Georgia Amended Fiduciary Income Tax Return

Amended Fiduciary Income Tax Return
Form 501X
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Georgia Form

501X

(Rev. 08/11/23)

Amended Fiduciary Income Tax Return

2023

Page 1

Department Use Only

Federal Amended Return Filed (please attach copy)

Fiscal Year
Beginning

Fiscal Year

erEnding

Amended due to IRS Audit

Grantor Trust

Change in Trust or Estate Name

Trust is a Qualified Funeral Trust

Change in Fiduciary

Estate is a Bankruptcy Estate

Change of Address

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

8.

0

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 credit (Net total of Line 8 less Line 9c, if 0 or less, enter 0) ...........................

10.

11.

11a. Georgia Estimated Tax Paid....................................................... 11a.

0

Georgia Form

501X

Amended Fiduciary Income Tax Return

(Approved web version)

TAXPAYER’S FEIN

Page 2
Schedule 1- Computation of Tax (continued)

11b. Georgia Tax Withheld (G2-A, G2-LP and/or G2-RP) .................

11b.

11c. Amount paid with original return, plus any additional payments
11c.
made after it was filed .............................................................................
11d. Schedule 5B Refundable tax credits (cannot be claimed unless
11d.
filed electronically)
11e. Total (Add Lines 11a, 11b, 11c, and 11d).................................................. 11e.

0

12. Previous refund(s), if any, shown on previous return(s)................................................... 12.
13. Net (Line 11e minus Line 12)........................................................................................... 13.

0

14. Balance of tax due. If Line 10 exceeds Line 13, enter Line 10 less Line 13.................. 14.
15. Overpayment. If Line 13 exceeds Line 10, enter Line 13 less Line 10........................... 15.

0

16. Amount from Line 15 to be credited to next year’s estimated tax.................................... 16.
17. Interest............................................................................................................................ 17.
18. Late payment penalty ................................................................................................... 18.
19. Late filing penalty .........................................................................................................

19.

20. Penalty for underpayment of estimated tax (UET) .........................................................

20.

21. (If you owe) Add Lines 14, 17 thru 20. Make check payable to Georgia Department of Revenue. 21.
22. (If you are due a refund) Subtract Lines 16 thru 20 from Line 15. This is your refund................

22.

0

Mail To: Georgia Department of Revenue Processing Center PO Box 740316 Atlanta, Georgia 30374-0316

Direct Deposit Options

22a. Direct Deposit (For U.S. Accounts Only)

Type: Checking

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.

Savings

Routing
Number
Account
Number

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.

EXPLANATION OF CHANGES: Provide an explanation of changes below. Attach any supporting documents and schedules.

SIGNATURE OF FIDUCIARY

DATE

By providing my e-mail address I am authorizing the Georgia Department of Revenue to
electronically notify me regarding any updates to my account(s).

PHONE NUMBER
FIDUCIARY E-MAIL ADDRESS

Check the box to authorize the Georgia Department of Revenue to discuss the contents of this return with the named preparer.

SIGNATURE OF PREPARER OTHER THAN FIDUCIARY

NAME OF PREPARER OTHER THAN FIDUCIARY

DATE

PHONE NUMBER

PREPARER’S IDENTIFICATION NUMBER

THE FIDUCIARY MUST ATTACH TO THIS RETURN A COPY OF ITS FEDERAL RETURN AND SUPPORTING SCHEDULES

Georgia Form

501X

Amended 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

501X

Amended 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 501X Line 7a. ..................................................... 14.

Georgia
Source Income
Column B

Georgia Form

501X

Amended 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

Georgia Form

501X

Amended 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

Georgia Form

501X

Amended 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

501X

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 in any manner a series 100 tax credit claimed on Schedule 5 or 5B
the 2020 CARES Act and the modification to the Code Section (see page 11).
461(l) 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
National Mortgage Association (FNMA),
from the Federal
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.

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).

Page 13

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).
Enter amount from Line 11 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.

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.

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. the estate of a decedent; or
2. 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.