Georgia Form 501x - Amended Fiduciary Income Tax Return - 2011 Page 4
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501X
Page 4
Georgia Form
Amended Fiduciary Income Tax Return
Instructions
Every resident and nonresident fiduciary having income from sources within Georgia
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
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.
Georgia. Fiduciary fee and other expense allocable to income exempt from Georgia
tax (other than U.S. obligations).
Returns are required to be filed by the 15th day of the 4th month following the close
of the taxable year. If the due date falls on weekend or holiday, the tax shall be due
SUBTRACTIONS: Interest and dividends on U.S. Government bonds and other U.S.
on the next day that is not a weekend or holiday.
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.
The Georgia Code provides penalties for failure to comply with its provisions and for
obligations, and the denominator of which is the average adjusted basis of all assets
interest on late payments of tax and deficiencies.
of the taxpayer. NOTE: Interest received from the Federal National Mortgage
SPECIFIC INSTRUCTIONS
Association (FNMA), Government National Mortgage Association (GNMA), Federal
Schedule 1
Home Loan Mortgage Corporation (FHLMC), and interest derived from repurchase
Enter on Line 1 the amount of gross income less the itemized deductions shown on the
agreements are not considered to be obligations of the United States and are taxable.
Federal Form 1041.
Federally taxable interest on “Build America Bonds” and other Georgia municipal
Enter on Line 2 the net adjustment from Schedule 3.
interest for which there is a special exemption under Georgia law. “ Recovery Zone
Enter on Line 4 the total portion of income distributable to all beneficiaries as listed in
Economic Development Bonds” under Section 1400U-2 of the Internal Revenue Code
Schedule 2.
or any other bond treated as a “Qualified Bond” under Section 6431(f) of the Internal
Enter on Line 6 the exemption: Trusts $1,350, Estates $2,700.
Revenue code are considered “Build America Bonds” for this purpose.
Compute the total income tax on the amount shown on Line 7 from the following tax
Income Tax refunds included as income on Form 1041 other than Georgia. Enter the
rate schedule, entering the total tax due on Line 8.
total adjustments on the indicated line of Schedule 3 and on Line 2, Schedule 1.
If the amount
But Not
Amount of
Of
GENERAL INFORMATION
on Line 7 is
Over
Tax is
Excess
O
v
r e
O
v
r e
PENALTIES AND INTEREST
...............................
$ 750 .........................
1%........................
DELINQUENT FILING OF RETURN - 5% of the tax not paid by original due date
$ 750 ...................
$ 2250 ......................... $
7.50+2%. ............ $ 750
for each month or fractional part thereof - up to 25%.
$ 2250 .................
$ 3750 ........................ $ 37.50+3% ............. $ 2250
FAILURE TO PAY tax shown on a return by due date - 1/2 of 1% of the tax due for each
$ 3750 ..................
$ 5250 ........................ $ 82.50+4%.............. $ 3750
month or fractional part thereof - up to 25%. Failure to pay is not due if the return is
$ 5250 ..................
$ 7000 ........................ $ 142.50+5%.............. $ 5250
$ 7000 ............................................................$ 230.00+6%.............. $ 7000
being amended due to an IRS audit.
Note: Late payment and late filing penalties together cannot exceed 25% of tax
not paid by original due dates.
Line 9a
A PENALTY OF $1,000 may be assessed against an individual who files a frivolous
A credit is allowed on Line 9a for income tax period to other States. A copy of the other
return.
state’s(s) return must be attached.
NEGLIGENT underpayment of tax - 5% of the underpayment.
Line 9b
FRAUDULENT UNDERPAYMENT - 50% thereof.
For more information about pass through and business credits, see our website.
FAILURE TO FILE ESTIMATED TAX - 9% per annum for the period of underpayment.
Submit a schedule for the total credit claimed if more than 3 credits are claimed. The
Form 500UET is available upon request for computation of underestimated installment
amount on the schedule must equal the amount claimed on Line 9b.
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
Line 11b
18 of the Form 501 (if the revised penalty is zero enter zero), and include the 500UET
Credit for nonresident withholding on distributions from pass through entities and sale
with the return.
of property by nonresidents. See O.C.G.A. Sections 48-7-128 and 48-7-129. Attach a
INTEREST is computed at 12% per year on any unpaid tax from the date due until paid.
copy of G 2RP or G 2A or the closing statement showing the amount withheld.
An extension of time for filing does not relieve late payment penalty or interest.
The amount withheld from a G-2LP should also be put on line 11b.
ESTIMATED TAX
Schedule 2
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
If there are more than 4 beneficiaries, attach a list showing the same information for
income which exceeds: (1) The personal exemption; plus (2) Estimated deductions;
each. The total of Schedule 2 must be the same as the amount on Line 4, Schedule 1
plus (3) $1,000 income not subject to withholding is required to file.
Schedule 3
WHEN AND WHERE TO FILE ESTIMATED TAX. Estimated tax payments required to
Georgia taxable income of a fiduciary is its Federal income with certain adjustments as
be filed by persons not regarded as farmers or fishermen shall be filed on or before
provided in Code Section 48-7-27. List all additions and all subtractions in the appropriate
April 15th of the taxable year, except that if the above requirements are first met on
sections of Schedule 3. The more common adjustments are shown.
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
Schedule 4
1st, by January 15th of the following year. If the due date falls on a weekend or
Pass - through and business Credits are from ownership of Sole Proprietor, S Corp.,
holiday, the tax shall be due on the next day that is not a weekend or holiday.
LLC or Partner-ship interest and other credits. You must list the company name,
Fiduciaries filing on a fiscal-year basis ending after December 31st, must file on
credit code type, percentage of ownership, FEIN, and the amount of credit claimed
corresponding dates.
for each item listed in Schedule 4. If you claim more than three credits, enclose
The estimate coupon, Form 500ES, should be mailed to the Department of Revenue,
a schedule. The total of Schedule 4 and the additional pass-through and business
Processing Center, P.O. Box 740319, Atlanta, GA 30374-0319.
credits claimed must be the same amount entered on LIne 9b, Schedule 1.
PAYMENT OF ESTIMATED TAX. Payment in full or your estimated tax may be made
with the first required payment or in equal installments during this 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.”
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