Georgia Fiduciary Income Tax Return

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Fiduciary Income Tax Return
Form 501PRINT

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Georgia Form

501

( Rev. 09/10/24)

Fiduciary Income Tax Return

2024

(Approved web version)

Page 1

Department Use Only

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).............................

2. Adjustments: (List of all items in Schedule 2, Page 3)......................................................

3. Total (Net total of Lines 1 and 2) ...................................................................................

4. Beneficiaries’ Share of Income (Total of Schedule 3).......................................................

5. Balance (Line 3 less Line 4)............................................................................................

6. Exemptions:

7a.

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.

8. Total tax.............................................................................................................................
9. Credits used 9a. Other state(s) tax credit used (Include a copy of the other
state(s) tax return).......................................................................

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.

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 (1099, 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.

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.

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.

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...............................................................................

2. Income tax deduction other than Georgia.........................................................................

3. Expense allocable to exempt income (Other than U.S. obligations).................................

4. Net operating loss carryover deducted on the Federal return ..........................................

5. Other

.................................................

6. TOTAL ADDITIONS........................................................................................................................................

SUBTRACTIONS

7. Interest - U.S. Government Obligations (Must be reduced by direct and indirect interest expense).

8. Income Tax Refund other than Georgia............................................................................

9. Reserved

10. Other

............................................... 10.

11. TOTAL SUBTRACTIONS................................................................................................................................ 11.

12. NET ADJUSTMENT: Total additions less total subtractions. (Enter here and on Line 2, Schedule 1 or Schedule 4, Line 7)....... 12.

Schedule 3 - Beneficiaries’ Share of Income (For each Beneficiary complete Name, Address, City, State, ZIP, Country, ID Number and Share of Income)
Name

Name

ZIP

ID Number

Country
Share of Income

State

ZIP

ID Number

Country
Share of Income

Address
City

State

Address
City

Share of Income

Address
City

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

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 ....................................................................

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

(Approved web version)

TAXPAYER’S FEIN

Page 5
Schedule 5- Credit Usage and Carryover

(ROUND TO NEAREST DOLLAR)

1. Complete a separate schedule for each Credit Code.
2. Total the amounts on Line 13 of each schedule and enter the total on the credit line of the return.
3. If there is a credit eligible for carryover to this tax year, please complete a schedule even if the credit is not used for this tax year.
4. See the instructions for a list of credit codes.
5. See the relevant forms, statutes, and regulations to determine how the credit is allocated to the owners and to determine when carryovers expire.
6. If the credit for a particular credit code originated with more than one person or company, enter separate information on Lines 3 through 9 below.
7. The credit certificate number is issued by the Department of Revenue for credits that are preapproved. If applicable, please enter the Department of
Revenue credit certificate number where indicated.
8. Before the Line 14 carryover is applied to next tax year, the amount must be reduced by any amounts elected to be applied to withholding for this tax
year and by any carryovers that have expired.
For the credit generated this tax year, list the Company Name, ID Number, and Credit Certificate number if applicable. Purchased credits
should also be included. If the credit originated with this taxpayer, enter this taxpayer's name and ID# below.

1. Credit Code

SELECT

2. Credit remaining from previous years (do not include amounts elected to be applied to
withholding)
3. Company Name
Credit Certificate #
4. Company Name
Credit Certificate #
5. Company Name
Credit Certificate #
6. Company Name
Credit Certificate #
7. Company Name
Credit Certificate #
8. Company Name
Credit Certificate #
9. Company Name
Credit Certificate #
10. Total available credit for this tax year (sum of Lines 2 through 9)
11. Enter the amount of the credit sold (only certain credits can be sold, see instructions)
12. List the credit allocated to the beneficiaries (See Schedule 6)
13. Credit used for this tax year, enter here and on 501 Line 9b
14. Potential carryover to next tax year (Line 10 less Lines 11,12, and 13)

ID Number
Credit Generated
this Tax Year
ID Number
Credit Generated
this Tax Year
ID Number
Credit Generated
this Tax Year
ID Number
Credit Generated
this Tax Year
ID Number
Credit Generated
this Tax Year
ID Number
Credit Generated
this Tax Year
ID Number
Credit Generated
this Tax Year
10.
11.
12.
13.
14.

