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Georgia Free Printable TSD_Application_for_Net_Operating_Loss_Adjustment_For_Other_Than_Corporations_500NOL for 2020 Georgia Net Operating Loss Adjustment

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Net Operating Loss Adjustment
TSD_Application_for_Net_Operating_Loss_Adjustment_For_Other_Than_Corporations_500NOL

Clear Print Mailing Address Georgia Form Georgia Department of Revenue Processing Center PO Box 740318 Atlanta, GA 30374-0318 500-NOL Page 1 Net Operating Loss Adjustment For Individuals and Fiduciaries (Rev. 09/12/19) YOUR SSN OR FEIN ATTACH A COMPLETE COPY OF YOUR FEDERAL RETURN FOR THE LOSS YEAR SPOUSE’S SSN YOUR FIRST NAME MI LAST NAME SUFFIX SPOUSE’S FIRST NAME MI LAST NAME SUFFIX ADDRESS (NUMBER AND STREET or P.O. BOX) (Use 2nd address line for Apt, Suite or Building Number) CHECK IF ADDRESS CHANGED DEPARTMENT USE ONLY CITY STATE ZIP CODE (COUNTRY IF FOREIGN) NET OPERATING LOSS: $ __________________________ TAXABLE YEAR OF NET OPERATING LOSS: CALENDAR YEAR ____________________: OR OTHER YEAR BEGINNING __________________ AND ENDING ______________________ PLEASE ATTACH A COPY OF YOUR FEDERAL APPLICATION FOR N.O.L. ADJUSTMENT, PART YEAR AND NONRESIDENTS SEE INSTRUCTIONS ON PAGE 3. TYPE OF LOSS: PORTION NORMAL (2) YEAR CASUALTY LOSS (3) YEAR $ ________________ $ _________________ IS THE LOSS ONLY BEING CARRIED FORWARD? YES TAX YEAR: NO FARM LOSS (2) YEAR $ _________________ OTHER (EXPLAIN IN ATTACHMENT) FARM LOSS (5) YEAR $ ________________________ $ _________________ Form 500-NOL is still required, see instructions. ___________________ PRECEDING TAX ___________________ PRECEDING TAX ___________________ PRECEDING TAX YEAR ENDED ______________________ YEAR ENDED ______________________ YEAR ENDED ______________________ RESIDENCY STATUS _ _ FILING STATUS _ _ Computation of overpayments 1. Federal adjusted gross income (exclude Federal NOL) (a) Return as filed or liability as last determined (b) Liability after application of carry-back (c) Return as filed or liability as last determined (d) Liability after application of carry-back (e) Return as filed or liability as last determined _ _ (f) Liability after application of carry-back 2. Georgia adjustments. See Page 4 of the instructions 3. Net operating loss. See Page 4 for 80% rule and other instructions 4. Georgia adjusted gross income Net total of Lines 1, 2 and 3. 5. Deductions. See Page 4 of the instructions. 6. Subtract Line 5 from Line 4 7. Exemptions. See Page 4 of instructions. 8. Taxable Income. Subtract Line 7 from Line 6. 9. Income Tax. 10. Credits. See Page 4 of the instructions. 11. Tax after credits. Subtract Line 10 from Line 9. 12. Enter Line 11 column (b) (d) (f), respectively. 13. Decrease in tax. Subtract Line 12 from Line 11. Under penalty of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief it is true, correct and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. ______________________________________________________ _______________________________________________________ Your Signature Signature of Preparer other than Taxpayer Date ______________________________________________________ Spouse’s Signature Date _____________________________________________________ Telephone # (optional) E-mail Date _______________________________________________________ Name, Phone Number, and Identification Number of Preparer Check the box to authorize the Georgia Department of Revenue to discuss the contents of this return with the named preparer. Clear Print Page 2 500-NOL (Rev. 09/12/19) COMPUTATION OF NET OPERATING LOSS - LOSS YEAR PART YEAR AND NONRESIDENTS, SEE INSTRUCTIONS ON PAGE 3 1. Adjusted gross income, Line 8, Page 2 of form 500 ............................................................................................................................................. 2. Line 9 adjustments. .......................................................................................................................................... 3. Deductions (Applies to individuals only). .......................................................................................................... a. Enter amount of your Standard or Itemized Deductions, Line 11c or Line 12 of form 500. ........................ 3a. b. Personal exemption, Line 14c of form 500. ................................................................................................ 3b. 4. Total (Lines 3a and 3b) ..................................................................................................................................... 4. 5. Taxable income. Total of Line 1 and Line 2 less Line 4 ................................................................................... 6. Exemptions claimed, Line 14c of form 500 ...................................................................................................... 7. Nonbusiness capital losses before limitation. Enter as a positive number .............. 7. 8. Total nonbusiness capital gains(without regard to any I.R.C section 1202 exclusion) 8. 9. If Line 7 is more than Line 8, enter the difference; otherwise, enter -0- .................. 9. 10. If Line 8 is more than Line 7, enter the difference; otherwise, enter -0- .................. 11. Enter either your standard deduction or itemized deductions less casualty, 2106 deductions, and 11. state and local income taxes ..................................... 12. 12. Contributions to self-employed pension plan or Keogh 10. 13. Alimony (paid) ............................................................ 13. 14. Forfeited interest/penalty on early withdrawal ........... 14. 15. Contribution to an IRA ............................................... 15. 16. Other (specify) ........................................................... 1. 2. 5. 6. 16. 17. 17. Total nonbusiness deductions (Lines 11 through 16) 18. Dividend income ........................................................ 