Author Topic: State Income Tax calculations - Crowdsourcing request  (Read 4968 times)

MDM

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State Income Tax calculations - Crowdsourcing request
« on: September 15, 2017, 11:34:01 PM »
Thanks to https://taxfoundation.org/state-individual-income-tax-rates-brackets-2017/, tax brackets, standard deduction, and exemption amounts for single and MFJ filers in all 50 states and DC have been loaded into the case study spreadsheet (CSS) with version 9.03.

Didn't think the CSS would ever have nearly this detail in state tax calcs, but the Tax Foundation spreadsheet eliminated a huge barrier by collecting all those numbers in one place.

As of this writing, the CSS assumes the taxable income for a state equals the federal AGI minus the state standard deductions and exemptions, and it ignores any state tax credits.  Specific state tax calculations are enabled by entering the state postal abbreviation in cell 'Calculations'!I35.  The brackets are in the 'State Brackets' tab, and the tax calculation is done in the 'State Tax' tab.

Your suggestions for improvements to this setup are welcome.  Suggestions phrased in Excel-ese would be great, but English language comments will likely work as well.  In particular, things such as "In this state, ..."
- ...the state EIC is X% of the federal EIC.
- ...Social Security benefits aren't taxed at all.
- ...only interest, dividends, and capital gains are taxed.
- ...HSA contributions are not deductible when calculating state taxable income.
- etc.
would be useful.

Some things may be too inconsequential or difficult to implement - the CSS remains non-commercial and not for actual tax filing - but when someone takes the time to make a suggestion, that in itself suggests the implementation may be worthwhile.

Either post suggestions here or PM me.


walkwalkwalk

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #1 on: September 18, 2017, 03:46:11 PM »
In Texas we have no state income tax. Does that help? Haha

MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #2 on: September 18, 2017, 06:37:35 PM »
In Texas we have no state income tax. Does that help? Haha
Believe it or not, that one is already handled. :)

CareCPA

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #3 on: September 18, 2017, 09:31:13 PM »
In no particular order, for PA:
- Taxable wages include 401k contributions, since retirement withdrawals are state-tax free (similarly, early distributions are only partially-taxable since you paid income tax on the contributions going in).
- Losses from one class cannot offset income in another (i.e. business losses cannot reduce wages).
- We have a very complicated and cumbersome local income tax in addition to state taxes. Rates can vary wildly, and is calculated off the nonresident rate where you work, or the resident rate where you live.

MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #4 on: September 18, 2017, 09:54:44 PM »
- Taxable wages include 401k contributions,
and 403b, 457, and tIRA - correct?

Quote
since retirement withdrawals are state-tax free (similarly, early distributions are only partially-taxable since you paid income tax on the contributions going in).
Is How do I determine if my IRA withdrawals are subject to PA income tax? accurate enough (it is from 2002...)?

Appears both the above (aside from complications such as withdrawal of both basis and gain before age 59.5) can be handled.  Should be in the next update.  Thanks!

Quote
- Losses from one class cannot offset income in another (i.e. business losses cannot reduce wages).
Unless this is simpler than it looks, it's probably out of scope for what the CSS tries to cover.

Quote
- We have a very complicated and cumbersome local income tax in addition to state taxes. Rates can vary wildly, and is calculated off the nonresident rate where you work, or the resident rate where you live.
If this could be handled by, say, a single tax rate imposed on the state taxable income, that would be doable.  If the calculation of taxable income itself is complicated and cumbersome, then "out of scope" is the likely answer.

teen persuasion

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #5 on: September 19, 2017, 08:54:13 AM »
Let's see, for the stuff I know about for NYS (not NYC):

State EITC is 30% of federal EITC, but NY also subtracts a tiny little Household Credit from the end result.  Can't get both, yikes!

State CTC is 33% of federal CTC, but only for children AT LEAST 4 years old by Dec 31.  No idea why young kids don't count.  Age 17 cutoff is same as federal.

