Georgia Fiduciary Income Tax Return

Fiduciary Income Tax Return
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501

( Rev. 04/27/22)

Fiduciary Income Tax Return

2022

(Approved web version)

Department Use Only

Page 1

Fiscal Year
Beginning
Fiscal Year
Ending

Change in Trust or Estate Name

Grantor Trust

Change in Fiduciary

Trust is a Qualified Funeral Trust

Change of Address

Estate is a Bankruptcy Estate
500 UET Exception Attached

Enter your Residency Status with the appropriate number 1. Full-Year 2. Part Year _______________________ to ___________________ 3. Nonresident

A. Federal Employer ID No.

Name of Estate or Trust

B. Date of Decedent’s Death

Name of Fiduciary

Date of Creation of Trust

Title of Fiduciary

(Apt., Suite or Building Number)

C. Address of Fiduciary (Number and Street)

City

Telephone No.

State

Zip Code

Country

Schedule 1 - Computation of Tax

1. Income of fiduciary (Adjusted total income from attached Form 1041).............................

1.

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

2.

0

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

3.

0

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

4.

0

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

5.

0

6. Exemptions:

6.

0

7a.

0

6a. Trust $1350

6b. Estate $2700 ................................................

7a. Georgia Taxable Income before GA NOL (Line 5 less Line 6 or Line 14, Schedule 4)...
7b. Georgia NOL utilized (cannot exceed Line 7a or the amount after applying the 80%
limitation, see instructions for more information)............................................................

7b.

7c. Net taxable income of fiduciary (Line 7a less Line 7b)....................................................

7c.

0

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

8.

0

9a.

9b. Schedule 5 credits cannot be claimed unless filed electronically..

9b.

9c. Total Credits used (cannot exceed Line 8)....................................

9c.

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

10.

0

Georgia Form

501

Fiduciary Income Tax Return

(Approved web version)

TAXPAYER’S FEIN

Page 2
Schedule 1- Computation of Tax (continued)

11. Less: 11a. Georgia Estimated Tax Paid...................................................................... 11a.
11b. Georgia Tax Withheld (G2-A, G2-LP and/or G2-RP) ................................. 11b.
11c. Schedule 5B Refundable Tax Credits........................................................ 11c.
(Cannot be claimed unless filed electronically)
11d. Total (Add Lines 11a, 11b and 11c)............................................................ 11d.

0

12. Balance of tax due. If Line 10 exceeds Line 11d, enter Line 10 less Line 11d.............. 12.
13. Overpayment. If Line 11d exceeds Line 10, enter Line 11d less Line 10....................... 13.

0

14. Amount from Line 13 to be credited to next year’s estimated tax.................................... 14.
15. Interest............................................................................................................................ 15.
16. Late payment penalty ................................................................................................... 16.
17. Late filing penalty .........................................................................................................

17.

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

18.

19. (If you owe) Add Lines 12, 15 thru 18. Make check payable to Georgia Department of Revenue. 19.
20. (If you are due a refund) Subtract the sum of Lines 14 thru 18 from Line 13. This is your refund. 20.

0

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

Direct Deposit Options

20a. Direct Deposit (For U.S. Accounts Only)

Type: Checking

Routing
Number

Savings

Account
Number

See Instructions in the IT-511 booklet for further details.
If you do not enter Direct Deposit information or if you
are a first time filer you will be issued a paper check.

DECLARATION: I/We declare under the penalties of perjury that I/we have examined this return (including accompanying schedules and statements)
and to the best of my/our knowledge and belief, it is true, correct, and complete. If prepared by a person other than the taxpayer, this declaration is
based on all information of which the preparer has knowledge.

SIGNATURE OF FIDUCIARY

DATE

PHONE NUMBER

By providing my e-mail address I am authorizing the Georgia Department of Revenue to electronically notify me at the below e-mail address regarding any
updates to my account(s).
Check the box to authorize the Georgia Department of Revenue to
discuss the contents of this return with the named preparer.

