federal income of 12k what is the ga standard deduction?

 

[centerpin fan]

Georgia income should be less with retirement income exclusion.

What software are you using?

 

[NCHillbilly]

I know that NC gives a lot less deductions than the federal government. They take your federal return and gut it.

 

[hipster dufus]

i am ineligible for retirement exclusion. too young, 58, u must be at least 62 i believe. the federal return has 20700 lopped off it. 2 exemptions and the standard deduction. the state only has about 10k lopped off. am i right? in other words if i made 50k total, i would pay taxes on about 30k for the feds. and for the state i would pay taxes on 40k?

 

[hipster dufus]

tax act

 

[Oldstick]

The standard deduction IS much less for GA than on the federal.

One year I was at near the borderline and I was a little better off taking the standard vs itemizing on my federal return. Then when I got to the GA form, I discovered the rule requiring you to do the same on both fed and state. I went back and itemized on the federal. Cost me a little extra on the federal but saved several hundred on the state.

Nowadays, we aren't even close to itemizing so no choice but to bite the bullet.

 

[notnksnemor]

What's worth than the deductions is how they get you if you earn money in another state.

 

[centerpin fan]

What's worth than the deductions is how they get you if you earn money in another state.

... but you get a credit against your GA tax for any tax you paid to the other state.