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Georgia Free Printable  for 2024 Georgia Fiduciary Income Tax Return

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Fiduciary Income Tax Return
Form 501

PRINT HELP RESET Georgia Form 501 ( Rev. 08/11/23) Fiduciary Income Tax Return 2023 (Approved web version) Department Use Only Page 1 Fiscal Year Beginning Fiscal Year Ending Change in Trust or Estate Name Grantor Trust Change in Fiduciary Trust is a Qualified Funeral Trust Change of Address Estate is a Bankruptcy Estate 500 UET Exception Attached Enter your Residency Status with the appropriate number 1. Full-Year 2. Part Year _______________________ to ___________________ 3. Nonresident A. Federal Employer ID No. Name of Estate or Trust B. Date of Decedent’s Death Name of Fiduciary Date of Creation of Trust Title of Fiduciary (Apt., Suite or Building Number) C. Address of Fiduciary (Number and Street) City Telephone No. State Zip Code Country Schedule 1 - Computation of Tax 1. Income of fiduciary (Adjusted total income from attached Form 1041)............................. 1. 2. Adjustments: (List of all items in Schedule 2, Page 3)...................................................... 2. 0 3. Total (Net total of Lines 1 and 2) ................................................................................... 3. 0 4. Beneficiaries’ Share of Income (Total of Schedule 3)....................................................... 4. 0 5. Balance (Line 3 less Line 4)............................................................................................ 5. 0 6. Exemptions: 6. 0 7a. 0 6a. Trust $1350 6b. Estate $2700 ................................................ 7a. Georgia Taxable Income before GA NOL (Line 5 less Line 6 or Line 14, Schedule 4)... 7b. Georgia NOL utilized (cannot exceed Line 7a or the amount after applying the 80% limitation, see instructions for more information)............................................................ 7b. 7c. Net taxable income of fiduciary (Line 7a less Line 7b).................................................... 7c. 0 8. Total tax............................................................................................................................. 9. Credits used 9a. Other state(s) tax credit used (Include a copy of the other state(s) tax return)....................................................................... 8. 0 9a. 9b. Schedule 5 (credits cannot be claimed unless filed electronically) 9b. 9c. Total Credits used (9a plus 9b cannot exceed Line 8)........................ 9c. 10. Tax less credits used (Net total of Line 8 less Line 9c, if 0 or less, enter 0).............. 10. 0 Georgia Form 501 Fiduciary Income Tax Return (Approved web version) TAXPAYER’S FEIN Page 2 Schedule 1- Computation of Tax (continued) 11. 11a. Georgia Estimated Tax Paid...................................................................... 11a. 11b. Georgia Tax Withheld (G2-A, G2-LP and/or G2-RP) ................................. 11b. 11c. Schedule 5B Refundable Tax Credits........................................................ 11c. (Cannot be claimed unless filed electronically) 11d. Total (Add Lines 11a, 11b and 11c)............................................................ 11d. 0 12. Balance of tax due. If Line 10 exceeds Line 11d, enter Line 10 less Line 11d.............. 12. 13. Overpayment. If Line 11d exceeds Line 10, enter Line 11d less Line 10....................... 13. 0 14. Amount from Line 13 to be credited to next year’s estimated tax.................................... 14. 15. Interest............................................................................................................................ 15. 16. Late payment penalty ................................................................................................... 16. 17. Late filing penalty ......................................................................................................... 17. 18. Penalty for underpayment of estimated tax (UET) ......................................................... 18. 19. (If you owe) Add Lines 12, 15 thru 18. Make check payable to Georgia Department of Revenue. 19. 20. (If you are due a refund) Subtract the sum of Lines 14 thru 18 from Line 13. This is your refund. 20. 0 Mail To: Georgia Department of Revenue Processing Center PO Box 740316 Atlanta, Georgia 30374-0316 Direct Deposit Options 20a. Direct Deposit (For U.S. Accounts Only) Type: Checking Routing Number Savings Account Number See Instructions in the IT-511 booklet for further details. If you do not enter Direct Deposit information or if you are a first time filer you will be issued a paper check. DECLARATION: I/We declare under the penalties of perjury that I/we have examined this return (including accompanying schedules and statements) and to the best of my/our knowledge and belief, it is true, correct, and complete. If prepared by a person other than the taxpayer, this declaration is based on all information of which the preparer has knowledge. SIGNATURE OF FIDUCIARY DATE PHONE NUMBER By providing my e-mail address I am authorizing the Georgia Department of Revenue to electronically notify me at the below e-mail address regarding any updates to my account(s). Check the box to authorize the Georgia Department of Revenue to discuss the contents of this return with the named preparer. FIDUCIARY E-MAIL ADDRESS SIGNATURE OF PREPARER OTHER THAN FIDUCIARY DATE NAME OF PREPARER OTHER THAN FIDUCIARY PHONE NUMBER PREPARER’S IDENTIFICATION NUMBER THE FIDUCIARY MUST ATTACH TO THIS RETURN A COPY OF ITS FEDERAL RETURN AND SUPPORTING SCHEDULES Georgia Form 501 Fiduciary Income Tax Return (Approved web version) TAXPAYER’S FEIN Page 3 Schedule 2 - Adjustments to Income ADDITIONS 1. Municipal bond interest - Other states............................................................................... 1. 2. Income tax deduction other than Georgia......................................................................... 2. 3. Expense allocable to exempt income (Other than U.S. obligations)................................. 3. 4. Net operating loss carryover deducted on the Federal return .......................................... 4. 5. Other ................................................. 5. 6. TOTAL ADDITIONS........................................................................................................................................ 6. 0 SUBTRACTIONS 7. Interest - U.S. Government Obligations (Must be reduced by direct and indirect interest expense). 7. 8. Income Tax Refund other than Georgia............................................................................ 8. 9. Reserved 9. 10. Other ............................................... 10. 11. TOTAL SUBTRACTIONS................................................................................................................................ 11. 0 12. NET ADJUSTMENT: Total additions less total subtractions. (Enter here and on Line 2, Schedule 1 or Schedule 4, Line 7)....... 