Georgia Form 501 - Fiduciary Income Tax Return Page 5
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501
Page 4
Georgia Form
Fiduciary Income Tax Return
Instructions
SUBTRACTIONS: Interest and dividends on U.S. Government bonds and other U.S.
Georgia has adopted most of the provisions of all federal tax acts (as they relate to
obligations. U.S. obligation income must be reduced by direct and indirect interest
the computation of Federal taxable income) that were enacted on or before January
expense. To arrive at this reduction, the total interest expense is multiplied by a
1, 2014. Please see Page 5 for more information.
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
Every resident and nonresident fiduciary having income from sources within Georgia
of the taxpayer. NOTE: Interest received from the Federal National Mortgage
or managing funds or property for the benefit of a resident of this state is required to
Association (FNMA), Government National Mortgage Association (GNMA), Federal
file a Georgia income tax return on Form 501.
Home Loan Mortgage Corporation (FHLMC), and interest derived from repurchase
Returns are required to be filed by the 15th day of the 4th month following the close
agreements are not considered to be obligations of the United States and are taxable.
of the taxable year. The due date for a calendar year 2014 fiduciary is April 15, 2015.
Federally taxable interest on “Build America Bonds” and other Georgia municipal
interest for which there is a special exemption under Georgia law. “Recovery Zone
The Georgia Code provides penalties for failure to comply with its provisions and for
Economic Development Bonds” under Section 1400U-2 of the Internal Revenue Code
interest on late payments of tax and deficiencies.
or any other bond treated as a “Qualified Bond” under Section 6431(f) of the Internal
SPECIFIC INSTRUCTIONS
Revenue code are considered “Build America Bonds” for this purpose.
If you are a Trust which is a Qualified Funeral trust or an Estate which is a Bankruptcy
Income Tax refunds included as income on Form 1041 other than Georgia. Enter the
Estate, please check the appropriate box on page 1, fill in the correct tax on line 8
total adjustments on the indicated line of Schedule 3 and on Line 2, Schedule 1. See
and attach supporting documentation.
Georgia Code Section 48-7-27 for additional adjustments.
Schedule 1
Enter on Line 1 the amount of gross income less the itemized deductions shown on the
GENERAL INFORMATION
Federal Form 1041.
PENALTIESAND INTEREST
Enter on Line 2 the net adjustment from Schedule 3.
Enter on Line 4 the total portion of income distributable to all beneficiaries as listed in
DELINQUENT FILING OF RETURN - 5% of the tax not paid by original due date
Schedule 2.
for each month or fractional part thereof - up to 25%.
Enter on Line 6 the exemption: Trusts $1,350, Estates $2,700.
FAILURE TO PAY tax shown on a return by due date - 1/2 of 1% of the tax due for each
Compute the total income tax on the amount shown on Line 7 from the following tax
month or fractional part thereof - up to 25%.
rate schedule, entering the total tax due on Line 8.
Note: Late payment and late filing penalties together cannot exceed 25% of tax
If the amount
But Not
Amount of
Of
not paid by the original due date.
on Line 7 is
Over
Tax is
Excess
Over
Over
A PENALTY OF $1,000 may be assessed against an individual who files a frivolous
...............................
$ 750 .........................
1%........................
return.
$ 750 ...................
$ 2250 .........................$
7.50+2%. ............ $ 750
$ 2250 .................
$ 3750 ........................$ 37.50+3% ............. $ 2250
NEGLIGENT underpayment of tax - 5% of the underpayment.
$ 3750 ..................
$ 5250 ........................$ 82.50+4%.............. $ 3750
FRAUDULENT UNDERPAYMENT - 50% thereof.
$ 5250 ..................
$ 7000 ........................$ 142.50+5%.............. $ 5250
FAILURE TO FILE ESTIMATED TAX - 9% per annum for the period of underpayment.
$ 7000 ............................................................$ 230.00+6%.............. $ 7000
Form 500UET is available upon request and on our website for computation of
underestimated installment payments. If you were eligible for an estimated tax penalty
Line 9a
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
A credit is allowed on Line 9a for income tax paid to other States. A copy of the other
enter zero), and include the 500UET with the return.
state’s(s) return must be attached.
INTEREST is computed at 12% per year on any unpaid tax from the date due until paid.
Line 9b
An extension of time for filing does not relieve late payment penalty or interest.
For more information about pass through and business credits, see our website.
Submit a schedule for the total credit claimed if more than 3 credits are claimed. The
ESTIMATEDTAX
amount on the schedule must equal the amount claimed on Line 9b.
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
Line 11b
income which exceeds: (1) The personal exemption; plus (2) Estimated deductions;
Credit for nonresident withholding on distributions from pass through entities and sale
plus (3) $1,000 income not subject to withholding is required to file. However, a
of property by nonresidents. See O.C.G.A. Sections 48-7-128 and 48-7-129. Attach a
fiduciary shall not be required to pay estimated tax with respect to any taxable year
copy of G2-RP or G2-A or the closing statement showing the amount withheld.
ending before the date two years after the date of the decedent’s death in the case of:
The amount withheld from a G2-LP should also be put on line 11b.
1. the estate of a decedent; or
2. a testamentary trust as defined in IRC section 6654(l)(2)(B)
Schedule 2
If there are more than 3 beneficiaries, attach a list showing the same information for
WHEN AND WHERE TO FILE ESTIMATED TAX. Estimated tax payments required to
each. The total of Schedule 2 must be the same as the amount on Line 4, Schedule 1.
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
Schedule 3
or after April 1st, and before June 1st, the tax must be paid by June 15th; on or after
Georgia taxable income of a fiduciary is its Federal income with certain adjustments as
June 1st and before September 1st, by September 15th; and on or after September
provided in Code Section 48-7-27. List all additions and all subtractions in the appropriate
1st, by January 15th of the following year. If the due date falls on a weekend or
sections of Schedule 3. The more common adjustments are shown.
holiday, the tax shall be due on the next day that is not a weekend or holiday.
Schedule 4
Fiduciaries filing on a fiscal-year basis ending after December 31st, must file on
corresponding dates.
Pass through and business Credits are from ownership of Sole Proprietor, S Corp.,
LLC or Partnership interest and other credits. You must list the company name,
The estimate coupon, Form 500ES, should be mailed to the Department of Revenue,
credit code type, percentage of ownership, FEIN, and the amount of credit claimed
Processing Center, P.O. Box 740319, Atlanta, GA 30374-0319.
for each item listed in Schedule 4. If you claim more than three credits, enclose
PAYMENT OF ESTIMATED TAX. Payment in full or your estimated tax may be made
a schedule. The total of Schedule 4 and the additional pass through and business
with the first required payment or in equal installments during the year on or before
credits claimed must be the same amount entered on Line 9b, Schedule 1.
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
ADDITIONS: Interest on State and Municipal bonds other than Georgia and its political
Revenue Code Section 48-2-31 stipulates that “taxes shall be paid in lawful
subdivisions. Any income tax claimed as a deduction on Form 1041 other than
money of the United States free of any expense to the State of Georgia.”
Georgia. Fiduciary fee and other expense allocable to income exempt from Georgia
tax (other than U.S. obligations).
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