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Georgia Free Printable TSD_Underpayment_Estimated_Tax_by_Individuals_Fiduciary_500UET 7.23.12.p1 for 2024 Georgia Underpayment of Estimated Tax by Individual/Fiduciary

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Underpayment of Estimated Tax by Individual/Fiduciary
TSD_Underpayment_Estimated_Tax_by_Individuals_Fiduciary_500UET 7.23.12.p1

Print Clear 500 UETRev. (06/25/19) Page 1 Underpayment of Estimated Tax by Individuals/Fiduciary Georgia Department of Revenue Taxpayer Services Division YEAR Meets Exception 4 for an estate of a decedent or a testamentary trust (Attach this form to Form 500 or 501) HOW TO FIGURE YOUR UNDERPAYMENT (Complete Lines 1 through 6) YOUR FIRST NAME SOCIAL SECURITY OR I.D. NUMBER LAST NAME 1. Tax (from Form 500 Line 16 or Form 501 Line 8) 1. 2. Credits Used (from Form 500 Line 21 or Form 501 Line 9c) 2. 3. Balance Due (Line 1 less Line 2) 3. 4. Enter 100% of the Immediately Preceding Year’s Tax (return must be for a 12-month period) 4. 5. Enter 70% of the Amount Shown on Line 3 5. 6. Divide amount on Line 4 by the number of installments required for the year (See Instruction B), enter the results in appropriate columns ................ 6. 7. Divide amount on Line 5 by the number of installments required for the year (See Instruction B), enter the results in the appropriate column............. 7. 8. Enter the lesser of Line 6 or Line 7 for each period in the appropriate column ............................................. 8. 9. Amounts paid on estimate for each period and tax withheld (withheld treated equally paid for each quarter).. 9. 10.Overpayment of previous installment (See Instruction E) ......................................................... 10. April,15 20___ DUE DATE OF INSTALLMENTS June,15 20___ Sept. 15, 20 ___ Jan. 15, 20___ 11.Total of Line 9 and Line 10 ............................................ 11. 12. Underpayment (Line 8 less Line 11) or Overpayment (Line 11 less Line 8) ........................... 12. EXCEPTIONS WHICH AVOID THE PENALTY (See Instruction D) (Farmers and fishermen see Instruction G for special exception) 13. Total amount paid and withheld from Jan. 1, through the installment date indicated (withheld treated equally paid for each quarter) 13. 14. Exception 1. —Tax on prior years income using 14. current year rates and exemptions 15. Exception 2. —Tax on annualized current year income ...................................................................... 15. 16. Exception 3. —Tax on current year’s income over 3, 5, 8, month periods ......................................... 16. HOW TO FIGURE THE PENALTY (Complete Lines 17 through 21 for installments not avoided by an exception) 17. Amount of underpayment (from Line 12) .................... 17. 18. Date of payment or April 15, 20_____whichever is earlier (See Instruction F) ....................................... 18. 19. Number of days from due date of installment to date shown on Line 18 ............................................ 19. 20. Penalty (9 percent a year on amount shown on Line 17 for the number of days shown on Line 19)...................... 20. 21. Penalty (Add amounts on Line 20) show this amount in the space provided on Form 500 / 501........ 21. Not Applicable Page 2 Instructions for 500 UET Underpayment of Estimated Tax by Individuals/Fiduciary A. Individual or fiduciary taxpayers may use this form to determine whether income tax was sufficiently paid throughout the year by withholding or by installment payments. If sufficient tax was not paid you may owe a penalty of 9 percent a year on the unpaid amount. This form will help you determine whether you are subject to a penalty, or whether you are excepted from a penalty. Refundable tax credits such as the Timber Tax Credit are treated the same as withholding and should be included with withholding on this form. Purchased Timber Tax Credits are not refundable and should be treated in the same manner as nonrefundable credits. B. FILING AN ESTIMATE AND PAYING THE TAX, CALENDAR YEAR TAXPAYERS. – If you file a return on a calendar year basis and are required to file Form 500ES, you are generally required to file estimated tax by April 15, and to pay tax in four installments. (If you are not required to file estimated tax until later in the year because of change in income or exemptions, you may be required to pay in fewer installments.) The chart below shows the due date for estimated tax, and maximum number of installments. Period Requirements First Met Between Jan. 1 and March 31 Between Apr. 1 and May 31 Between June 1 and August 31 On or after September 1 Due Date of Payment April 15 June 15 Sept. 15 Jan. 15 Maximum Number of Installments Required 4 3 2 1 If any date shown falls on a Saturday, Sunday, or legal holiday, substitute the next regular workday. C. FISCAL YEAR TAXPAYERS. - Fiscal year taxpayers should contact the Department at (1-877-423-6711) for information on the penalty for underpayment of estimated taxes. D. EXCEPTIONS FROM THE PENALTY. – You will not be liable for a penalty if your current year tax payments (amount shown on Line 13) equals or exceeds any amount determined for the same period under the following exception provisions. You may apply a different exception to each underpayment but you must attach a separate computation page. If none of the exceptions apply, complete Lines 17 through 21 to figure your penalty. Exception 1, Tax on Prior Tax Year’s Income Using Current Year’s Rates and Exemptions: This exception applies if your current year’s withheld tax and estimated payments equal or exceed what would have been due on your prior year’s income if you had computed it at the current year’s rates. To determine this exception ,use the personal exemption and tax rates allowed for the current year but use the other facts and the law applicable to your prior year’s return. Exception 2, Tax on Annualized Current Year’s Income: This exception applies if your current year’s tax payments equal or exceed 70 percent of the tax on your annualized taxable income for periods from the first of the year to the end of the month preceding that in which an installment is due. To annualize your taxable income, follow these four steps: a) Figure your adjusted gross income less itemized deductions or standard deduction from the first of your taxable year up to and including the month prior to that in which an installment is due. b) Multiply the result of Step (a) by 12 c) Divide the result of Step (b) by the number of months in your computation period. d) Subtract the deduction for personal exemptions. The result is your annualized taxable income. Example (Joint return, using itemized deductions) 1. 