12. 0 Schedule 3 - Beneficiaries’ Share of Income (For each Beneficiary complete Name, Address, City, State, ZIP, Country, ID Number and Share of Income) Name A Name Name ZIP ID Number Country Share of Income State ZIP ID Number Country Share of Income Address City D State Address City C Share of Income Address City B ID Number State ZIP Enter total (Including additional Beneficiaries’ Share of Income from attached schedule). Enter here and on Line 4, Schedule 1 or Line 12, Schedule 4 Country Georgia Form 501 Fiduciary Income Tax Return (Approved web version) TAXPAYER’S FEIN Page 4 Schedule 4 - Computation of Georgia Taxable Income For Part Year and Nonresident Fiduciary Enter your Residency Status with the appropriate number.......................... (ROUND TO NEAREST DOLLAR) Part Year Resident to Total Income From All Sources Column A 1. Interest Income ..................................................................... 1. 2. Dividend Income .................................................................... 2. 3. Business Income or (loss) ..................................................... 3. 4. Other Income or (loss) .......................................................... 4. 5. Total Income (Add Lines 1 through 4).................................... 5. 6. Total deductions used in arriving at Adjusted Total Income from Form 1041 ..................................................................... 6. 7. Net Adjustments from Schedule 2 ......................................... 7. 8. Total (Line 5 minus Line 6 plus or minus Line 7) ................... 8. 9. Ratio: Divide Line 8 Col. B by Line 8 Col. A (% cannot be negative and cannot exceed 100%) Enter percentage here .................................................................... 9. 10. Exemptions: (Trusts $1350, Estates $2700) ........................................................... 10. 11. Part Year/Nonresident exemption (Multiply Line 9 by Line 10) ............................... 11. 12. Beneficiaries share of GA income from Schedule 3................................................. 12. 13. Total Deductions (Add Lines 11 and 12) ................................................................. 13. 14. Georgia taxable income before GA NOL (Line 8 Col. B less Line 13). Enter here and on Form 501 Line 7a. ..................................................... 14. Georgia Source Income Column B 501 Georgia Form Fiduciary Income Tax Return (Approved web version) TAXPAYER’S FEIN Page 5 Schedule 5- Credit Usage and Carryover (ROUND TO NEAREST DOLLAR) TO CLAIM SCHEDULE 5 TAX CREDITS YOU MUST FILE ELECTRONICALLY 501 Georgia Form Fiduciary Income Tax Return (Approved web version) TAXPAYER’S FEIN SCHEDULE 5B Page 6 Schedule 5B Refundable Tax Credits (ROUND TO NEAREST DOLLAR) TO CLAIM SCHEDULE 5 TAX CREDITS YOU MUST FILE ELECTRONICALLY 501 Georgia Form Fiduciary Income Tax Return (Approved web version) TAXPAYER’S FEIN Page 7 Schedule 6- Credit Allocation to Beneficiaries (ROUND TO NEAREST DOLLAR) TO CLAIM SCHEDULE 5 TAX CREDITS YOU MUST FILE ELECTRONICALLY PRINT RESET SCHEDULE 7 F Fiduciary Income Tax Return (Rev. 08/11/23) (Approved web version) Page 8 CASUALTY LOSS $ ________________ $ ________________ FARM LOSS INSURANCE LOSS (2 2) YEAR TOTAL LOSS(ES): (2 2) YEAR $ ________________ $ ________________ 0 $ ________________ 1. Enter your taxable income from Form 501, Line 7a......................................................................................... 2. Total Distributions (Charitable and Income Distribution Deductions)................................................................ 3. Current Year Net Loss (Add Line 1 and Line 2)........................................................................................... 4. Exemptions claimed .................................................................................................................................... 5. Nonbusiness Capital losses before limitation. Enter as a positive number................................................. 6. Total nonbusiness apital gains (without regard to I.R.C. Section 1202 exclusion).......................................... 7. If Line 5 is more than Line 6, enter the difference; otherwise enter zero.................................................................. 8. If Line 6 is more than Line 5, enter the difference; otherwise enter zero.......................................................... 9. Nonbusiness deductions.............................................................................................................................. 10. Nonbusiness income other than Capital gains........................................................................................................ 11. Add Lines 9 and 10....................................................................................................................................... 12. Excess nonbusiness deductions (Line 9 less Line 11. If less than zero, enter zero)............................................ 13. Excess nonbusiness income (Line 11 less Line 9. If less than zero, enter zero. Cannot exceed line 8)...... 14. Total business Capital losses before limitation. Enter as a positive number................................................... 15.. Total business Capital gains (without regard to I.R.C. section 1202 exclusion) .............................................. 16. Add Lines 13 and 15............................................................................................................................................... 17. If Line 14 is more than Line 16, enter the difference; otherwise enter zero............................................................ 18. Add Lines 7 and 17............................................................................................................................................... 19. Enter your et apital oss before the $3,000 ederal limitation................................................................. 20. I.R.C. section 1202 exclusion (50% exclusion for gain from certain small business stock)................................. 21. Line 19 less Line 20. If less than zero, enter zero................................................................................................. 22. Enter your et Capital Loss after the $3,000 Federal limitations................................................................ 23. Excess Capital losses (Line 21 less Line 22)............................................................................................... .. 24. If Line 22 is more than Line 21, enter the difference. If less than zero, enter zero................................................. 25. Capital loss add back (Line 18 less Line 23). If less than zero, enter zero........................................................ 26. Net perating oss carryovers from other years Enter as a positive number.............................................. 