Georgia allows the following subtractions from income on your tax return:
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
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.
Federal Jobs Tax Credit
Salaries and wages reduced from taxable income
Individual Retirement Accounts/Keogh. SEP
When tax has been paid to Georgia due to differences in federal and state tax laws for years 1981-1986
Due to differences in state and federal tax laws for 1981-1986
Dependent's Unearned Income
Included in parents Federal Adjusted Gross Income
Income Tax Refunds
From states other than Georgia
Income that is specifically exempted by federal tax law or treaty
Teacher's Retirement System
Contributions made between July 1,1987 and December 21, 1989 that were taxed by Georgia
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 taxed at corporate level
Member's of partnerships that have income taxed by another state
For more information, please see Georgia Instructions.