18. 19. Interest income .......................................................... 19. 20. Alimony/pensions/annuities ....................................... 20. 21. GA adjustment for retirement exclusion, U.S. interest, non-Georgia municipal interest, etc (See Page 4)..... 21. 22. Other (specify) ........................................................... 22. 23. Total nonbusiness income other than capital gains (Lines 18 through 22) ............ 24. Add Lines 10 and 23 ............................................................................................... 23. 24. 25. 25. If Line 17 is more than Line 24, enter the difference; otherwise enter -0- ............... 26. If Line 24 is more than Line 17, enter the difference; otherwise enter -0-. Do not enter more than Line 10 .............................................................................. 27. Total business capital losses before limitation. Enter as a positive number ............ 26. 27. 28. Total business capital gains (without regard to I.R.C. section 1202 exclusion) ....... 28. 29. Add Lines 26 and 28 ............................................................................................... 29. 30. If Line 27 is more than Line 29, enter the difference; otherwise enter -0- ............... 30. 31. Add Lines 9 and 30. ................................................................................................ 31. 32. Enter your net capital loss before the $3,000 federal limitation, if any. Enter as a positive number. If you do not have this loss (and do not have an I.R.C. section 1202 exclusion) skip Lines 32 through 37 and enter on Line 38 the amount from Line 31 ..................................................................................................................... 33. I.R.C. section 1202 exclusion (50% exclusion for gain from certain small business stock). Enter as a positive number. ........................................................................ 34. Subtract Line 33 from Line 32. If zero or less enter -0- .......................................... 32. 33. 34. 35. Enter your net capital loss after the $3,000 Federal limitation. Enter as a positive number ...................................................................................... 35. 36. If Line 34 is more than Line 35, enter the difference; otherwise enter -0- ............... 36. 37. If Line 35 is more than Line 34, enter the difference; otherwise enter -0- ........................................................ 38. Subtract Line 36 from Line 31. If zero or less, enter -0- .................................................................................. 39. Previous net operating loss claimed. Enter as a positive number ................................................................... 37. 38. 39. 40. Add Lines 6, 25, 33, 37, 38, 39 ...................................................................................................................................................................... 41. Loss amount. Combine Lines 5 and 40. If the result is less than zero, enter it here. If the loss is being carried back to a part year or nonresident return, see instructions on Page 3. If the result is zero or more, you do not have a normal net operating loss. ...................... 42. IRC Section 461(1) loss eligible to be carried forward only (enter as negative)............................................................................................. 43. Total Net Operating Loss. Combine Lines 41 (if Line 41 is a negative) and Line 42. Enter on Page 1....................................................... 40. 41. 42. 43. Clear Print Page 3 500-NOL (Rev. 09/12/19) NET OPERATING LOSS CARRYOVER Complete if applicable Complete one column before going to the next column. Start with the earliest carryback year. ____________preceding tax year ___________preceding tax year ___________preceding tax year ended_____________________ ended_____________________ ended_____________________ 1. Net operating loss deduction 2. Taxable income before N.O.L. carryback 3. Net capital loss deduction. Enter as a positive number ...................................... 4. I.R.C section 1202 exclusion. Enter as a positive number ...................................... 5. Adjustments to adjusted gross income .. 6. Adjustments to itemized deductions ...... 7. Exemptions ............................................. 8. Modified taxable income. Combine Lines 2 through 7. If zero or less, enter -0- ..... 9. Net operating loss carryover. Line 1 less Line 8. If zero or less, enter -0- ............. Net Operating Loss Carryover Instructions 1. General: A Georgia Net Operating Loss (N.O.L.) carryover must be computed separately from any Federal N.O.L. carryover. It is possible to have a Federal N.O.L. carryover but not a Georgia N.O.L. carryover. 2. Line 3, enter as a positive number the adjustment as required by I.R.C. Section 172, if it applies. 3. Line 4, enter as a positive number the gain excluded under I.R.C. section 1202 on the sale or exchange of qualified small business stock, if it applies. 4. Lines 5 and 6, enter the adjustments that are required by I.R.C. Section 172, if any. 5. Please see page 4 for additional instructions. PART YEAR AND NONRESIDENTS Complete if applicable Year_________ Use a separate schedule for all applicable years. Column A Total Column B Non Georgia Column C Georgia 1. Georgia Adjusted Gross Income (exclude Federal NOL). See instructions below. 2. Georgia N.O.L. See instructions below. 3. Adjusted AGI for N.O.L. purposes. 4. Percentage. Line 3, column C divided by column A. See instructions below. 5. Itemized or standard deduction. See instructions below. 6. Personal exemptions. 7. Total deductions and exemptions; add Lines 5 & 6. 8. Line 4 percentage times Line 7. 