FIDUCIARY E-MAIL ADDRESS

SIGNATURE OF PREPARER OTHER THAN FIDUCIARY

DATE

NAME OF PREPARER OTHER THAN FIDUCIARY

PHONE NUMBER

PREPARER’S IDENTIFICATION NUMBER

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

Georgia Form

501

Fiduciary Income Tax Return

(Approved web version)

TAXPAYER’S FEIN

Page 3
Schedule 2 - Adjustments to Income
ADDITIONS

1. Municipal bond interest - Other states...............................................................................

1.

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

2.

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

3.

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

4.

5. Other

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

5.

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

6.

0

SUBTRACTIONS

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

7.

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

8.

9. Reserved

9.

10. Other

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

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

0

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

0

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

A

Name

Name

ZIP

ID Number

Country
Share of Income

State

ZIP

ID Number

Country
Share of Income

Address
City

D

State

Address
City

C

Share of Income

Address
City

B

ID Number

State

ZIP

Enter total (Including additional Beneficiaries’ Share of Income from attached schedule). Enter here and
on Line 4, Schedule 1 or Line 12, Schedule 4

Country

Georgia Form

501

Fiduciary Income Tax Return

(Approved web version)

TAXPAYER’S FEIN

Page 4
Schedule 4 - Computation of Georgia Taxable Income For Part Year and Nonresident Fiduciary
Enter your Residency Status with the appropriate number..........................

(ROUND TO NEAREST DOLLAR)

Part Year Resident

to

Total Income From
All Sources
Column A
1. Interest Income ..................................................................... 1.
2. Dividend Income .................................................................... 2.
3. Business Income or (loss) ..................................................... 3.
4. Other Income or (loss) .......................................................... 4.
5. Total Income (Add Lines 1 through 4).................................... 5.
6. Total deductions used in arriving at Adjusted Total Income
from Form 1041 ..................................................................... 6.
7. Net Adjustments from Schedule 2 ......................................... 7.
8. Total (Line 5 minus Line 6 plus or minus Line 7) ................... 8.

9. Ratio: Divide Line 8 Col. B by Line 8 Col. A ............................................................

9.

10. Exemptions: (Trusts $1350, Estates $2700) ........................................................... 10.
11. Part Year/Nonresident exemption (Multiply Line 9 by Line 10) ............................... 11.
12. Beneficiaries share of GA income from Schedule 3................................................. 12.
13. Total Deductions (Add Lines 11 and 12) ................................................................. 13.
14. Georgia taxable income before GA NOL (Line 8 Col. B less
Line 13). Enter here and on Form 501 Line 7a. ...................................................... 14.

Georgia
Source Income
Column B

Georgia Form

501

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

501

Fiduciary Income Tax Return

(Approved web version)

SCHEDULE 5B
Page 6
Schedule 5B - Refundable Tax Credits

TAXPAYER’S FEIN

(ROUND TO NEAREST DOLLAR)

TO CLAIM
SCHEDULE 5 TAX
CREDITS YOU
MUST FILE
ELECTRONICALLY

Georgia Form

501

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

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
Individual or Fiduciary Name and Address:

525-TV (Rev. 06/21/22)
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

52500022101220000000000000004000000000002

Amount Paid

$

Vendor Code

040

Page 9

501 INSTRUCTIONS
Federal Tax Changes, New Legislation, and other Policy Information
are available via the Department’s website dor.georgia.gov/rulespolicies/income-tax.

Page 4 of the Form 500-NOL. Please see the schedule at the top of
Page 4 of the Form 500-NOL and the related instructions on Form
500-NOL.

Every resident and nonresident fiduciary having income from
sources within Georgia or managing funds or property for the benefit
of a resident of this state is required to file a Georgia income tax
return on Form 501 (see our website for information regarding the
U.S. Supreme Court Kaestner Decision).

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 below to compute the net operating
losses that can be used in the current year.

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 2022 fiduciary is April 18, 2023.

1.

NOL carry forward available for current year from years
before 2018

2.

