Georgia allows the following subtractions from income on your tax return:
- Retirement income. Taxpayers that are 62 - 64 years of age, or less than 62 and permanently disabled may exclude up to $35,000 of their retirement income. The amount increases to $65,000 if the taxpayer is 65 or older. The amount listed is per qualifying individual. Joint accounts are to be allocated evenly.
- Social Security or Railroad Retirement paid by the Railroad Retirement Board included
- in Federal adjusted gross income.
- Georgia NOL Carryover. Before entering the NOL carryforward, you must recalculate the income from the previous year using form schedule at the top of page 3 of Form 500-NOL. Only enter the amount for the current tax year.
- Salaries and wages reduced from Federal taxable income because of the Federal Jobs Tax Credit
- Individual retirement account, Keogh, SEP and SUB-S plan withdrawals where tax has been paid to Georgia because of the difference between Georgia and Federal law for tax years 1981 through 1986
- Depreciation because of differences in Georgia and Federal law during tax years 1981 through 1986.
- Dependent's Unearned Income included in parents Federal Adjusted Gross Income
- Income Tax Refunds from states other than Georgia included in Federal adjusted gross income
- Income from any fund, program, or system which is specifically exempted by Federal law or treaty
- Adjustment for teachers retired from the Teacher’s Retirement System of Georgia for contributions paid between July 1, 1987, and December 31, 1989, that were reported to and taxed by Georgia.
- Deductible portion of contributions to the Path2College 529 Plan. Limited to $2,000 per beneficiary ($4,000 if married filing joint) for amount contributed to Path2College 529 plan. Cannot exceed $4,000 per beneficiary ($8,000 if MFJ).
- High Deductible Health Plan.100% of the premium paid for high deductible health plans. Include only amounts that have not been reimbursed or included in itemized deductions. See the instructions for figuring the amount if itemized deductions have been claimed.
- Income received from deceased veterans by surviving family. Income received by a surviving family member that is based on the service record of a deceased veteran without regard to the age of the surviving family member.
- Certain disaster relief payments. The payments that qualify are those that are received from a federal disaster relief or assistance grant program administered by Georgia or its instrumentalities or the United States Department of Agriculture but only if the federal grant program was established specifically to address agricultural losses suffered due to Hurricane Michael during the 2018 calendar year
- House Bill 149 Deduction. For owners of a pass-through entity or entities that have elected to pay tax at the entity level, enter your allocable share of income that was taxed at the entity level
Program Entry
- State Section
- Edit Georgia Return
- Subtractions from Income