9. Adjusted taxable income, column C, Line 3 less Line 8, enter here and on taxable income Line of Page 1. Part Year and Nonresident schedule instructions. (Use if carrying the loss to a part year or nonresident return regardless of whether the loss year is a part year or nonresident return.) 1. Lines 1 and 5, enter the amounts, after the adjustments that are required by I.R.C. Section 172 if any apply, for the year the loss is being carried to. 2. Line 2 column A and C, enter loss from Page 2, Line 41 or from Page 3, Line 9 of the net operating loss carryover schedule. 3. Line 4, if Georgia AGI is zero or negative, the percentage is zero. If the adjusted Federal AGI is zero or negative, the Line 4 percentage is considered to be 100%. This also applies if both adjusted Federal AGI and Georgia AGI are zero or negative. In this case, the taxpayer is entitled to the full exemption amount and deductions. Additional instructions for part year and nonresidents. 1. 500-NOL Page 1. Lines 1 through 7 should not be completed for any years for which a part year or nonresident return was filed. Instead the part year and nonresident schedule above should be completed. 2. 500-NOL Page 2 must be completed. If the loss year is a part year or nonresident year for Lines 3a, 3b, 6, and 11, compute the amount and then multiply it by the percentage of Georgia AGI to adjusted Federal AGI on schedule 3 of the loss year return. For example, if you have one exemption, multiply $2,700 by the percentage on schedule 3 of the loss year return. The other Lines on Page 2 that pertain to Georgia source income should also be filled in. 3. 500-NOL Page 3. net operating loss carryover schedule. If any years on this schedule are part year or nonresident years, for Lines 6 and 7, compute the amount and then multiply it by the percentage on Line 4 of the part year and nonresident schedule. For example, if you have one exemption, multiply $2,700 by the percentage on Line 4 of the above schedule. The other Lines on the net operating loss carryover schedule that pertain to Georgia source income should also be filled in. 500- NOL (Rev. 09/12/19) Page 1 Instructions Columns a, c, and e. General Instructions Enter the amounts from your original return or as previously adjusted by you or the A net operating loss carry-back adjustment may be filed on this form by an Department of Revenue. individual or fiduciary taxpayer that desires a refund of taxes afforded by carry-back Columns b, d, and f. of a net operating loss. This form must be filed no later than 3 years from the due Lines 1 and 5, enter the amounts after adjustments that are required by I.R.C. date of the loss year income tax return, including any extensions which have been Section 172, if any. Line 1 should not be reduced by the Federal or Georgia NOL. granted. Form 500X should not be used to carry-back a N.O.L. Form 500-NOL must Lines 2 and 7, enter the amounts from your original return or as previously adjusted also be filed by the due date (including extensions) of the loss year return, when by you or the Department of Revenue. the taxpayer only carries the loss forward. This is necessary so the N.O.L. can be established in the Department’s system. Page 1 carry-back schedule should be left Line 3. For the earliest carryback year, in column (b) enter the N.O.L. from page 2, line 41. In column (d) and (f) if applicable, enter the amount from line 9 of the Net blank. Operating Loss Carryover schedule on page 3. For example, a taxpayer has a loss Generally a net operating loss must be carried back (if applicable) and forward in from 2013 which has a two year carryback period. The loss from page 2 line 41 is the procedural sequence of taxable periods provided by Section 172 of the listed on line 3 in column (b) for 2011. Not all of the loss is utilized. The taxpayer makes the adjustments as required for 2011 in the Net Operating Loss Carryover Internal Revenue Code of 1986, as defined in Code Section 48-1-2. For taxable schedule on page 3 and lists the amount from line 9 (if it is a positive amount) on line years ending on or before December 31, 2017, generally the carry-back period is 3 in column (d) for 2012. 2 years (with special rules for farmers (5 years), casualty losses (3 years); specified liability loss (10 years), small business loss attributable to Line 10, the credit for taxes paid to other states should be recomputed based on the federally declared disasters (3 years); etc.) For losses incurred in taxable years new Georgia AGI and deductions. Other credits that are based on liability should be ending after December 31, 2017, there is no carryback (with a 2 year carry- back adjusted accordingly. Any credits that are not allowed and that are eligible for carryfor farmers) and unlimited carryover. Also, Georgia does not follow the following forward can be carried forward. Do not enter more than Line 9. federal provisions: Page 2 Instructions Special carry-back rules enacted in 2009. A Georgia Net Operating Loss (N.O.L.) must be computed separately from any Special rules relating to Gulf Opportunity Zone public utility casualty Federal N.O.L. It is possible to have a Federal N.O.L., but not a Georgia N.O.L. losses, I.R.C. Section 1400N(j). 5 year carry-back of NOLs attributable to Gulf Opportunity Zone losses, Line 21. In computing a Georgia N.O.L., only Georgia amounts can be used. Interest I.R.C. Section 1400N(k). on U.S. savings bonds should be entered as a negative number on this line. NonGeorgia municipal interest should be entered as a positive number on this line. The 5 year carry-back of NOLs incurred in the Kansas disaster area after May nonbusiness portion of the retirement exclusion should be entered as a negativ e 3, 2007, I.R.C. Section 1400N(k). number on this line. This should be computed as follows. The total nonbusiness 5 year carryback of certain disaster losses, I.R.C. Sections 172(b)(1)(J) income (as it is defined for NOL purposes) that is included in the retirement exclusion and 172(j). should be divided by the total income that is included in the retirement exclusion. The election to deduct public utility property losses attributable to May 4, This percentage should then be multiplied by the retirement exclusion. For example, 2007 Kansas storms and tornadoes in the fifth tax year before the year of if the taxpayer has $8,000 in wages and $20,000 in interest income, the taxpayer the loss, I.R.C. Section 1400N(o). would divide $20,000 by $28,000 and then multiply this by the retirement exclusion amount. When computing the percentage, the following guidelines should be For losses incurred in taxable years beginning on or after January 1, 2018, the followed: net operating loss cannot offset more than 80% of Georgia taxable net income. 