Form It 511 - Individual Income Tax 500 And 500ez Forms And General Instructions - 2015 Page 16
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34FORM 500 INSTRUCTIONS (continued)
7.
21. Federally taxable interest received on Georgia municipal bonds
Depreciation because of differences in Georgia and Federal law
during tax years 1981 through 1986.
designated as “Build America Bonds” under Section 54AA of the Inter-
nal Revenue Code of 1986. “Recovery Zone Economic Development
8.
Dependent’s unearned income included in parents’ Federal
Bonds” under Section 1400U-2 of the Internal Revenue Code or any other
adjusted gross income.
bond treated as a ‘Qualified Bond” under Section 6431(f) of the Internal
9.
Income tax refunds from states other than Georgia included in
Revenue Code are considered “Build America Bonds” for this purpose.
Federal adjusted gross income. Do not subtract Georgia income
22. Federally taxable interest received on Georgia municipal bonds
tax refunds.
issued by the State of Georgia and certain authorities or agencies of the
10. Income from any fund, program or system which is specifically
State of Georgia for which there is a special exemption under Georgia
exempted by Federal law or treaty.
law from Georgia tax on such interest.
11. Adjustment to Federal adjusted gross income for Georgia resident
23. Interest eliminated from federal itemized deductions due to the
shareholders for Subchapter S income where the Sub S election is
Federal Form 8396 credit.
not recognized by Georgia or another state in order to avoid double
24. An amount equal to $1,000 for each clerkship (see below for those
taxation. This adjustment is only allowed for the portion of income on
who provide more than 10) for any physician who served as the com-
which the tax was actually paid by the corporation to another state(s).
munity based faculty physician for a medical core clerkship, physician
In cases where the Sub S election is recognized by another state(s)
assistant core clerkship, or nurse practitioner core clerkship. For pur-
the income should not be subtracted. Credit for taxes paid to other
poses of this subtraction a “community based faculty physician” means
states may apply.
a non-compensated physician who provides a minimum of three and a
12. Adjustment for teachers retired from the Teacher’s Retirement
maximum of ten clerkships within a calendar year. As such, a physician
System of Georgia for contributions paid between July 1, 1987 and
who provides more than 10 clerkships may only subtract $10,000. A core
December 31, 1989 that were reported to and taxed by Georgia.
clerkship means a clerkship for a student who is enrolled in a Georgia
medical school, a Georgia physician assistant school, or a Georgia nurse
13. Amount claimed by employers in food and beverage establishments
practitioner school and who completes a minimum of 160 hours of com-
who took a credit instead of a deduction on the Federal return for FICA
munity based instruction in family medicine, internal medicine, pediatrics,
tax paid on employee cash tips.
obstetrics and gynecology, emergency medicine, psychiatry, or general
14. An adjustment of 10% of qualified payments to minority
surgery under the guidance of a community based faculty physician. The
subcontractors or $100,000, whichever is less, per taxable year
Statewide Area Health Education Centers Program Office at Georgia
by individuals, corporations or partnerships that are party to state
Regents University administers the program and certifies rotations. The
contracts. For more information call the Department of Administrative
physician should attach to their return a copy of the certification received
Services at 404-657-6000 or visit their website:
from the Statewide Area Health Education Centers Program Office. If they
state-purchasing/suppliers
file electronically and their software does not allow attachments, the certi-
15. Deductible portion of contributions to the Path2College 529 Plan.
fication should be retained and provided if requested by the Department.
The deduction is limited on a return to the amount contributed but
cannot exceed $2,000 per beneficiary.
LINE 10 Georgia adjusted gross income (net total of Line 8 and Line 9).
16. Adjustments due to Federal tax changes. (See pages 7-8 for
information.)
LINES 11a-c Enter the standard deduction that corresponds to your
17. Combat zone pay exclusion. See page 6 for more information.
marital status as indicated below on Line 11a and any additional
18. Up to $10,000 of unreimbursed travel expenses, lodging expenses
deductions on Line 11b. Enter the total standard deduction on Line 11c.
and lost wages incurred as a direct result of a taxpayer’s donation of
If you use the standard deduction on your Federal return, you must
all or part of a kidney, liver, pancreas, intestine, lung or bone marrow
use the Georgia standard deduction on your Georgia return. The
during the taxable year.
additional deduction applies if you and/or your spouse are age 65
or over and/or blind.
19. Adjustments to Federal adjusted gross income for Georgia res-
ident partners in a partnership or member(s) in a LLC where such
entities income has been taxed at the entity level by another state.
Leave Lines 12a-c blank if you use the standard deduction.
Adjustment is only allowed for the portion of income on which the tax
Single/Head of Household:
$2,300
was actually paid.
Married Filing Separate:
$1,500
Married Filing Joint:
$3,000
20. An amount equal to 100 percent of the premium paid by the taxpay-
er during the taxable year for high deductible health plans as defined
Additional Deduction:
$1,300
by Section 223 of the Internal Revenue Code. The amount may only
be deducted to the extent the deduction has not been included in fed-
L I N E S 1 2 a - c E n t e r i t e m i z e d d e d u c t i o n s f r o m F e d e r a l
eral adjusted income and the expenses have not been provided from
Schedule A on Line 12a; enter adjustments for income taxes
a health reimbursement arrangement and have not been included in
other than Georgia and investment interest expense for the production
itemized deductions. In the event the taxpayer claims the expenses
of income exempt from Georgia tax on Line 12b. Subtract Line 12b from
as itemized deductions, the taxpayer should multiply the expense by
Line 12a; enter the total on Line 12c.
the ratio of total allowed itemized deductions after the federal limitation
to the total allowed itemized deductions before the federal limitation to
Leave Lines 11a-c blank if you itemize deductions.
determine the amount that is not allowed to be deducted pursuant to
When Federal itemized deductions are reduced because of high income,
this paragraph. For example the taxpayer has $1,000 in high deductible
the reduced amount should be used as the starting point to compute
health insurance premiums. They also have $7,000 of other medical
.
Georgia itemized deductions
expenses which means they have total medical expenses of $8,000.
the taxpayer is only allowed to deduct $2,000 of
If you itemize deductions on your Federal return, or if you are
,
After the limitation
married filing separate and your spouse itemizes deductions,
medical expenses. The $1,000 deduction must be reduced by $250
you
($2,000/$8,000 x $1,000). Which means the taxpayer is allowed to
must itemize deductions on your Georgia return. Include a copy
of Federal Schedule A with your Georgia return.
deduct $750 pursuant to this paragraph.
Page 12
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