27. Add Lines 4, 12, 20, 24, 25 and 26................................................................................................................ 28. Loss amount. Combine Lines 3 and 27....................................................................................................... 29. IRC Section 461(l) loss eligible to be carried forward only. Enter as a negative.......................................... 30. Total Loss. Line 28 (if Line 28 is a negative) and Line 29. (Enter here and above on the amount line for Total Loss : Portion)..................................................... 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. If no, complete Part II and attach a copy of Federal Form 1045. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 501 Fiduciary Income Tax Return (Approved web version) Page 9 NOL YEAR ENDED ______________________ Return as filed or liability as last determined YEAR ENDED ______________________ Liability after application of carry-back Return as filed or liability as last determined Liability after application of carry-back 1. Federal adjusted gross income. (exclude Federal NOL) 2. Georgia adjustments. See instructions. 3. Net operating loss. See instructions. 4. Georgia adjusted gross income. Net total of Lines 1, 2 and 3. 5. 6. Line 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 . See instructions. Line . 7. Exemptions. See instructions. 8. Taxable income. Line Line . 9. Income Tax. 10. Credits. See instructions. 11. Tax after credits. Line Line . 12. Enter Line 11 column (b) (d) 0 0 13. Decrease in tax. Line 11 less Line 12. 0 0 Dos and Don’ts Checklist for the Individual/Fiduciary (525-TV) Payment Voucher Payments can be made electronically on the Georgia Tax Center (GTC) gtc.dor.ga.gov/ . Do: Use a payment voucher with a valid scanline. Only complete this voucher if you owe taxes. Complete the voucher in its entirety. Write your SSN or FEIN on your check or money order. Make your check or money order payable to: Georgia Department of Revenue Remember if the due date falls on a weekend or holiday, the tax shall be due on the next day that is not a weekend or holiday. Mail your voucher and payment to the address listed below if your return was filed electronically. Processing Center Georgia Department of Revenue P O Box 740323 Atlanta, Georgia 30374-0323 Mail your return, payment voucher and payment to the address that appears on the return if filing a paper return. Do not: Mail this entire page. Staple your payment and voucher together. Print on both sides of the paper. Handwrite any information. Georgia Public Revenue Code Section 48-2-31 stipulates that taxes shall be paid in lawful money of the United States, free of any expense to the State of Georgia. Print Clear Cut along dotted line 525-TV (Rev. 06/05/23) Individual or Fiduciary Name and Address: Individual and Fiduciary Payment Voucher Amended Return Taxpayer’s SSN or Fiduciary FEIN Paper Return Electronically Filed Spouse’s SSN (if joint or combined return) Tax Year Type of Return: [X]10-FIDUCIARY Daytime Telephone Number PLEASE DO NOT STAPLE. REMOVE ALL CHECK STUBS. PROCESSING CENTER GEORGIA DEPARTMENT OF REVENUE PO BOX 740323 ATLANTA GA 30374-0323 52500023101220000000000000004000000000000 Amount Paid $ Vendor Code 040 Page 10 501 INSTRUCTIONS Federal Tax Changes, New Legislation, and other Policy Information the Form 500-NOL . Please see the schedule at the top of Page 4 of are available via the Department’s website dor.georgia.gov/taxes/ the Form 500-NOL and the related instructions on Form 500-NOL. tax-rules-and-policies. Net operating losses (NOLs) for tax years 2018 and later that are Every resident and nonresident fiduciary having income from applied to Georgia income cannot exceed 80% of Georgia income sources within Georgia or managing funds or property for the benefit before NOLs. Use the schedule below to compute the net operating of a resident of this state is required to file a Georgia income tax losses that can be used in the current year. return on Form 501 (see our website for information regarding the U.S. Supreme Court Kaestner Decision). 1. Returns are required to be filed by the 15th day of the 4th month following the close of the taxable year. The due date for a calendar year 2023 fiduciary is April 15, 2024. 2. NOL carry forward available for current year from years before 2018 NOL carry forward available for current year from years 2018 and later SPECIFIC INSTRUCTIONS 3. If you are a Trust which is a Qualified Funeral Trust or an Estate which is a Bankruptcy Estate, please check the appropriate box on Page 1, fill in the correct tax on Line 8 and attach supporting 4. documentation. Income before GA NOL (Line 7a of Form 501, Schedule 1 or 501X, Schedule 1) NOL from line 1 applied to current year Grantor Trust Instructions. If the taxpayer is a grantor trust, in 5. NOL from line 2 applied to current year addition to checking the Grantor Trust box on page 1 of the return, (cannot exceed 80% of Line 3) the grantor trust should attach to the return the schedule which 6. Total NOL applied – add Lines 4 and 5, shows the activity (as they do for Federal purposes), leave the rest also enter on Line 7b of Form 501, Schedule 1 or of the return blank except when the grantor trust generates credits or has credits assigned, allocated, or transferred to it. In this case, 501X, Schedule 1. Schedule 5 and Schedule 5B (if applicable) should be completed. Schedule 6 should be used to transfer the credit to the owner of the Line 8 grantor trust. This is necessary so that the returns can be Compute the total income tax on the amount shown on Line 7c processed and the credits flow to the proper taxpayer. Partial from the following tax rate schedule and enter on Line 8. grantor trusts should not check the grantor trust box. Full Year Resident - If the fiduciary is a full-year resident, enter the number 1 for the residency status. Part-year/ Nonresident Fiduciary - If the fiduciary is a part-year resident, enter number 2 and the dates of part-year residency. If the fiduciary is a nonresident, enter the number 3. Lines 1 through 5 of Schedule 1 should be left blank. Mark the Trust or Estate exemption checkbox on Line 6. Schedule 4 must be completed for a Part-Year/Nonresident Fiduciary. Schedule 1 Line 1: Enter Adjusted total income (the amount of gross income less the itemized deductions shown on the Federal Form 1041). Line 2: Enter the net adjustment from Schedule 2. Line 4: Enter the total portion of income distributable to all beneficiaries as listed in Schedule 3. Line 6: Enter the exemption: Trusts $1,350, Estates $2,700. Line 7a: Enter the Georgia taxable income before the GA NOL. Line 7b: Georgia NOL Utilized If the amount on Line 7 is Over But Not Over $ 750 Amount of Tax is Of Excess Over 1% $ 750 $ 2250 $ 8.00 + 2% $ 750 $ 2250 $ 3750 $ 38.00 + 3% $ 2250 $ 3750 $ 5250 $ 83.00 + 4% $ 3750 $ 5250 $ 7000 $ 143.00 + 5% $ 5250 $ 230.00 + 5.75% $ 7000 $ 7000 Line 9 All credits, except the