State tuition credit is $200 on qualified college tuition expenses <$5k, or 4% if total is >$5k but <=$10k max qualified college tuition expenses.  Only tuition counts, not fees or books, lab equipment, etc., unlike fed rules.  Interestingly, tuition paid by a NY 529 DOES count for the credit, also unlike fed rules.

teen persuasion

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #6 on: September 19, 2017, 09:32:47 AM »
For NYS, things I'm beginning to investigate for the future:

Social Security is not taxed.

Pension and annuity income (including IRA withdrawals) : after age 59.5, the first $20k is excluded annually.  If MFJ, each get a $20k exclusion, but you cannot use any of a spouse's unused portion (thus it only counts against your personal pension/annuity/IRA).

State/local/federal pensions seem to have their own additional exemption, not clear on the rules.

Heroes821

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #7 on: September 19, 2017, 09:37:34 AM »
I can't check the spreadsheet at the moment, and the 2017 tax year SC1040 for South Carolina is not available yet, but the personal exemption for children under the age of 6 is double the federal personal exemption for South Carolina for 2016 tax year, I doubt they removed that. 

MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #8 on: September 19, 2017, 11:28:01 AM »
State EITC is 30% of federal EITC, but NY also subtracts a tiny little Household Credit from the end result.  Can't get both, yikes!

State CTC is 33% of federal CTC

Social Security is not taxed.
Done, thanks.

Quote
Pension and annuity income (including IRA withdrawals) : after age 59.5, the first $20k is excluded annually.  If MFJ, each get a $20k exclusion, but you cannot use any of a spouse's unused portion (thus it only counts against your personal pension/annuity/IRA).
Have been considering whether to provide/require more detailed income (e.g., Schedule C) and contributions (e.g., for saver's credit) per person.  This will add in favor of doing so....

Quote
State tuition credit is $200 on qualified college tuition expenses <$5k, or 4% if total is >$5k but <=$10k max qualified college tuition expenses.  Only tuition counts, not fees or books, lab equipment, etc., unlike fed rules.  Interestingly, tuition paid by a NY 529 DOES count for the credit, also unlike fed rules.
Probably won't include this, especially if it is not income-dependent (i.e., wouldn't affect a marginal rate).

MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #9 on: September 19, 2017, 11:28:11 AM »
...but only for children AT LEAST 4 years old by Dec 31.  No idea why young kids don't count.  Age 17 cutoff is same as federal.
...the personal exemption for children under the age of 6 is double the federal personal exemption for South Carolina for 2016 tax year, I doubt they removed that. 
Currently don't ask for individual children's ages (other than asking the number of children who meet various federal cutoffs).  Probably won't add that anytime soon, at least not before asking for individual adults' situations (see previous post).  But it's on the list.... ;)

Heroes821

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #10 on: September 19, 2017, 12:30:10 PM »
...but only for children AT LEAST 4 years old by Dec 31.  No idea why young kids don't count.  Age 17 cutoff is same as federal.
...the personal exemption for children under the age of 6 is double the federal personal exemption for South Carolina for 2016 tax year, I doubt they removed that. 
Currently don't ask for individual children's ages (other than asking the number of children who meet various federal cutoffs).  Probably won't add that anytime soon, at least not before asking for individual adults' situations (see previous post).  But it's on the list.... ;)

Yeah I only brought it up because I was just reading that pdf from the state before I read this thread and I have 2/3 kids under 5 this year.

MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #11 on: September 19, 2017, 12:43:47 PM »
...but only for children AT LEAST 4 years old by Dec 31.  No idea why young kids don't count.  Age 17 cutoff is same as federal.
...the personal exemption for children under the age of 6 is double the federal personal exemption for South Carolina for 2016 tax year, I doubt they removed that. 
Currently don't ask for individual children's ages (other than asking the number of children who meet various federal cutoffs).  Probably won't add that anytime soon, at least not before asking for individual adults' situations (see previous post).  But it's on the list.... ;)

Yeah I only brought it up because I was just reading that pdf from the state before I read this thread and I have 2/3 kids under 5 this year.
Appears you are more informed than the average bear.  Well done!  We have our own tax spreadsheet containing all our relevant nuances, but it would be much work to generalize it for others.  I don't envy the commercial folks who have to keep up with all the 40-some state income tax regulations - but, they do get paid for it....

