[ladailey]

I will be moving from FL to GA and want to know about how much tax would be taken from my retirement.

[ebaines]

It depends how much retirement income you have. GA allows you to exclude a certain amount of your retirement income fromn GA state income tax, as long as you are over 62 years of age. The exclusion is $35K, and may be as high as $70K if you are married filing jointly and both spouses collect retirement income. The remainder above this amount is taxed at "normal" GA incme tax rates. From the GA web site https://etax.dor.ga.gov/inctax/IndGeneralInfo.aspx :

Taxpayers who are 62 years of age or older, or permanently and totally disabled regardless of age, may be eligible for a retirement income adjustment on their Georgia tax return. Retirement income includes income from pensions and annuities, interest income, dividend income, net income from rental property, capital gains income, and income from royalties. For married couples filing joint returns with both members receiving retirement income, the maximum adjustment for the applicable year may be up to twice the individual exclusion amount. Retirement income exceeding the maximum adjustable amount will be taxed at the normal rate.

The retirement income exclusion for tax year 2006 is $25,000. For future tax planning, the retirement income exclusion will increase to $30,000 effective January 1, 2007 and $35,000 for taxable years beginning on or after January 1, 2008. See Form IT-511 to obtain the worksheet for calculating the maximum allowable adjustment.

[mof292122]

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