credit for income tax paid to another state, should be listed on a separate Schedule 5 and the total amount from Line 13 of all Schedule 5s should be listed on Line 9b of Schedule 1. For the other states tax credit include a copy of the other state(s)’ return. Please use the attached worksheet to compute the other state(s) tax credit. A return is required to be electronically filed if the return generates, claims, utilizes, or includes Georgia did not adopt the revised net operating loss provisions in the in any manner a series 100 tax credit claimed on Schedule 5 or 5B 2020 CARES Act and the modification to the Code Section 461(l) (see page 11). limitation in the 2020 CARES Act. As such: Enter the information as specified on each line of Schedule 5 and •For losses incurred in taxable years ending after December 31, 2017, 5B. Please see the Tax Credit Summaries on the Department’s there is no carryback and unlimited carryforward of net operating losses website (dor.georgia.gov/tax-credit-summaries) for more information regarding Line 11 credits that can be sold. and there is a 2-year carryback for farming losses. • For losses incurred in taxable years beginning on or after January 1, 2018, there is an 80% limitation on the usage of net operating losses Line 11b (the 80% limitation is based on Georgia taxable net income). The 80% Enter the credit for nonresident withholding on distributions from limitation does not apply to certain insurance company net operating pass through entities and sale of property by nonresidents. See O.C.G.A. Sections 48-7-128 and 48-7-129. Include a copy of G2losses. • The I.R.C. Section 461(l) adjustment (limitation on losses for non- RP or G2-A or the closing statement showing the amount corporate taxpayers) is required in the same manner as was required withheld. The amount withheld from a G2-LP should also be included in the amount on Line 11b. before the CARES Act. Georgia net operating loss (NOL) carryover from previous years. Line 11c Please note that before determining how much NOL can be carried from the previous year to the current year, the income from the previous Enter the amount of refundable tax credits. These credits must be filed electronically. year must be recomputed using the schedule at the top of Page 4 of Page 11 501 INSTRUCTIONS Schedule 2 Georgia taxable income of a fiduciary is its Federal adjusted total income with certain adjustments as provided in Code Section 48- 727. List all additions and all subtractions in the appropriate sections of Schedule 2. The more common adjustments are shown. ADDITIONS: Interest on State and Municipal bonds other than Georgia and its political subdivisions. Any income tax claimed as a deduction on Form 1041 other than Georgia. Fiduciary fee and other expense allocable to income exempt from Georgia tax (other than U.S. obligations). SUBTRACTIONS: Interest and dividends on U.S. Government bonds and other U.S. obligations. U.S. obligation income must be reduced by direct and indirect interest expense. To arrive at this reduction, the total interest expense is multiplied by a fraction, the numerator of which is the taxpayers average adjusted basis of the U.S. obligations, and the denominator of which is the average adjusted basis of all assets of the taxpayer. NOTE: Interest received from the Federal National Mortgage Association (FNMA), Government National Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC), and interest derived from repurchase agreements are not considered to be obligations of the United States and are taxable. Federally taxable interest on “Build America Bonds” and other Georgia municipal interest for which there is a special exemption under Georgia law. “Recovery Zone Economic Development Bonds” under Section 1400U-2 of the Internal Revenue Code or any other bond treated as a “Qualified Bond” under Section 6431(f) of the Internal Revenue Code are considered “Build America Bonds” for this purpose. Income Tax refunds included as income on Form 1041 other than Georgia. Enter the total adjustments on the indicated line of Schedule 2 and on Line 2, Schedule 1. See Georgia Code Section 48-7-27 for additional adjustments. Schedule 3 If there are more than 3 beneficiaries, attach a list showing the same information for each. The total of Schedule 3 must be the same as the amount on Line 4, Schedule 1. Schedule 4: Part Year and Nonresident Fiduciary Instructions Part year residents and nonresidents who receive income from Georgia sources are required to file Georgia Form 501 and complete Form 501 Schedule 4 to calculate Georgia taxable income. Note: Include copies of the federal return and schedules with your Georgia 501 return. Enter the number 2 or 3 for the residency status on Page 1 of the Form 501. If 2 is entered, enter the dates of part-year residency. Schedule 4: Part Year and Nonresident Fiduciary Instructions (continued) Lines 1 - 4, Column A: List your income as if you were a Georgia resident. Lines 1 - 4, Column B: List your Georgia source income. Line 5, Columns A and B: Enter the total of lines 1 - 4 in Columns A and B. Line 6, Column A: List total deductions used in arriving at Adjusted Total Income from your federal Form 1041. Line 6, Column B: List deductions used in arriving at Adjusted Total Income from your federal Form 1041 that relate to the Georgia source income. Line 7, Column A: List total net adjustments from Schedule 2. Line 7, Column B: List net adjustments from Schedule 2 that relate to the Georgia source income. Line 8, Columns A and B: Enter Line 5 minus Line 6 plus or minus Line 7. Line 9: Divide Line 8, Column B by Line 8, Column A to calculate the ratio of Georgia source income to the total income. The ratio percentage cannot be less than 0 and cannot exceed 100%. Line 10: Enter the exemption amount as indicated below: Trust .........$1,350 Estates ........... $2,700 Line 11: Multiply line 9 by line 10. Line 12: Enter beneficiaries share of Georgia income from Schedule 3(D). Line 13: Enter Line 11 plus Line 12 Line 14: Enter Line 8, Column B less Line 13. This is your Georgia taxable income before Georgia Net Operating Loss. Enter here and on Schedule 1, Line 7a. Use the income on Schedule 1, Line 7c to determine your tax and enter on Schedule 1, Line 8. Schedule 5, Schedule 5B and Schedule 6 Credits are from the Fiduciary or from the ownership of an S Corp., LLC, LLP, or Partnership interest. If credits are claimed on Schedule 5 or 5B the return must be filed electronically. Net Operating Loss Application (NOL) Schedule 7: 501 Net Operating Loss Instructions - 2023 tax years and forward What is a Net Operating Loss (NOL)? If your deductions for the year are more than your income for the year, you may have a net operating loss (NOL). Types of Net Operating Loss (NOL): For tax years beginning on or after January 1, 2018, select the type of NOL. Normal Loss: A Normal loss can only be carried forward until exhausted. Insurance Loss (2) year: An Insurance Loss can be carried