![]() Georgia offers a tax credit for those who buy a single-family home in the state. Eligible Single-Family Residence Tax Credit This credit is nonrefundable, which means the state won’t send you any unused portion of the credit as a tax refund, but you can carry the credit forward until it’s completely claimed. If you receive disaster assistance (such as grants from FEMA or Small Business Administration loans in response to a declared disaster) during the tax year, you can claim a credit of up to $500. You can carry this credit forward for three years. ![]() If a permanently disabled person retrofits an existing single-family home with accessibility features, they can claim a credit of up to $125. Disabled Person Home Purchase or Retrofit CreditĪ permanently disabled person who buys a single-family home with accessibility features (such as a no-step entrance, for example) can claim a credit of up to $500. The state credit is worth 30% of the credit claimed on your federal income tax return. If you have dependents, you can claim this credit for qualified child and dependent care expenses, such as money spent for care outside of your home. Georgia State Income Tax Credits Child and Dependent Care Expense Credit The exemption is $2,700 for single filers, heads of households or qualifying surviving spouses $7,400 for married couples filing jointly $3,700 for married couples filing separately and $3,000 per qualifying dependent. The state of Georgia has personal exemptions to lower your tax bill further. Generally, if you itemize your deductions on your federal return, you must itemize them on your Georgia return. For people who are blind or have reached the age of 65, there is an additional standard deduction of $1,300. The 2022 standard deduction allows taxpayers to reduce their taxable income by $5,400 for single filers, widowed spouses and heads of household, $3,550 for married taxpayers filing separately and $7,100 for married taxpayers filing jointly. The state of Georgia offers standard and itemized deductions for taxpayers. Income Tax Deductions for Georgia Standard Deduction Here is a list of our partners who offer products that we have affiliate links for. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. Second, we also include links to advertisers' offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers' offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective.
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