Georgia Form 501 - Fiduciary Income Tax Return Page 4
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501
Page 4
Georgia Form
Fiduciary Income Tax Return
Instructions
-
Georgia has adopted most of the provisions of all federal tax acts (as they relate to
ADDITIONS: Interest on State and Municipal bonds other than Georgia and its political
the computation of Federal taxable income) that were enacted on or before January
subdivisions. Any income tax claimed as a deduction on Form 1041 other than
1, 2012. Please see Page 5 for more information.
Georgia. Fiduciary fee and other expense allocable to income exempt from Georgia
tax (other than U.S. obligations).
Every resident and nonresident fiduciary having income from sources within Georgia
SUBTRACTIONS: Interest and dividends on U.S. Government bonds and other U.S.
or managing funds or property for the benefit of a resident of this state is required to
obligations. U.S. obligation income must be reduced by direct and indirect interest
file a Georgia income tax return on Form 501.
expense. To arrive at this reduction, the total interest expense is multiplied by a
Returns are required to be filed by the 15th day of the 4th month following the close
fraction, the numerator of which is the taxpayers average adjusted basis of the U.S.
of the taxable year.The due date for a calendar year 2012 trust is April 17, 2012.
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
The Georgia Code provides penalties for failure to comply with its provisions and for
Home Loan Mortgage Corporation (FHLMC), and interest derived from repurchase
interest on late payments of tax and deficiencies.
agreements are not considered to be obligations of the United States and are taxable.
SPECIFIC INSTRUCTIONS
Federally taxable interest on “Build America Bonds” and other Georgia municipal
Schedule 1
interest for which there is a special exemption under Georgia law. “ Recovery Zone
Enter on Line 1 the amount of gross income less the itemized deductions shown on the
Economic Development Bonds” under Section 1400U-2 of the Internal Revenue Code
Federal Form 1041.
or any other bond treated as a “Qualified Bond” under Section 6431(f) of the Internal
Enter on Line 2 the net adjustment from Schedule 3.
Revenue code are considered “Build America Bonds” for this purpose.
Enter on Line 4 the total portion of income distributable to all beneficiaries as listed in
Income Tax refunds included as income on Form 1041 other than Georgia. Enter the
Schedule 2.
total adjustments on the indicated line of Schedule 3 and on Line 2, Schedule 1.
Enter on Line 6 the exemption: Trusts $1,350, Estates $2,700.
Compute the total income tax on the amount shown on Line 7 from the following tax
GENERAL INFORMATION
rate schedule, entering the total tax due on Line 8.
PENALTIES AND INTEREST
If the amount
But Not
Amount of
Of
DELINQUENT FILING OF RETURN - 5% of the tax not paid by original due date
on Line 7 is
Over
Tax is
Excess
O
v
r e
O
v
r e
for each month or fractional part thereof - up to 25%.
...............................
$ 750 .........................
1%........................
FAILURE TO PAY tax shown on a return by due date - 1/2 of 1% of the tax due for each
$ 750 ...................
$ 2250 ......................... $
7.50+2%. ............ $ 750
month or fractional part thereof - up to 25%.
$ 2250 .................
$ 3750 ........................ $ 37.50+3% ............. $ 2250
Note: Late payment and late filing penalties together cannot exceed 25% of tax
$ 3750 ..................
$ 5250 ........................ $ 82.50+4%.............. $ 3750
not paid by original due dates.
$ 5250 ..................
$ 7000 ........................ $ 142.50+5%.............. $ 5250
A PENALTY OF $1,000 may be assessed against an individual who files a frivolous
$ 7000 ............................................................$ 230.00+6%.............. $ 7000
return.
NEGLIGENT underpayment of tax - 5% of the underpayment.
Line 9a
FRAUDULENT UNDERPAYMENT - 50% thereof.
A credit is allowed on Line 9a for income tax period to other States. A copy of the other
FAILURE TO FILE ESTIMATED TAX - 9% per annum for the period of underpayment.
state’s(s) return must be attached.
Form 500UET is available upon request for computation of underestimated installment
payments. If you were eligible for an estimated tax penalty exception on Form 500 UET,
Line 9b
please check the “500 UET Exception Attached” box, include the revised penalty on line
For more information about pass through and business credits, see our website.
18 of the Form 501 (if the revised penalty is zero enter zero), and include the 500UET
Submit a schedule for the total credit claimed if more than 3 credits are claimed. The
with the return.
amount on the schedule must equal the amount claimed on Line 9b.
INTEREST is computed at 12% per year on any unpaid tax from the date due until paid.
Line 11b
An extension of time for filing does not relieve late payment penalty or interest.
Credit for nonresident withholding on distributions from pass through entities and sale
ESTIMATED TAX
of property by nonresidents. See O.C.G.A. Sections 48-7-128 and 48-7-129. Attach a
Code Section 48-7-114 requires Fiduciaries to pay estimated tax. Each Fiduciary
copy of G 2RP or G 2A or the closing statement showing the amount withheld.
subject to Georgia Income Tax who reasonably expects to have during the year gross
The amount withheld from a G-2LP should also be put on line 11b.
income which exceeds: (1) The personal exemption; plus (2) Estimated deductions;
plus (3) $1,000 income not subject to withholding is required to file.
Schedule 2
WHEN AND WHERE TO FILE ESTIMATED TAX. Estimated tax payments required to
If there are more than 4 beneficiaries, attach a list showing the same information for
be filed by persons not regarded as farmers or fishermen shall be filed on or before
each. The total of Schedule 2 must be the same as the amount on Line 4, Schedule 1
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
Schedule 3
June 1st and before September 1st, by September 15th; and on or after September
Georgia taxable income of a fiduciary is its Federal income with certain adjustments as
1st, by January 15th of the following year. If the due date falls on a weekend or
provided in Code Section 48-7-27. List all additions and all subtractions in the appropriate
holiday, the tax shall be due on the next day that is not a weekend or holiday.
sections of Schedule 3. The more common adjustments are shown.
Fiduciaries filing on a fiscal-year basis ending after December 31st, must file on
corresponding dates.
Schedule 4
The estimate coupon, Form 500ES, should be mailed to the Department of Revenue,
Pass - through and business Credits are from ownership of Sole Proprietor, S Corp.,
Processing Center, P.O. Box 740319, Atlanta, GA 30374-0319.
LLC or Partner-ship interest and other credits. You must list the company name,
PAYMENT OF ESTIMATED TAX. Payment in full or your estimated tax may be made
credit code type, percentage of ownership, FEIN, and the amount of credit claimed
with the first required payment or in equal installments during this year on or before
for each item listed in Schedule 4. If you claim more than three credits, enclose
April 15th, June 15th, September 15th, and the following January 15th. Make your
a schedule. The total of Schedule 4 and the additional pass-through and business
check or money order payable to “Georgia Department of Revenue.” Georgia Public
credits claimed must be the same amount entered on LIne 9b, Schedule 1.
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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