back 2 years and carried forward for 20 years or until exhausted. Casualty Loss: A loss resulting from any sudden, unexpected, or unusual event such as a natural disaster or civil disturbance in Georgia. A casualty loss can be carried forward until exhausted. Farm Loss (2) Year: A Farm Loss can be carried back 2 years. A Farm Loss can be carried forward indefinitely or until exhausted. General Instructions A Georgia Net Operating Loss (NOL) must be computed separately from any Federal NOL. It is possible to have a Federal NOL, but not a Georgia NOL. In computing the Georgia NOL only amounts attributable to Georgia can be used. The Schedule 7 must be completed and filed with the 501/501X return, no later than 3 years from the due date of the loss year income tax return, including any extensions which have been granted. Net operating losses (NOLs) for tax years 2018 and later that are applied to Georgia income cannot exceed 80% of Georgia income before NOLs. Use the Schedule 7, Part I to compute the net operating losses that can be used in the following year. *Note: For taxable years beginning on or after January 1, 2023, use the Schedule 7 Net Operating Loss Application to compute the Fiduciary net operating loss. For taxable years prior to tax year 2022, use the Form 500-NOL return to compute the net operating loss. Within 90 days from the last day of the month in which this form is filed, the Commissioner of Revenue shall make a limited examination of the form and disallow without further action any form containing errors of computation not correctable or having material omissions. A decrease of tax determined for prior years will first be credited against any unpaid tax and any remaining balance will be refunded to the taxpayer without interest within the 90-day period. **Note: The Schedule 7 shall constitute a claim for credit or refund. If the commissioner should determine that the amount credited or refunded by an application is in excess of the amount properly attributable to the carryback with respect to which such amount was credited or refunded, the commissioner may assess the amount of the excess as a deficiency as if it were due to a mathematical error appearing on the face of the return. For additional Net Operating Loss information see Rules & Regulations What must be attached when claiming an NOL: 1. Copy of Federal return (1041) for the loss year that includes pages 1 and 2, Schedules 1, A, D, E, or F. 2. Copy of Federal returns (1041) for the carryback years that includes pages 1 and 2, Schedule 1 and Schedule A and any schedules that were recalculated in carryback year. 3. Copy of Georgia returns for the carryback or carryforwards years. A copy of Federal Form 1045 should be included for carryback. Page 12 Be sure to attach all required forms listed above and complete all Lines of the Schedule 7 that apply. Otherwise, your application may be disallowed. Determine whether you have a Georgia NOL and its amount: Complete the Schedule 7, Net Operating Loss Application. If Line 30 is zero or more, you do not qualify for a Georgia NOL. How to calculate an NOL: Please see Schedule 7, Part I Computation Instructions. When and how to use an NOL Carryback: The carryback period may be waived and the NOL carried forward. Election: A taxpayer is bound by the Federal election to forego the carryback period. A copy of this election should be attached to the Georgia return. If there is a Georgia NOL but no Federal NOL, the taxpayer may make an election “for Georgia purposes only” under the same rules and restrictions as the Federal election. The Schedule 7 should be attached and completed even when the carryback period is foregone. How to claim an NOL: The NOL can be taken in future years or carried back to previous tax years. Example: A taxpayer has a large Net Operating Loss in 2017 (both Federal and Georgia). With his timely filed Federal return, he includes a statement that he elects to forgo the carryback period. He must therefore carry his Georgia (as well as his Federal) NOL forward without first carrying it back. Any portion not absorbed after 20 years is lost. Losses generated 2018 and forward can be used until exhausted, with the exception of insurance losses. Line 5- Enter as a positive number any Nonbusiness Capital losses before limitation. (Federal form). Carryback an NOL to a previous year: Schedule 7, page 9 carryback schedule should be left blank when not trying to carryback. A net operating loss carryback adjustment must be filed on Schedule 7, page 9 for a fiduciary taxpayer that desires a refund of taxes afforded by carryback of a net operating loss. Do not file a 501X return for prior years to apply the carryback of an NOL. Generally, a net operating loss must be carried back (if applicable) and forward in the procedural sequence of taxable periods provided by section 172 of the Internal Revenue Code of 1986, as defined in Code Section 48-1-2. For taxable years ending on or before December 31, 2017, generally the carryback period is 2 years (with special rules for farmers (5 years), casualty losses (3 years); specified liability loss (10 years), small business loss attributable to federally declared disasters (3 years); etc.) For losses incurred in taxable years ending after December 31, 2017, there is no carryback (with a 2 year carryback for farmers) and unlimited carryover. Insurance Loss has a 2 year carryback, with a 20 year carryforward limitation. Also, Georgia does not follow the following provisions: • Special carryback rules enacted in 2009. • Special rules relating to Gulf Opportunity Zone public utility casualty losses, I.R.C. Section 1400N(j). • 5 year carryback of NOLs attributable to Gulf Opportunity Zone losses, I.R.C. Section 1400N(k). • 5 year carryback of certain disaster losses, I.R.C. Sections 172(b) (1)(j) and 172(j). • The election to deduct public utility property losses attributable to May 4, 2007 Kansas storms and tornadoes in the fifth tax year before the year of the loss, I.R.C. Section 1400N(o). • For losses incurred in taxable years ending after 12/31/2017 Georgia follows the CARES Act federal law relating to no carryback and unlimited carryforward of net operating losses and also adopts the 2-year carryback for farming losses and the 2year carryback and 20-year carryforward for certain insurance company net operating losses. • Georgia has adopted all of the CARES Act for taxable years beginning on or after January 1, 2019 but did not adopt the revised net operating loss provisions in the CARES Act and the modification to the Code Section 461(l) limitation in the CARES Act. The NOL cannot be taken in the loss year. The loss year is the year in which the NOL occurred. Schedule 7, Part I: Computation Instructions Line 1- Enter amount from Form 501/501X, Line 7a. Line 2- Enter Total Distributions (Charitable and Income Distributions Deductions). Line 3- Current Year Net Loss, add Line 1 and Line 2. Line 4- Exemptions. Enter as a positive amount from