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Georgia Free Printable TSD_Fiduciary_Income_Tax_Return_501 for 2022 Georgia Fiduciary Income Tax Return

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Fiduciary Income Tax Return
TSD_Fiduciary_Income_Tax_Return_501

PRINT RESET Georgia Form HELP 501 ( Rev. 08/02/21) Fiduciary Income Tax Return 2021 (Approved web version) Page 1 Part Year Resident Fiscal Year Beginning Fiscal Year Ending Nonresident 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 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 Telephone No. (Apt., Suite or Building Number) C. Address of Fiduciary (Number and Street) City Department Use Only to 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. 11. Less: 11a. Georgia Estimated Tax Paid..................................................... 11a. 0 Georgia Form 501 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. 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 Mailto: 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). 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 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 Part Year Resident to (ROUND TO NEAREST DOLLAR) Nonresident 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 Instructions for the Individual/Fiduciary (525-TV) Payment Voucher For faster and more accurate posting to your account, use a payment voucher with a valid scanline from the Georgia Department of Revenue’s website dor.georgia.gov or one produced by an approved software company listed at dor.georgia.gov/approved-software-vendors. Only complete this voucher if you owe taxes. Complete the name and address field located on the upper right side of the voucher. Please write your SSN or FEIN on your check or money order. Remove your check stub to keep with your records. 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. If you are filing electronically, mail only your voucher and payment to: Processing Center Georgia Department of Revenue PO Box 740323 Atlanta, Georgia 30374-0323 If you are filing a paper return; mail your return, 525-TV payment voucher and your payment to the address that appears on the return. 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 PLEASE DO NOT mail this entire page. Please cut along dotted line and mail only your voucher and payment. PLEASE DO NOT STAPLE. PLEASE REMOVE ALL ATTACHED CHECK STUBS. Cut along dotted line Individual or Fiduciary Name and Address: 525-TV (Rev. 04/01/21) 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 52500021101220000000000000004000000000004 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. 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). 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 2021 fiduciary is April 18, 2022. 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. Part-year/Nonresident Fiduciary. If the fiduciary is a partyear resident or nonresident please check the appropriate box at the top of the form and for a part-year resident fill in the part-year resident dates. Lines 1 through 6 of the form 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 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. 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. 1. NOL carry forward available for current year from years before 2018 2. NOL carry forward available for current year from years 2018 and later 3. Income before GA NOL (Line 7a of Form 501or 501X) 4. NOL from line 1 applied to current year 5. 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. 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. 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 taxable income before Georgia Net Operating Loss. Enter here and on Form 501 Line 7a. Use the income on Form 501 Line 7c to 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 303740319. 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 125 - Qualified Education Expense Credit 103 - Employer’s Jobs Tax Credit 126 - Seed-Capital Fund Credit 104 - Employer’s Credit for Purchasing Child Care Property 128 - Wood Residual Credit 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 131 - Alternate Port Activity Tax Credit 107 - Optional Investment Tax Credit 132 - Qualified Investor Tax Credit 108 - Qualified Transportation Credit (only carryover can be used) 109 - Low Income Housing Credit 111 - Business Enterprise Vehicle Credit 112 - Research Tax Credit 113 - Headquarters Tax Credit 114 - Port Activity Tax Credit 115 - Bank Tax Credit 116 - Low Emission Vehicle Credit (only carryover can be used) 117 - Zero Emission Vehicle Credit (only carryover can be used) 118 - New Facilities Job Credit 119 - Electric Vehicle Charger Credit 120 - New Manufacturing Facilities Property Credit 121 - Historic Rehabilitation Credit for Historic Homes 122 - Film Tax Credit (Use code 133 if the credit is for a Qualified Interactive Entertainment Production Company) 124 - Land Conservation 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) 136 - Qualified Rural Hospital Organization Expense Tax Credit 137 - Qualified Parolee Jobs Tax Credit 138 - Postproduction Film Tax Credit 139 - Small Postproduction Film Tax Credit 140 - Qualified Education Donation Tax 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 146 - Railroad Track Maintenance Tax Credit 147 - Personal Protective Equipment Manufacturer Jobs Tax Credit 148 - Life Sciences Manufacturing Job Tax Credit 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.
Extracted from PDF file 2021-georgia-form-501.pdf, last modified July 2011

More about the Georgia Form 501 Corporate Income Tax Tax Return TY 2021

We last updated the Fiduciary Income Tax Return in February 2022, so this is the latest version of Form 501, fully updated for tax year 2021. You can download or print current or past-year PDFs of Form 501 directly from TaxFormFinder. You can print other Georgia tax forms here.

Related Georgia Corporate Income Tax Forms:

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

Form Code Form Name
Form 501X Amended Fiduciary Income Tax Return

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


Form Sources:

Georgia usually releases forms for the current tax year between January and April. We last updated Georgia Form 501 from the Department of Revenue in February 2022.

Show Sources >

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

About the Corporate Income Tax

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

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

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

Historical Past-Year Versions of Georgia Form 501

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


2021 Form 501

TSD_Fiduciary_Income_Tax_Return_501

2020 Form 501

TSD_Fiduciary_Income_Tax_Return_501

2019 Form 501

TSD_Amended_Fiduciary_Income_Tax_Return_501X_2017

2018 Form 501

TSD_Fiduciary_Income_Tax_Return_501_2011 DRAFT PG. 1

2017 Form 501

TSD_Fiduciary_Income_Tax_Return_501_2011 DRAFT PG. 1

2016 Form 501

TSD_Fiduciary_Income_Tax_Return_501_2011 DRAFT PG. 1

Fiduciary Income Tax Return 2015 Form 501

TSD_Fiduciary_Income_Tax_Return_501_2011 DRAFT PG. 1

Fiduciary Income Tax Return 2014 Form 501

TSD_Fiduciary_Income_Tax_Return_501_2011 DRAFT PG. 1

PDF Form Pack generated by formuPack 2012 Form 501

PDF Form Pack

2011 Form 501

TSD_Fiduciary_Income_Tax_Return_501_2011 DRAFT PG. 1


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