NOL carry forward available for current year from

SPECIFIC INSTRUCTIONS
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
documentation.
Grantor Trust Instructions. 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 the credit 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. Partial
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 the number 2 and the dates of part-year residency. If
the fiduciary is a nonresident, enter the number 3. Lines 1 through

6 of Schedule 1 should be left blank. Instead, complete
Schedule 4.
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 7: Enter the Georgia taxable income before the GA NOL.
Line 7b: Georgia NOL Utilized
Georgia did not adopt the revised net operating loss provisions in the
2020 CARES Act and the modification to the Code Section 461(l)
limitation in the 2020 CARES Act. As such:
• For losses incurred in taxable years ending after December
31, 2017, there is no carryback and unlimited carryforward of
net operating losses 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 (the 80% limitation is based on Georgia
taxable net income). The 80% limitation does not apply to
certain insurance company net operating losses.
• The I.R.C. Section 461(l) adjustment (limitation on losses for
noncorporate taxpayers) is required in the same manner as
was required before the CARES Act.
Georgia net operating loss (NOL) carryover from previous years.
Please note that before determining how much NOL can be carried
from the previous year to the current year, the income from the
previous year must be recomputed using the schedule at the top of

years 2018 and later

3.

Income before GA NOL (Line 7a of Form
501or 501X)

4.
5.

NOL from line 1 applied to current year
NOL from line 2 applied to current year
(cannot exceed 80% of Line 3)

6.

Total NOL applied – add Lines 4 and 5,
also enter on Line 7b of Form 501 or 501X

Line 8
Compute the total income tax on the amount shown on Line 7c
from the following tax rate schedule and enter on Line 8.
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
in any manner a series 100 tax credit claimed on Schedule 5 or 5B
(see page 11).
Enter the information as specified on each line of Schedule 5 and
5B. Please see the Tax Credit Summaries on the Department’s
website (dor.georgia.gov/tax-credit-summaries) for more information
regarding Line 11 credits that can be sold.
Line 11b
Enter the credit for nonresident withholding on distributions from
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 G2RP or G2-A or the closing statement showing the amount
withheld. The amount withheld from a G2-LP should also be
included in the amount on Line 11b.
Line 11c
Enter the amount of refundable tax credits. These credits must be
filed electronically.

Page 10

501 INSTRUCTIONS
Schedule 2
Georgia taxable income of a fiduciary is its Federal adjusted total
income with certain adjustments as provided in Code Section 48- 727. List all additions and all subtractions in the appropriate sections
of Schedule 2. The more common adjustments are shown.
ADDITIONS: Interest on State and Municipal bonds other than
Georgia and its political subdivisions. Any income tax claimed as a
deduction on Form 1041 other than Georgia. Fiduciary fee and
other expense allocable to income exempt from Georgia tax (other
than U.S. obligations).
SUBTRACTIONS: Interest and dividends on U.S. Government
bonds and other U.S. obligations. U.S. obligation income must be
reduced by direct and indirect interest expense. To arrive at this
reduction, the total interest expense is multiplied by a fraction, the
numerator of which is the taxpayers average adjusted basis of the
U.S. obligations, and the denominator of which is the average
adjusted basis of all assets of the taxpayer. NOTE: Interest received
from the Federal National Mortgage Association (FNMA),
Government National Mortgage Association (GNMA), Federal Home
Loan Mortgage Corporation (FHLMC), and interest derived from
repurchase agreements are not considered to be obligations of the
United States and are taxable.
Federally taxable interest on “Build America Bonds” and other
Georgia municipal interest for which there is a special exemption
under Georgia law. “Recovery Zone Economic Development
Bonds” under Section 1400U-2 of the Internal Revenue Code or
any other bond treated as a “Qualified Bond” under Section 6431(f)
of the Internal Revenue Code are considered “Build America
Bonds” for this purpose. Income Tax refunds included as income
on Form 1041 other than Georgia. Enter the total adjustments on
the indicated line of Schedule 2 and on Line 2, Schedule 1. See
Georgia Code Section 48-7-27 for additional adjustments.