2. 3. 4. 5. 6. 7. 1. 2. 3. 4. 5. 6. Wages received during Jan., Feb., and March ............. Self-employment income during Jan., Feb., and March Adjusted gross income ................................................ Less: Itemized Deductions ........... ............................... Line 3 less Line 4......................................................... Annualized income (8,750.00 x 12 = 105,000 / 3) ...... . Exemption................................................................... 3,500.00 6,000.00 9,500.00 750.00 8,750.00 35,000.00 5,400.00 8. 9. Example (continued) Annualized taxable income .......................................... 29,600.00 Total Income Tax ........................................................ 1,467.00 If your withheld tax and estimated tax payment for the first installment period of the current year was at least 257.00 (70% x 25% x $1,467.00) you do not owe a penalty for that period. Exception 3, Tax on Current Year’s Income over Periods of 3, 5, and 8 Months: This exception applies if your current year’s tax payments equal or exceeds 90 percent of the tax on your taxable income for periods starting from the first of the year to the end of the month preceding that in which an installment is due. To see if this exception applies, figure your taxable income from January 1, of the current year to the end of the month preceding that in which an installment is due. Then compute your tax on that amount as though it represented your taxable income for the current year. Example (Joint return) (1) Computation Period Jan. 1 to March 31 (2) Taxable Income (3) Tax (4) 90 Percent of Tax (5) Tax Withheld or Paid Directly on Installment Dates $0.00 $-0- $-0- $108.99 Jan. 1 to May 31 $1,800.00 $26.00 $23.40 $181.65 Jan. 1 to Aug. 31 $5,800.00 $142.00 $127.80 $290.64 Jan. 1 to Dec. 31 $15,000.00 $628.00 $435.96 Since the amounts in column (5) are greater than those in column (4) for each of the first three computation periods, there is not a penalty for the first three installment periods. However, although the law does not permit the use of exception 3 for the fourth installment period, no penalty is owed for that period because there is no underpayment. The 145.32 tax withheld for that period (435.96 minus 290.64 shown in column 5 above) is more than 70 percent of the tax that would have been due for the fourth installment if the total tax for the year had been spread equally over the four installment periods. Exception 4. Estate of a Decedent or a Testamentary Trust. Estimated tax payments are not required for any taxable year ending before the date two years after the date of the decedent's death for: 1) An estate of a decedent; or 2) A testamentary trust as defined in Section 6654(I)(2)(B) of the Internal Revenue Code. For those estates and testamentary trusts meeting this exception: a) Enter $0 on Line 21 of Form 500 UET and b) Check the “500 UET Exception Attached” box on Form 501. E. LINE 10 OVERPAYMENT. – Apply as a credit against the installment the excess of the total of the amounts on Line 9 of the previous columns over the total of the amounts on Line 8 of the previous columns. If no excess enter zero. F. INSTALLMENT PAYMENTS. – If you made more than one payment for an installment attach a separate computation for each payment. If you filed your return and paid the balance of tax by January 31st of the following year consider the balance paid as of January 15th. G. FARMERS AND FISHERMAN. – If (1) your gross income from farming or fishing is at least two-thirds of your annual gross income and (2) you filed Form 500 / 501 and paid the tax on or before March 1, of the following year you may be exempt from penalties for underpayment of estimated tax. If so, enter $0 on line 21 of Form 500UET and check the "500 UET Exception Attached" box on Form 500 and do not complete rest of this form. If you meet this gross income test but did not file a return or pay the tax when due, compute the penalty on the tax due for the last quarter only by using the following schedule: HOW TO FIGURE THE PENALTY FOR FARMERS AND FISHERMEN (Complete Lines 1 through 6) Enter amount listed on Line 3, Page 1 _____________________________________ Enter 66 2/3% of the amount shown on Line 1 _____________________________________ Amount withheld during current year and amounts paid or credited by January 15 of the following year _____________________________________ Underpayment of Estimated Tax (subtract Line 3 from Line 2) _____________________________________ Number of days from January 15 to date of payment or April 15 whichever is earlier _____________________________________ Penalty (9 percent a year on the amount shown on Line 4, for the number of days shown on Line 5) _____________________________________ Enter the amount of penalty in the space provided on Form 500 / 501 as “Penalty for underpayment of estimated tax,” then increase the balance or decrease the amount “overpaid” accordingly.
Extracted from PDF file 2023-georgia-form-500-uet.pdf, last modified July 2012