1. If the total nonbusiness income that is included in the retirement exclusion is zero or less than zero, the percentage is zero. This would apply even if the total Within 90 days from the last day of the month in which this form is filed, the income that is included in the retirement exclusion is zero or less than zero. Commissioner of Revenue shall make a limited examination of the form and 2. If the total nonbusiness income that is included in the retirement exclusion is disallow without further action any form containing errors of computation not greater than zero and exceeds the total income that is included in the retirement correctable within such 90-day period or having material omissions. A decrease of exclusion, the percentage is 100%. This would apply even if the total income that is tax determined for prior year tax will first be credited against any unpaid tax and included in the retirement exclusion is zero or less than zero. any remaining balance will be refunded to the taxpayer without interest within the 90-day period. Additionally, in situations where two people file married filing joint, a separate *Note: This form 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. What to attach: 1. Copy of Federal Application for Net Operating Loss. 2. Copy of Federal return for the loss year that includes pages 1 and 2, schedules 1, A, D, and E. 3. Copy of Federal returns for the carry-back years that includes pages 1 and 2, Schedule 1 and Schedule A and any schedules that were recalculated in carryback year. 4. Copy of Georgia returns for the carry-back or carry-forward years 5. Copy of Georgia form 500 for the loss year. Be sure to attach all required forms listed above and complete all lines of the Form 500-NOL that apply. Otherwise your application may be disallowed. The carryback period may be foregone and the N.O.L. carried forward. Election: A taxpayer is bound by the Federal election to forego the carry- back period. A copy of this election should be attached to the Georgia return. If there is a Georgia N.O.L. but no Federal N.O.L., the taxpayer may make an election “for Georgia purposes only” under the same rules and restrictions as the Federal election. The Form 500-NOL should be filed even when the carryback period is foregone. Example: A taxpayer has a large Net Operating Loss in 1998 (both Federal and Georgia). With his timely filed Federal return, he includes a statement that he elects to forgo the carry-back period. He must therefore carry his Georgia (as well as his Federal) N.O.L. forward without first carrying it back. Any portion not absorbed after 20 years is lost. computation should be made to determine each taxpayer’s portion of the retirement exclusion that is related to nonbusiness income. Line 42. Georgia follows the I.RC. Section 461(l) loss limitation. However, before the I.RC. Section 461(l) loss limitation is applied, the business should compute the business income and deductions pursuant to the I.R.C. as defined for Georgi a purposes (with the I.R.C. section 168(k) disallowance, etc.). Then the 461(l) provisions should be applied. The 461(l) loss that is disallowed and is eligible to be carried forward should be entered on line 42. This amount must be included when the 500-NOL is filed to establish the NOL on the Department’s systems so the NOL will be available when subsequent year returns are filed. Page 3 Instructions Net Operating Loss Carryover. See instructions on page 3. Please note that the amount from line 9 of the year directly preceding the loss year is the amount (if any) that can be carried to the year after the loss year (carryover year). The same adjustments from this schedule must be made to each year in the carryover period to determine the amount that is available to be carried to the next carryover year. For example, a taxpayer has a loss from 2013 which has a two year carryback period. The loss is carried back to 2011 and 2012 on page 1 but not all of the loss is utilized. The taxpayer makes the adjustments as required to 2011 and 2012 in the Net Operating Loss Carryover schedule at the top of page 3. After computing the amount for 2012 there is a positive amount on line 9 of the 2012 column. This amount can be carried to 2014 and the amount used in 2014 should be listed on the 2014 return not on Form 500-NOL. If not all of the loss is utilized in 2014, the taxpayer should make the same adjustments to 2014 as are listed in the Net Operating Loss Carryover schedule on page 3 to determine if any loss is available to be carried to 2015. A schedule showing this should be attached to the 2014 return and should not be listed on the Form 500-NOL. If the loss was carried to a part year or nonresident return, on line 2 of the carryover schedule enter the amount from line 14 schedule 3 of Form 500 for the year it was carried to. For lines 3, 4, and 5, enter amount if related to Georgia Income. For lines 6 and 7, multiply the amount by the ratio on line 9, schedule 3 of Form 500 for the year the loss was carried to. Part Year and Nonresident Instructions. See instructions on page 3.
Extracted from PDF file 2019-georgia-form-500-nol.pdf, last modified September 2011

