Form It 511 - Individual Income Tax 500 And 500ez Forms And General Instructions - 2015 Page 15
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34FORM 500 INSTRUCTIONS
Include all completed schedules with your Georgia return.
Your Federal return contains information necessary for completing your Georgia return; therefore, you should complete your
Federal return before starting your Georgia return. If you owe tax, mail your return and payment along with Payment Voucher
525 TV to the address on the return. Make your check or money order payable to the Georgia Department of Revenue. Visit
our website at for information about alternate payment methods.
Part-year residents and nonresidents must omit Lines 9 -14 and follow the Schedule 3 instructions that begin on page 17.
LINES 1 - 3 Print or type your name(s), address (including apartment
legally allowed to work in the United States.
number if applicable) and social security number(s) in the spaces pro-
vided. Do not write both a street address and post office box in
9. Portion of charitable contributions for which a qualified education
the address field.
expense credit was claimed.
If you were eligible for an estimated tax penalty exception on Form 500
UET, please check the “500 UET Exception Attached” box, include the
10. Taxable portion of withdrawals on the Path2College 529 Plan (see
revised penalty on line 34 of the Form 500 (if the revised penalty is zero
Regulation 560-7-4-.04).
enter zero), and include the 500 UET with the return.
LINE 4 If you lived in Georgia the entire year, regardless of temporary
11. For the Land Conservation credit, the charitable donation relating to
living arrangements, enter 1 in the residency status box. If you lived in
the credit. See Regulation 560-7-8-.50 for more information.
Georgia part of the year, enter 2 in the residency status box and list the
dates you lived in Georgia. If you did not live in Georgia, enter 3 in the
Note: If a taxpayer receives a state refund and is not required to include
residency status box. If one spouse is a resident and one is a part-year
the refund in Federal AGI since they were subject to Federal Alternative
resident or nonresident, enter 3 in the residency status box and complete
Minimum Tax, they are not required to include the refund for Georgia
Schedule 3 to calculate Georgia taxable income.
purposes.
LINE 5 Enter the letter appropriate for your filing status. You should use
The following adjustments may be SUBTRACTED:
the same status that you use on your Federal return. However, if one
spouse is a resident and the other is a nonresident without any Georgia-
1. Retirement income. For tax year 2015, the maximum retirement
source income, your Georgia return may be filed jointly or separately
income exclusion is $35,000 for taxpayers who are:
with each spouse claiming the appropriate personal allowances and
(A)
62 - 64 years of age, or
deductions. If your filing status is qualifying widow(er) on your Federal
(B)
less than 62 and permanently disabled to such an
return, use filing status D on your Georgia return. Also, Georgia does
extent that they are unable to perform any type of
recognize same-sex marriage.
gainful employment.
LINE 6a-c Check box 6a for yourself and box 6b if you claim your spouse
The retirement exclusion is $65,000 if the taxpayer is 65 or older.
and you file jointly. Enter the number of boxes checked in box 6c.
The exclusion is available for the taxpayer and his/her spouse; however,
LINES 7a & b & c List the requested information about your dependents
each must qualify on a separate basis. If both spouses qualify, each
in the spaces provided. Include a schedule if you have more than five
spouse may claim the amounts above. Income from property that
dependents. Write the total number of dependents on Line 7a. Do not
is jointly owned should be allocated to each taxpayer at 50% of the
include yourself or your spouse. Add Lines 6c and 7a; write the total
total value. Up to $4,000 of the maximum allowable exclusion may
on Line 7b.
be earned income. Use the worksheet on page 14 to calculate the
LINE 8 Enter Federal adjusted gross income from Form 1040, 1040A
exclusion and document the adjustment on Form 500, Schedule 1.
or 1040EZ. Do not use Federal taxable income.
2. Interest and dividends on U.S. Government bonds and other U.S.
LINE 9 If you have income that is taxable by the Federal Government
obligations. These must be reduced by direct and indirect interest
but not taxable to Georgia or vice versa, you must adjust your Federal
expenses which are attributable to the income. Interest received from
adjusted gross income. You must document your adjustments on
the Federal National Mortgage Association, Government National
Schedule1 and enter the total amount here.
Mortgage Association, Federal Home Loan Mortgage Corporation,
and from repurchase agreements is taxable.
The following adjustments must be ADDED if applicable:
3. Social security or railroad retirement (tier 1and tier 2) paid by the
1. Interest received from non-Georgia municipal bonds and dividends
Railroad Retirement Board included in Federal adjusted gross income.
received from mutual funds that derived income from non-Georgia
municipal bonds.
4. Georgia net operating loss (NOL) carryover from previous years.
Please note that before determining how much NOL can be carried
2. Loss carryovers from years when you were not subject to Georgia
from the previous year to the current year, the income from the previous
income tax.
year must be recomputed using the schedule at the top of page 3 of
3. Lump sum distributions from employee benefit plans reported on
the Form 500-NOL. Please see the schedule at the top of page 3 of
IRS Form 4972.
the Form 500-NOL and the related instructions on page 4 of the Form
4. Depreciation because of differences in Georgia and Federal law
500-NOL. Please list the entire available NOL on this line, not just the
during tax years 1981 through 1986.
amount being used.
5. Salaries and wages reduced from Federal taxable income because
5. Adjustments due to Federal tax changes (see pages 7-8).
of the Federal Jobs Tax Credit.
6. Individual retirement account, Keogh, SEP and SUB-S plan
6. Federal deduction for income attributable to domestic production
withdrawals where tax has been paid to Georgia because of the
activities under I.R.C. Section 199.
difference between Georgia and Federal law for tax years 1981
through 1986.
7. Net operating loss carryover deducted on federal return.
8. Payments for more than $600 in a taxable year made to employ-
ees which are not authorized employees and which are not excepted
by Code Section 48-7-21.1. An authorized employee is
someone
Page 11
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