CREDITS MUST BE FILED 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)

1. Complete a separate schedule for each Credit Code.
2. Total the amounts on Line 13 of each schedule and enter the total on the credit line of the return.
3. If there is a credit eligible for carryover to this tax year, please complete a schedule even if the credit is not used for this tax year.
4. See the instructions for a list of credit codes.
5. See the relevant forms, statutes, and regulations to determine how the credit is allocated to the owners and to determine when carryovers expire.
6. If the credit for a particular credit code originated with more than one person or company, enter separate information on Lines 3 through 9 below.
7. The credit certificate number is issued by the Department of Revenue for credits that are preapproved. If applicable, please enter the Department of
Revenue credit certificate number where indicated.
8. Before the Line 14 carryover is applied to next tax year, the amount must be reduced by any amounts elected to be applied to withholding for this
tax year and by any carryovers that have expired.
For the credit generated this tax year, list the Company Name, ID Number, and Credit Certificate number if applicable. Purchased credits
should also be included. If the credit originated with this taxpayer, enter this taxpayer's name and ID# below.
Note: A purchased Timber Tax Credit is not a refundable tax credit. Use Schedule 5 if the Timber Tax Credit was purchased.

1. Credit Code

SELECT

2. Credit remaining from previous years (do not include amounts elected to be applied to
withholding)
3. Company Name

ID Number

Credit Certificate #

Credit Generated
this Tax Year

4. Company Name

ID Number

Credit Certificate #

Credit Generated
this Tax Year

5. Company Name

ID Number

Credit Certificate #

Credit Generated
this Tax Year
ID Number

6. Company Name
Credit Certificate #

Credit Generated
this Tax Year

7. Company Name

ID Number

Credit Certificate #

Credit Generated
this Tax Year

8.Company Name

ID Number

Credit Certificate #

Credit Generated
this Tax Year

9. Company Name

ID Number

Credit Certificate #

Credit Generated
this Tax Year
10.
11.
12.
13.

10. Total available credit for this tax year (sum of Lines 2 through 9)
11. Enter the amount of the credit sold (only certain credits can be sold, see instructions)
12. List the credit allocated to the beneficiaries (See Schedule 6)
13. Credit used for this tax year,enter here and on 501 Line 11c
14. Potential carryover to next tax year (Line 10 less Lines 11,12, and 13)

14.

CREDITS MUST BE FILED ELECTRONICALLY

501

Georgia Form

Fiduciary Income Tax Return

Fiduciary Income Tax Return
(Approved web version)

TAXPAYER’S FEIN

Page 7
Schedule 6- Credit Allocation to Beneficiaries

(ROUND TO NEAREST DOLLAR)

Credits are apportioned between the fiduciary and their respective beneficiaries on the basis of the income of the fiduciary and the income
that is distributed to the beneficiaries. List the details regarding the amounts allocated to the beneficiaries for each credit code. More
than one credit code can be entered on this schedule.
th

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34.

Credit Code

Name of Beneficiary

ID Number of
Beneficiary

Amount
Allocated

Credit
Certificate #

CREDITS MUST BE FILED ELECTRONICALLY

501

Georgia Form

RESET SCHEDULE 7

(Rev. 09/10/24)

Fiduciary Income Tax Return

2024

(Approved web version)

Page 8

FARM LOSS
(2
2) YEAR
$ ________________

$ ________________

INSURANCE LOSS
(2
2) YEAR
$ ________________

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 RESERVED
27. Add Lines 4, 12, 20, 24, and 25...................................................................................................................
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).....................................................

TOTAL LOSS(ES):

0
$ ________________

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
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If no, complete Part II and attach a copy of Federal Form 1045.

0
0

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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

. 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)

13. Decrease in tax. Line 11 less Line 12.

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.

Clear

Cut along dotted line

525-TV (Rev. 09/10/24)

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

52500024101220000000000000004000000000009

Amount Paid

Vendor Code

040

Extracted from PDF file 2024-georgia-form-501.pdf, last modified September 2024

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More about the Georgia Form 501 Corporate Income Tax Tax Return TY 2024

We last updated the Fiduciary Income Tax Return in January 2025, so this is the latest version of Form 501, fully updated for tax year 2024. You can download or print current or past-year PDFs of Form 501 directly from TaxFormFinder. You can print other Georgia tax forms here.

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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 2025.

Show Sources >

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 thirteen 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:

2024 Form 501

2023 Form 501

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