More about the Georgia Form 500-NOL Individual Income Tax TY 2019

Form 500-NOL requires you to list multiple forms of income, such as wages, interest, or alimony .

We last updated the Net Operating Loss Adjustment in March 2020, so this is the latest version of Form 500-NOL, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 500-NOL directly from TaxFormFinder. You can print other Georgia tax forms here.

Other Georgia Individual Income Tax Forms:

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

Form Code Form Name
Form 500 Individual Income Tax Return
Form 500-EZ Individual Income Tax Return
Form IT-511 Individual Income Tax Booklet
Form 500-ES Estimated Quarterly Tax Return
Form 525-TV Individual Tax Payment Voucher

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


Form Sources:

Georgia usually releases forms for the current tax year between January and April. We last updated Georgia Form 500-NOL from the Department of Revenue in March 2020.

Show Sources >

About the Individual Income Tax

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

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

Historical Past-Year Versions of Georgia Form 500-NOL

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


2019 Form 500-NOL

TSD_Application_for_Net_Operating_Loss_Adjustment_For_Other_Than_Corporations_500NOL

2018 Form 500-NOL

TSD_Application_for_Net_Operating_Loss_Adjustment_For_Other_Than_Corporations_500NOL

2017 Form 500-NOL

TSD_Application_for_Net_Operating_Loss_Adjustment_For_Other_Than_Corporations_500NOL

2016 Form 500-NOL

TSD_Application_for_Net_Operating_Loss_Adjustment_For_Other_Than_Corporations_500NOL

INDV-500NOL 2015 Form 500-NOL

TSD_Application_for_Net_Operating_Loss_Adjustment_For_Other_Than_Corporations_500NOL

INDV-500NOL 2014 Form 500-NOL

TSD_Application_for_Net_Operating_Loss_Adjustment_For_Other_Than_Corporations_500NOL

INDV-500NOL 2013 Form 500-NOL

TSD_Application_for_Net_Operating_Loss_Adjustment_For_Other_Than_Corporations_500NOL


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