McStache

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #12 on: September 19, 2017, 03:48:48 PM »
In MA, you can deduct 50% of your rent up to $6,000 (so a $3,000 max deduction)

MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #13 on: September 19, 2017, 04:02:22 PM »
In MA, you can deduct 50% of your rent up to $6,000 (so a $3,000 max deduction)
Done, thanks.

Rubic

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #14 on: September 20, 2017, 09:34:53 AM »
In Tennessee we don't have a normal income tax (rather a pretty regressive sales tax), but we do have
the Hall Income Tax, applied to all taxable  interest and dividend income over $1250 per person
($2500 for married couples).

Last year (2016) it was reduced from 6% to 5% and is on track to be phased out at 1% per
year.

Personally it had no impact on my retirement plans, but my father was paying the 6% on
about $30K of taxable income, so the phase-out is meaningful to him.

MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #15 on: September 20, 2017, 11:35:44 AM »
In Tennessee we don't have a normal income tax (rather a pretty regressive sales tax), but we do have
the Hall Income Tax, applied to all taxable  interest and dividend income over $1250 per person
($2500 for married couples).

Last year (2016) it was reduced from 6% to 5% and is on track to be phased out at 1% per
year.
Thanks!

Does that mean
- 2017 rate is 4%, and
- deduction is $1250 for single filers, and $2500 for MFJ, regardless of the number of dependents?

Rubic

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #16 on: September 20, 2017, 12:50:46 PM »
In Tennessee we don't have a normal income tax (rather a pretty regressive sales tax), but we do have
the Hall Income Tax, applied to all taxable  interest and dividend income over $1250 per person
($2500 for married couples).

Last year (2016) it was reduced from 6% to 5% and is on track to be phased out at 1% per
year.
Thanks!

Does that mean
- 2017 rate is 4%, and
- deduction is $1250 for single filers, and $2500 for MFJ, regardless of the number of dependents?

Correct.

Also, blind people and people over 65 years old whose total annual income is $37,000 or less
($68,000 for joint filers) are not subject to the Hall income tax.

MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #17 on: September 20, 2017, 01:30:02 PM »
Correct.

Also, blind people and people over 65 years old whose total annual income is $37,000 or less
($68,000 for joint filers) are not subject to the Hall income tax.
Done, thanks - except it treats anything entered as interest or dividends as taxable, notwithstanding the official 9 categories of taxable and 13 categories of non-taxable in that document. ;)

CareCPA

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #18 on: September 20, 2017, 08:56:53 PM »
- Taxable wages include 401k contributions,
and 403b, 457, and tIRA - correct?
Correct. I was using "401k" in the generic sense, not the technical sense.

Quote
since retirement withdrawals are state-tax free (similarly, early distributions are only partially-taxable since you paid income tax on the contributions going in).
Is How do I determine if my IRA withdrawals are subject to PA income tax? accurate enough (it is from 2002...)?
I'll see if I can find anything more recent to double-check
Appears both the above (aside from complications such as withdrawal of both basis and gain before age 59.5) can be handled.  Should be in the next update.  Thanks!

Quote
- Losses from one class cannot offset income in another (i.e. business losses cannot reduce wages).
Unless this is simpler than it looks, it's probably out of scope for what the CSS tries to cover.
Yea, your formula would be dependent on income class and would have to be greater of 0 or taxable income by class

Quote
- We have a very complicated and cumbersome local income tax in addition to state taxes. Rates can vary wildly, and is calculated off the nonresident rate where you work, or the resident rate where you live.
If this could be handled by, say, a single tax rate imposed on the state taxable income, that would be doable.  If the calculation of taxable income itself is complicated and cumbersome, then "out of scope" is the likely answer.
I don't think it's easily implemented. I've moved a couple times in the few years. Some places my local tax rate was 1%,
 some it was 1.5%, and some it was 2%. It's going to be dependent on the school district and township that the individual lives in.
 Plus, taxable income for local purposes is only on "earned" income, so it isn't even the same taxable income as the state calculation.


MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #19 on: September 28, 2017, 01:14:08 AM »
Various suggestions prior to this post have been incorporated in version 9.03. 
« Last Edit: September 28, 2017, 10:02:54 AM by MDM »

secondcor521

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #20 on: September 16, 2018, 08:12:58 PM »
Question:

I'm filing HOH for 2018 for federal, which the spreadsheet supports.  I live in Idaho, and federal HOH means I use the MFJ Idaho tax table.  Is this working properly in the spreadsheet?  I'm not saying it does or doesn't, I'm just saying I'm lazy and don't want to try to decipher the Excel-ese (it's some big OFFSET() with concatenation or something).

Comments:

Idaho passed new lower income tax brackets in effect for 2018 here:

https://legislature.idaho.gov/sessioninfo/billbookmark/?yr=2018&bn=H0463

They also instituted a $205 per kid under 17 nonrefundable credit to account for the change in exemptions in the TCJA.

Thanks!

MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #21 on: September 16, 2018, 08:22:25 PM »
Question:

I'm filing HOH for 2018 for federal, which the spreadsheet supports.  I live in Idaho, and federal HOH means I use the MFJ Idaho tax table.  Is this working properly in the spreadsheet?
Unlikely. :)

No promises, but I'll take a look and see if that and the other items can be accommodated.

terran

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #22 on: September 16, 2018, 08:39:36 PM »
In Arkansas

... Only 1/2 of long term capital gains are taxed. See https://www.dfa.arkansas.gov/images/uploads/incomeTaxOffice/AR1000DCapitalGains.pdf

... Married filing separately is generally advantageous (unless one spouse makes under the $2200 standard deduction) as there is only one set of brackets regardless of filing status. See https://www.dfa.arkansas.gov/images/uploads/incomeTaxOffice/AR1000FFullYearResidentIndIncTaxRet.pdf

... Joint income can be attributed to the primary filer, so making the lower income spouse primary is advantageous as it will expose joint income (such as interest and investment income) to a lower bracket.

secondcor521

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #23 on: September 16, 2018, 08:42:54 PM »
Question:

I'm filing HOH for 2018 for federal, which the spreadsheet supports.  I live in Idaho, and federal HOH means I use the MFJ Idaho tax table.  Is this working properly in the spreadsheet?
Unlikely. :)

No promises, but I'll take a look and see if that and the other items can be accommodated.

Thanks!!

MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #24 on: September 16, 2018, 09:19:36 PM »
In Arkansas

... Only 1/2 of long term capital gains are taxed. See https://www.dfa.arkansas.gov/images/uploads/incomeTaxOffice/AR1000DCapitalGains.pdf
That seems doable.

Quote
... Married filing separately is generally advantageous (unless one spouse makes under the $2200 standard deduction) as there is only one set of brackets regardless of filing status. See https://www.dfa.arkansas.gov/images/uploads/incomeTaxOffice/AR1000FFullYearResidentIndIncTaxRet.pdf

... Joint income can be attributed to the primary filer, so making the lower income spouse primary is advantageous as it will expose joint income (such as interest and investment income) to a lower bracket.
Given the general complexity of MFS, and the relatively few (2% MFS, 48% S, 36% MFJ, and 14% HOH) filing that way, MFS is out of scope - sorry.

MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #25 on: September 16, 2018, 10:25:52 PM »
Idaho and Arkansas calculations modified per above.  See https://forum.mrmoneymustache.com/forum-information-faqs/case-study-spreadsheet-updates/msg2138684/#msg2138684.

If the modifications work, great!  If not, please advise what is incorrect.

terran

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #26 on: September 17, 2018, 05:28:32 AM »
Quote
... Married filing separately is generally advantageous (unless one spouse makes under the $2200 standard deduction) as there is only one set of brackets regardless of filing status. See https://www.dfa.arkansas.gov/images/uploads/incomeTaxOffice/AR1000FFullYearResidentIndIncTaxRet.pdf

... Joint income can be attributed to the primary filer, so making the lower income spouse primary is advantageous as it will expose joint income (such as interest and investment income) to a lower bracket.
Given the general complexity of MFS, and the relatively few (2% MFS, 48% S, 36% MFJ, and 14% HOH) filing that way, MFS is out of scope - sorry.