Form 501/501X Line 6, for part year and nonresident filers use Schedule 4, Line 11. Line 6- Enter total Nonbusiness capital gains ( without regard to I.R.C Section 1202 exclusion) (Federal form). Line 7- If Line 5 is more that Line 6, enter the difference; otherwise enter zero. Line 8- If Line 6 is more than Line 5, enter the difference; otherwise enter zero. Line 9- Enter Nonbusiness deductions. (Federal form). Line 10- Enter Nonbusiness income other than Capital gains. (Federal form). Line 11- Add Line 9 and Line 10. Line 12- Excess nonbusiness deductions, Line 9 less Line 11. If less than zero, enter zero. Line 13- Excess nonbusiness income, Line 11 less Line 9. If less than zero, enter zero. Cannot exceed line. Line 14- Enter total business Capital losses before limitation, enter as a positive number. Line 15- Enter total business Capital gains (without regard to I.R.C Section 1202). Line 16- Add Line 13 and Line 15. Line 17- If Line 14 is more than Line 16, enter the difference; otherwise enter zero. Line 18- Add Line 7 and Line 17. Line 19- Net Capital Loss before the $3,000 federal limitation. Enter as a positive number. Line 20- Enter I.R.C. section 1202 exclusion (50% exclusion for gain from certain small business stock). Line 21- Line 19 less Line 20. If less than zero, enter zero. Line 22- Enter your Net Capital loss after the $3,000 Federal limitation. Enter as a positive number. Line 23- Enter excess Capital losses (Line 21 less Line 22). If less than zero, enter zero. Page 13 Line 24- If Line 22 is more than Line 21, enter the difference. If less than zero, enter zero. Line 25- Capital loss add back. Line 18 less Line 23. If less than zero, enter zero. Line 26- Enter Net operating loss carryovers from other years. Enter as a positive number. Line 27- Add Lines 4, 12, 20, 24, 25 and 26. Line 28- Total Loss. Add Line 3 and Line 27. Line 29- Enter IRC Section 461(l) loss eligible to be carried forward only. Enter as a negative. Line 30- Total Loss. Add Line 28 (if Line 28 is a negative) and Line 29. Enter here and above on the amount line for Total Loss(es): Portion. If Line 28 is a negative amount, add Line 28 and Line 29. Enter this amount on Line 30 and above on the amount line for Total Loss(es). If Line 28 is positive amount, and there is an amount on Line 29. Enter the amount from Line 29 on Line 30 and above on the amount line for Total Loss(es). If the result is zero or more on Line 30, you do not have an NOL. Part II: Carryback Computation of Overpayments *Note the following applies to Carryback: • If the loss is being carried forward leave Part II: Carryback blank. • An Insurance Loss can be carried back 2 years. • A Farm Loss can be carried back 2 years. • When carrying back NOL apply the loss to the oldest tax year applicable first. Column (a) & (c). Return as filed or liability as last determined Enter the amounts from your original return or as previously adjusted by you or the Department of Revenue. Column (b) & (d). Liability after application Line 1- Enter Federal adjusted gross income excluding Federal NOL. Line 1 should not be reduced by the Federal or Georgia NOL. Enter amount from Form 501/501X, Line 1 for Full year, part year, and nonresident filers. Line 2- Enter the amounts from your original return or as previously adjusted by you or the Department of Revenue. Form 501/501X, Schedule 3, Line 11 Net Adjustments. Line 3- For the earliest carryback year, in column (b) or (d) enter the NOL from page 9, Line 30. Line 4- Add the net total of Lines 1, 2, and 3, for Georgia adjusted gross income. Line 5- Beneficiaries’ Share of Income. Schedule 3, Line D. Line 6- Line 4 less Line 5. Line 7- Enter amount from Form 501/501X, Line 6 for full year residents. For a part year and nonresident filers, Schedule 4, Line 11. Line 8- Taxable income. Line 6 less Line 7. Line 9- Take the amount from Line 8 and use the Georgia tax rate schedule on page 10 under Line 8 instructions, to determine your tax liability. Line 10- The credit for taxes paid to other states should be recomputed based on the new Georgia AGI and deductions. Other credits that are based on liability should be adjusted accordingly. Any credits that are not allowed and that are eligible for carryforward can be carried forward. Do not enter more than Line 9. Line 11- Tax after credits. Line 9 less Line 10. Line 12- Enter Line 11 of column (b) (d) in column (a) (c). Enter amount from Line 11 of column (b) to line 12 of column (a). of column (d) to Line 12 of column (c). Line 13- Decrease in tax. Line 11 less line 12. GENERAL INFORMATION PENALTIES AND INTEREST DELINQUENT FILING OF RETURN - 5% of the tax not paid by original due date for each month or fractional part thereof - up to 25%. FAILURE TO PAY tax shown on a return by due date - 1/2 of 1% of the tax due for each month or fractional part thereof - up to 25%. Failure to pay is not due if the return is being amended due to an IRS audit, check the box at the top of Page 1. Note: Late payment and late filing penalties together cannot exceed 25% of tax not paid by the original due date. A PENALTY OF $1,000 may be assessed against an individual who files a frivolous return. NEGLIGENT underpayment of tax - 5% of the underpayment. FRAUDULENT UNDERPAYMENT - 50% thereof. FAILURE TO FILE ESTIMATED TAX – 9% per annum for the period of underpayment. Form 500 UET is available upon request and from our website for computation of underestimated installment payments. If you were eligible for an estimated tax penalty exception on Form 500 UET, please check the “500 UET Exception Attached” box, include the revised penalty on Line 18 of the Form 501, Schedule 1 (if the revised penalty is zero, enter zero), and include the 500 UET with the return. Interest accruing for months beginning before July 1, 2016, accrues at the rate of 12 percent annually. Interest that accrues for months beginning on or after July 1, 2016, accrues as provided by Georgia Code Section 48-7- 81. ESTIMATED TAX Code Section 48-7-114 requires Fiduciaries to pay estimated tax. Each Fiduciary subject to Georgia Income Tax who reasonably expects to have during the year gross income which exceeds: (1) The personal exemption; plus (2) Estimated deductions; plus (3) $1,000 income not subject to withholding is required to file. However, a fiduciary shall not be required to pay estimated tax with respect to any taxable year ending before the date two years after the date of the decedent’s death in the case of: 1. 