Subtractions from Federal Taxable Income

1. Retirement income exclusion for taxpayers 62 years or older and/or taxpayers who are totally and permanently disabled and cannot work at all
2. Interest and dividends on U.S. Government bonds and other U.S. obligations
3. Social Security or Railroad Retirement that is included in Federal adjusted gross income
4. Individual Retirement Account withdrawals where tax has been paid to Georgia because of the difference between Georgia and Federal law for tax years 1981 through 1986
5. 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
6. Depreciation because of differences in Georgia and Federal law in tax years 1981 through 1986
7. Dependents’ unearned income included in parents’ Federal adjusted gross income
8. Income tax refunds from states other than Georgia included in Federal adjusted gross income
9. Income from any fund, program or system which is exempted by Federal law or treaty
10. Teacher’s retirement on contributions paid between July 1, 1987 and December 31, 1989.
11. Employer FICA tax credit claimed on the Federal return