No worries. As far as those stats Federal MFS and Arkansas state have no bearing on one another though as you can file whichever way you want regardless of federal status. For the Arkansas version your choices are essentially to file MFJ and get a doubled standard deduction but use the same brackets as single, or file as if each person is single, so it just comes down to separating income by who it belongs to and then performing the same calculation for both and adding up the total tax.

MustacheAndaHalf

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #27 on: September 17, 2018, 07:19:18 AM »
Some people plan to move abroad as part of their retirement plan, so you might include "None" or "Foreign Territory" in that list.  Especially if the State Tax tab becomes mandatory.

MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #28 on: September 17, 2018, 09:42:08 AM »
Some people plan to move abroad as part of their retirement plan, so you might include "None" or "Foreign Territory" in that list.  Especially if the State Tax tab becomes mandatory.
Leaving the state name blank will cause $0 for state tax.

secondcor521

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #29 on: September 17, 2018, 02:33:36 PM »
ID state tax calculations look correct (well, ID has weird stuff which isn't accounted for, but for what I pointed out it's right).  Thanks!!

Mkaytn17

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #30 on: June 28, 2019, 11:57:36 AM »
For Georgia, please incorporate the $65,000 exemption for age 65 and older:

Social Security income is exempt, and so is up to $35,000 of most types of retirement income for those age 62 to 64. For those 65 and older, the exemption is $65,000 per taxpayer.

Thank you!

MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #31 on: June 28, 2019, 01:55:26 PM »
For Georgia, please incorporate the $65,000 exemption for age 65 and older:

Social Security income is exempt, and so is up to $35,000 of most types of retirement income for those age 62 to 64. For those 65 and older, the exemption is $65,000 per taxpayer.

Thank you!
That appears doable. 

The SS exemption is already there.

For "most types" would that be both pension and tIRA withdrawals (cells D31 and D32 on the Calculations tab)?  Anything else?

If MFJ, do the $35K/$65K apply individually by age, or by the age of the oldest?

Mkaytn17

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #32 on: June 28, 2019, 02:50:23 PM »

That appears doable. 

The SS exemption is already there.

For "most types" would that be both pension and tIRA withdrawals (cells D31 and D32 on the Calculations tab)?  Anything else?

If MFJ, do the $35K/$65K apply individually by age, or by the age of the oldest?
[/quote]

Here is the most complete answer I could find. I have to admit I find the sentence under Individual Retirement Accounts confusing. Iíll try to find an answer.

2019 UPDATE for 2018 Tax Yead
Does Georgia tax Social Security?
No  The Taxable Social Security and Railroad Retirement amount shown on the Federal return are exempt from Georgia Income Tax. The taxable portion shown on the Federal return is subtracted on schedule 1 of Form 500.
Does Georgia offer any income tax relief for retirees?
Yes. A retirement exclusion is allowed provided the taxpayer is 62 years of age or older, or the taxpayer is totally and permanently disabled. Retirement income includes items such as: interest, dividends, net rentals, capital gains, royalties, pensions, annuities, and the first $4000.00 of earned income. Earned income is income from a trade or business, wages, salaries, tips, or other compensation. Refer to the instruction booklet for the amount of the exclusion and for additional information.
Individual Retirement Accounts.
The provisions concerning taxability and conversion from a traditional IRA to a Roth IRA are the same for Georgia and the Internal Revenue Service.

Georgia does not tax Social Security retirement benefits and provides a deduction of $65,000 per person on all types of retirement income for anyone 64 or older.
The Sick pay (that was mentioned in the opriginal question) on the W-2 would not appear to be relevant to discussion of Retirement Income. The Social Security Disability benefit - that is not clear in Georgia documentation.

For married couples filing joint returns with both members receiving retirement income, the maximum adjustment for that year may be up to twice the individual exclusion amount. Retirement income exceeding the maximum adjustable amount will be taxed at the normal rate.
When calculating Georgia income taxes, both Georgia pensions and out-of-state pensions count as sources of income, which means these funds are subject to taxation. Georgia offers a large retirement exclusion, which allows you to deduct a portion of your retirement income from your taxable income to help lower your tax burden. As of 2015, you can deduct up to $35,000 of retirement income if you are between the ages of 62 and 64 or permanently disabled. At age of 65, you can deduct up to $65,000.
If you are married, both you and your spouse can qualify for this deduction, but you must qualify separately based on age or disability.
Georgia Dept of Revenue: Retirement Income Exclusion
Taxpayers who are 62 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
Income from royalties

Mkaytn17

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #33 on: June 28, 2019, 03:27:24 PM »

For "most types" would that be both pension and tIRA withdrawals (cells D31 and D32 on the Calculations tab)?  Anything else?