More about the Georgia Form 500-UET Individual Income Tax TY 2023

Form 500-UET is used by individuals and fiduciaries to calculate if there was an underpayment of estimated tax

We last updated the Underpayment of Estimated Tax by Individual/Fiduciary in February 2024, so this is the latest version of Form 500-UET, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 500-UET directly from TaxFormFinder. You can print other Georgia tax forms here.

Other Georgia Individual Income Tax Forms:

TaxFormFinder has an additional 30 Georgia income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 500 Individual Income Tax Return
Form G-4 Employee Withholding
Form IT-511 Individual Income Tax Booklet
Form 525-TV Individual Tax Payment Voucher
Form 500-ES Estimated Quarterly Tax Return

Download all GA tax forms View all 31 Georgia Income Tax Forms


Form Sources:

Georgia usually releases forms for the current tax year between January and April. We last updated Georgia Form 500-UET from the Department of Revenue in February 2024.

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About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Georgia Form 500-UET

We have a total of two past-year versions of Form 500-UET in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form 500-UET

TSD_Underpayment_Estimated_Tax_by_Individuals_Fiduciary_500UET 7.23.12.p1

2022 Form 500-UET

TSD_Underpayment_Estimated_Tax_by_Individuals_Fiduciary_500UET 7.23.12.p1


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