2. the estate of a decedent; or a testamentary trust as defined in IRC Section 6654(l)(2)(B) WHEN AND WHERE TO FILE ESTIMATED TAX. Estimated tax payments required to be filed by persons not regarded as farmers or fishermen shall be filed on or before April 15th of the taxable year, except that if the above requirements are first met on or after April 1st, and before June 1st, the tax must be paid by June 15th; on or after June 1st and before September 1st, by September 15th; and on or after September 1st, by January 15th of the following year. If the due date falls on a weekend or holiday, the tax shall be due on the next day that is not a weekend or holiday. Fiduciaries filing on a fiscal-year basis ending after December 31st, must file on corresponding dates. The estimate coupon, Form 500 ES, should be mailed to the Department of Revenue, Processing Center, P.O. Box 740319, Atlanta, GA 30374- 0319. PAYMENT OF ESTIMATED TAX. Payment in full of your estimated tax may be made with the first required payment or in equal installments during the year on or before April 15th, June 15th, September 15th, and the following January 15th. Make your check or money order payable to “Georgia Department of Revenue.” Georgia Public Revenue Code Section 48-2-31 stipulates that “taxes shall be paid in lawful money of the United States free of any expense to the State of Georgia.” 501 INSTRUCTIONS Page 14 TAX CREDITS The following Credits from the Fiduciary or from the ownership of an S Corp, LLC, LLP or Partnership Interest which will be reflected on the Fiduciary’s K-1 must be listed on Form 501, Schedule 5 or 5B. The entity information and credit code must be included. Additional documentation for claiming a credit is required where indicated. NOTE: Credit code numbers are subject to change annually. Current code numbers are listed below. See Form IND-CR for information about additional tax credits. NOTE: A return is required to be filed electronically if the return generates, allocates, claims, utilizes, or includes in any manner a Series 100 credit claimed on Schedule 5 or 5B. Grantor Trust Information. If the taxpayer is a grantor trust, in addition to checking the Grantor Trust box on page 1 of the return, the grantor trust should attach to the return the schedule which shows the activity (as they do for Federal purposes), leave the rest of the return blank except when the grantor trust generates credits or has credits assigned, allocated, or transferred to it. In this case, Schedule 5 and Schedule 5B (if applicable) should be completed. Schedule 6 should be used to transfer to the owner of the grantor trust. This is necessary so that the returns can be processed and the credits flow to the proper taxpayer. Disregarded Single Member LLC Credit Instructions. If the taxpayer owns or is owned by a disregarded single member LLC, the single member LLC should be disregarded for filing purposes. All credits should be claimed on the owner’s return. All tax credit forms should be filed in the name of the single member LLC but included with the owner’s return. This is necessary so that the returns can be processed and the credits flow to the proper taxpayer. For additional information on the below-listed credits, please visit the Georgia Department of Revenue website at dor.georgia.gov. Code Name of Credit 102 - Employer’s Credit for Approved Employee Retraining 103 - Employer’s Jobs Tax Credit 104 - Employer’s Credit for Purchasing Child Care Property Code Name of Credit 133 - Film Tax Credit for a Qualified Interactive Entertainment Production Company 135 - Historic Rehabilitation Tax Credit for any Other Certified Structures (not a historic home) 105 - Employer’s Credit for Providing or Sponsoring Child Care for Employees 136 - Qualified Rural Hospital Organization Expense Tax Credit 106 - Manufacturer’s Investment Tax Credit 137 - Qualified Parolee Jobs Tax Credit 107 - Optional Investment Tax Credit 138 - Postproduction Film Tax Credit 109 - Low Income Housing Credit 139 - Small Postproduction Film Tax Credit 111 - Business Enterprise Vehicle Credit 140 - Qualified Education Donation Tax Credit 112 - Research Tax Credit 113 - Headquarters Tax Credit 114 - Port Activity Tax Credit 115 - Bank Tax Credit 118 - New Facilities Job Credit 119 - Electric Vehicle Charger Credit 141 - Musical Tax Credit 142 - Rural Zone Tax Credits 143 - Agribusiness and Rural Jobs Tax Credit 144 - Post-Consumer Waste Materials Tax Credit 145 - Timber Tax Credit 120 - New Manufacturing Facilities Property Credit 146 - Railroad Track Maintenance Tax Credit 121 - Historic Rehabilitation Credit for Historic Homes 147 - Personal Protective Equipment Manufacturer Jobs Tax Credit 122 - Film Tax Credit (Use code 133 if the credit is for a Qualified Interactive Entertainment Production Company) 148 - Life Sciences Manufacturing Job Tax Credit 124 - Land Conservation Credit 125 - Qualified Education Expense Credit 126 - Seed-Capital Fund Credit 128 - Wood Residual Credit 129 - Qualified Health Insurance Expense Credit 130 - Quality Jobs Tax Credit 131 - Alternate Port Activity Tax Credit 149 - Historic Rehabilitation Tax Credit for Historic Homes and Other Certified Structures Earning $300K or less 150 - Qualified Law Enforcement Donation Credit 151 - Qualified Foster Child Donation Credit 152 - Historic Rehabilitation Credit for Historic Homes 2023 and 2024 153 - Historic Rehabilitation for Other Certified Structures 2023 through 2027 WORKSHEET FOR OTHER STATE(S) TAX CREDIT Page 15 Georgia allows a credit for tax paid to another state on income taxable to Georgia and the other state. Use these worksheets to compute the other state(s) tax credit for full-year and part-year resident fiduciaries. Do not file these worksheets with your return. Keep them for your records. Enter the Total Tax Credit on Form 501, Schedule 1, Line 9a. Enclose a copy of tax return(s) filed with other state(s). The credit is for state and U.S. local income tax only. The tax must have been imposed on net income. No other income taxes such as foreign local, foreign city, foreign province, foreign country, U.S. Possession, etc., qualify for this credit. FULL-YEAR RESIDENTS 1. Other state(s) taxable income before exemptions $ 2. Georgia taxable income before exemptions and after Georgia NOL Utilized $ % 3. Ratio: Line 1 divided by Line 2 $ 4. Georgia exemption Form 501, Schedule 1, Line 6 $ 5. Line 4 multiplied by ratio on Line 3 $ 6. Income for computation of credit (Line 1 less Line 5) $ 7. Tax at Georgia rates $ 8. Tax shown on return(s) filed with other state(s)* $ 9. Total Tax Credit (Lesser of Line 7 or Line 8) to be entered on Line 9a of Form 501, Schedule 1 PART-YEAR RESIDENTS 1. Taxable Income earned in another state(s) while a Georgia resident before exemptions Georgia taxable income before exemptions and after Georgia NOL Utilized $ $ Ratio: Line 1 divided by Line 2 % Georgia personal exemption after applying the ratio of Georgia taxable income before exemptions the total taxable income $ before exemptions 5. Line 4 multiplied by ratio on Line 3 $ 6. Income for computation of credit (Line 1 less Line 5) $ 7. Tax at Georgia rates $ 8. Tax shown on return(s) filed with other state(s) for income taxed by Georgia* $ $ 9. Total Tax Credit (Lesser of Line 7 or Line 8) to be entered on Line 9a of Form 501, Schedule 1 *The amount entered must be reduced by credits that have been allowed by the other states.
Extracted from PDF file 2023-georgia-form-501.pdf, last modified June 2023