Here is the most complete answer I could find. I have to admit I find the sentence under Individual Retirement Accounts confusing. Iíll try to find an answer.


[/quote]

According to my accountant, it does apply to both pension and tIRA withdrawals. Note he also said that for any income reported on a W2, the exemption is limited to $4,000.

MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #34 on: June 28, 2019, 04:50:26 PM »
Quote
For "most types" would that be both pension and tIRA withdrawals (cells D31 and D32 on the Calculations tab)?  Anything else?

Here is the most complete answer I could find. I have to admit I find the sentence under Individual Retirement Accounts confusing. Iíll try to find an answer.

Quote
According to my accountant, it does apply to both pension and tIRA withdrawals. Note he also said that for any income reported on a W2, the exemption is limited to $4,000.
Wow, that's quite the breadth of exclusions!

Still doable, just not right away. ;)

« Last Edit: June 28, 2019, 04:52:59 PM by MDM »

MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #35 on: June 28, 2019, 09:58:34 PM »
For Georgia, please incorporate the $65,000 exemption for age 65 and older:

Social Security income is exempt, and so is up to $35,000 of most types of retirement income for those age 62 to 64. For those 65 and older, the exemption is $65,000 per taxpayer.

Thank you!
Mkaytn17, give the attached a try.  It won't handle all permutations, but perhaps enough?  Let me know....

MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #36 on: July 05, 2019, 12:01:19 PM »
Mkaytn17, give the attached a try.  It won't handle all permutations, but perhaps enough?  Let me know....
@Mkaytn17, I'm assuming no news is good news and will upload the GA changes soon.

Also adding a similar exclusion for up to $20K/person over age 59.5 in NY for pension & IRA income.

Mkaytn17

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #37 on: July 05, 2019, 01:01:01 PM »
So sorry, Iíve been pulling grandma babysitting duties all week and havenít had the opportunity to try it yet. On the other hand, this will be my first attempt with the spreadsheet so Iím not guaranteeing Iíll know whether itís right or wrong!

terran

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #38 on: November 01, 2019, 06:46:00 AM »
@MDM, in another thread you said

If someone knows of a state-by-state description of applicable 529 laws, posting something in State Income Tax calculations - Crowdsourcing request might get some traction....

The table found on the second page here might fit the bill: https://www.blackrock.com/us/individual/literature/brochure/529-plans-and-state-tax-benefits-client-piece-en-us.pdf

Not reflected there is that most states require the contribution to be to that state's 529, but there are a number of states that allow the deduction regardless of the plan used: https://www.savingforcollege.com/article/how-much-is-your-state-s-529-plan-tax-deduction-really-worth

MDM

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Re: State Income Tax calculations - Crowdsourcing request
« Reply #39 on: November 01, 2019, 05:28:09 PM »
@MDM, in another thread you said

If someone knows of a state-by-state description of applicable 529 laws, posting something in State Income Tax calculations - Crowdsourcing request might get some traction....

The table found on the second page here might fit the bill: https://www.blackrock.com/us/individual/literature/brochure/529-plans-and-state-tax-benefits-client-piece-en-us.pdf

Not reflected there is that most states require the contribution to be to that state's 529, but there are a number of states that allow the deduction regardless of the plan used: https://www.savingforcollege.com/article/how-much-is-your-state-s-529-plan-tax-deduction-really-worth
Thanks, that table did make it not too bad an effort.  Not planning to implement some of the exceptional items (e.g., unlimited deduction for age 70+ Virginians; Minnesota's deduction/credit rules; etc.).  Implementation assumes that any 529 contributions one makes go to the state of residence, etc.

Need to run it through the rigorous beta testing process ;) first and will then upload it.