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Form Publication 915 for Georgia: What You Should Know
The tax year to which these payments relate is from 2023 through 2021. Any of your payments before the due date described above are not income for the tax year in which these payments are made to you. When filing your tax return, the amount of any Social Security benefits or other tax-exempt income in excess of 4,000 is not taxable as long as it is not included in the “base year” (2017) income. However, the amount of any such income must be included in your taxable income in each of the following years. Social Security Benefits. If you are a resident of, or a U.S. citizen living, in Georgia you cannot deduct any benefits that you receive that are more than your 4,000 base year limit. Payable to you at any time during the year. The base year limit is 4,000. (Exceptions for the Social Security Benefits Rule apply.) Other benefits. If you receive such benefits as a member of the armed forces, you may deduct the value of those benefits (up to the base year limit of 4,000) as income. When you receive retirement income from a plan, or from an IRA, you may deduct a portion of your qualified distributions; however, you will reduce your tax liability under the Social Security Tax Act by any portion of your distributions treated as other income, such as from a retirement plan, or from a private plan. Other pay or allowance from an employer. You can deduct reasonable compensation for services you render as an employee or as an independent contractor, for certain services performed in connection with a trade or business. You can also deduct reasonable travel expenses, as well as meal or lodging expenses, to and from your job on business days, as long as such expenses are for the purpose of earning additional income for your business. Other income, such as income from a retirement plan. You can generally deduct contributions you make to a retirement plan, such as an annuity. You can also deduct the value of any interest and other income, such as capital gains from the sale of stock in your employer's stock (and other qualified dividends). If you are also self-employed in a profession. However, you may only deduct your self-employment income and the income received from your investment partnership. If you are part of a joint partnership with business income from other partners, then your deductions under IRC §1.446/10 are limited to your own income.
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