taxable income before Georgia Net Operating Loss. Enter here and on
Form 501 Line 7a. Use the income on Form 501 Line 7c to determine
your tax and enter on Form 501, 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.
GENERAL INFORMATION
PENALTIES AND INTEREST
DELINQUENT FILING OF RETURN - 5% of the tax not paid by
original due date for each month or fractional part thereof - up to 25%.
FAILURE TO PAY tax shown on a return by due date - 1/2 of 1% of the
tax due for each month or fractional part thereof - up to 25%. Failure to
pay is not due if the return is being amended due to an IRS audit,
check the box at the top of Page 1.
Note: Late payment and late filing penalties together cannot exceed
25% of tax not paid by the original due date.
A PENALTY OF $1,000 may be assessed against an individual who
files a frivolous return.
NEGLIGENT underpayment of tax - 5% of the underpayment.
FRAUDULENT UNDERPAYMENT - 50% thereof.
FAILURE TO FILE ESTIMATED TAX – 9% per annum for the
period of underpayment.
Form 500 UET is available upon request and from our website for
computation of under-estimated 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 (if the revised penalty is zero, enter
zero), and include the 500 UET with the return.

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.

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.

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.

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)

Note: Include copies of the federal return and schedules with
your Georgia 501 return.
Enter the number 2 or 3 for the residency status. If 2 is entered, enter
the dates of part-year residency.
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.
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

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 11

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

Code

Name of Credit

102 - Employer’s Credit for Approved Employee Retraining

126 - Seed-Capital Fund Credit

103 - Employer’s Jobs Tax Credit

128 - Wood Residual Credit

104 - Employer’s Credit for Purchasing Child Care Property

129 - Qualified Health Insurance Expense Credit

105 - Employer’s Credit for Providing or Sponsoring Child Care for
Employees

130 - Quality Jobs Tax Credit

106 - Manufacturer’s Investment Tax Credit
107 - Optional Investment Tax Credit
108 - Qualified Transportation Credit (only carryover can be used)
109 - Low Income Housing Credit
111 - Business Enterprise Vehicle Credit

131 - Alternate Port Activity Tax Credit
132 - Qualified Investor Tax 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)

112 - Research Tax Credit

136 - Qualified Rural Hospital Organization Expense Tax Credit

113 - Headquarters Tax Credit

137 - Qualified Parolee Jobs Tax Credit

114 - Port Activity Tax Credit

138 - Postproduction Film Tax Credit

115 - Bank Tax Credit

139 - Small Postproduction Film Tax Credit

116 - Low Emission Vehicle Credit (only carryover can be used)

140 - Qualified Education Donation Tax Credit

117 - Zero Emission Vehicle Credit (only carryover can be used)

141 - Musical Tax Credit

118 - New Facilities Job Credit

142 - Rural Zone Tax Credits

119 - Electric Vehicle Charger Credit

143 - Agribusiness and Rural Jobs Tax Credit

120 - New Manufacturing Facilities Property Credit

144 - Post-Consumer Waste Materials Tax Credit

121 - Historic Rehabilitation Credit for Historic Homes

145 - Timber Tax Credit

122 - Film Tax Credit (Use code 133 if the credit is for a Qualified
Interactive Entertainment Production Company)

146 - Railroad Track Maintenance Tax Credit
147 - Personal Protective Equipment Manufacturer Jobs Tax Credit

124 - Land Conservation Credit

148 - Life Sciences Manufacturing Job Tax Credit

125 - Qualified Education Expense Credit

149 - Historic Rehabilitation Tax Credit for Historic Homes and
Other Certified Structures Earning $300K or less

WORKSHEET FOR OTHER STATE(S) TAX CREDIT

Page 12

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 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 personal exemption Form 501, 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

$
$
%
$
$
$
$
$
$

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

$

* The amount entered must be reduced by credits that have been allowed by the other states.