More about the Georgia Form 501 Corporate Income Tax Tax Return TY 2023

We last updated the Fiduciary Income Tax Return in January 2024, so this is the latest version of Form 501, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 501 directly from TaxFormFinder. You can print other Georgia tax forms here.

Related Georgia Corporate Income Tax Forms:

TaxFormFinder has an additional 30 Georgia income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Georgia Form 501.

Form Code Form Name
Form 501X Amended Fiduciary Income 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 501 from the Department of Revenue in January 2024.

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Form 501 is a Georgia Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Georgia Form 501

We have a total of twelve past-year versions of Form 501 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2022 Form 501

TSD_Fiduciary_Income_Tax_Return_501

2021 Form 501

TSD_Fiduciary_Income_Tax_Return_501

2020 Form 501

TSD_Fiduciary_Income_Tax_Return_501

2019 Form 501

TSD_Amended_Fiduciary_Income_Tax_Return_501X_2017

2018 Form 501

TSD_Fiduciary_Income_Tax_Return_501_2011 DRAFT PG. 1

2017 Form 501

TSD_Fiduciary_Income_Tax_Return_501_2011 DRAFT PG. 1

2016 Form 501

TSD_Fiduciary_Income_Tax_Return_501_2011 DRAFT PG. 1

Fiduciary Income Tax Return 2015 Form 501

TSD_Fiduciary_Income_Tax_Return_501_2011 DRAFT PG. 1

Fiduciary Income Tax Return 2014 Form 501

TSD_Fiduciary_Income_Tax_Return_501_2011 DRAFT PG. 1

PDF Form Pack generated by formuPack 2012 Form 501

PDF Form Pack

2011 Form 501

TSD_Fiduciary_Income_Tax_Return_501_2011 DRAFT PG. 1


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