Fillable Georgia Form 501 - Fiduciary Income Tax Return

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501

Page 6

Georgia Form

Fiduciary Income Tax Return

Instructions

agreements are not considered to be obligations of the United States and are taxable.

Georgia has adopted most of the provisions of all federal tax acts (as they relate to

Federally taxable interest on “Build America Bonds” and other Georgia municipal

the computation of Federal taxable income) that were enacted on or before January

interest for which there is a special exemption under Georgia law. “Recovery Zone

1, 2015. Please see Page 7 for more information.

Economic Development Bonds” under Section 1400U-2 of the Internal Revenue Code

Every resident and nonresident fiduciary having income from sources within Georgia

or any other bond treated as a “Qualified Bond” under Section 6431(f) of the Internal

or managing funds or property for the benefit of a resident of this state is required to

Revenue code are considered “Build America Bonds” for this purpose.

file a Georgia income tax return on Form 501.

Income Tax refunds included as income on Form 1041 other than Georgia. Enter the

Returns are required to be filed by the 15th day of the 4th month following the close

total adjustments on the indicated line of Schedule 3 and on Line 2, Schedule 1. See

of the taxable year. The due date for a calendar year 2015 fiduciary is April 18, 2016.

Georgia Code Section 48-7-27 for additional adjustments.

The Georgia Code provides penalties for failure to comply with its provisions and for

Georgia net operating loss (NOL) carryover from previous years. Please note that

interest on late payments of tax and deficiencies.

before determining how much NOL can be carried from the previous year to the current

year, the income from the previous year must be recomputed using the schedule at

SPECIFIC INSTRUCTIONS

the top of page 3 of the Form 500-NOL. Please see the schedule at the top of page 3

If you are a Trust which is a Qualified Funeral trust or an Estate which is a Bankruptcy

of the Form 500-NOL and the related instructions on page 4 of the Form 500-NOL.

Estate, please check the appropriate box on page 1, fill in the correct tax on line 8

Please list the entire available Georgia NOL on this line, not just the amount being used.

and attach supporting documentation.

Schedule 4 and Schedule 5

Schedule 1

Credits are from ownership of Sole Proprietor, S Corp., LLC or Partnership interest and

Enter on Line 1 the amount of gross income less the itemized deductions shown on the

other credits.

Federal Form 1041.

Enter on Line 2 the net adjustment from Schedule 3.

GENERAL INFORMATION

Enter on Line 4 the total portion of income distributable to all beneficiaries as listed in

PENALTIESAND INTEREST

Schedule 2.

Enter on Line 6 the exemption: Trusts $1,350, Estates $2,700.

DELINQUENT FILING OF RETURN - 5% of the tax not paid by original due date

Compute the total income tax on the amount shown on Line 7 from the following tax

for each month or fractional part thereof - up to 25%.

rate schedule, entering the total tax due on Line 8.

FAILURE TO PAY tax shown on a return by due date - 1/2 of 1% of the tax due for each

month or fractional part thereof - up to 25%.

If the amount

But Not

Amount of

on Line 7 is

Over

Tax is

Excess

Note: Late payment and late filing penalties together cannot exceed 25% of tax

not paid by the original due date.

Over

...............................

$ 750 .........................

1%........................

$ 750 ...................

$ 2250 .........................$

7.50+2%. ............ $ 750

A PENALTY OF $1,000 may be assessed against an individual who files a frivolous

$ 2250 .................

$ 3750 ........................$ 37.50+3% ............. $ 2250

return.

$ 3750 ..................

$ 5250 ........................$ 82.50+4%.............. $ 3750

NEGLIGENT underpayment of tax - 5% of the underpayment.

$ 5250 ..................

$ 7000 ........................$ 142.50+5%.............. $ 5250

FRAUDULENT UNDERPAYMENT - 50% thereof.

$ 7000 ............................................................$ 230.00+6%.............. $ 7000

FAILURE TO FILE ESTIMATED TAX - 9% per annum for the period of underpayment.

Form 500UET is available upon request and on our website for computation of

Line 9

All credits, including the credit for income tax paid to another state, should be listed on

underestimated installment payments. If you were eligible for an estimated tax penalty

a separate Schedule 4 and the total amount from Line 13 of all Schedule 4s should be

exception on Form 500 UET, please check the “500 UET Exception Attached” box,

listed on Line 9 of Schedule 1. The credit type code for the credit for income tax paid

include the revised penalty on line 18 of the Form 501 (if the revised penalty is zero

to another state is 210. A copy of the other state(s)’ return must be attached.

enter zero), and include the 500UET with the return.

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

of property by nonresidents. See O.C.G.A. Sections 48-7-128 and 48-7-129. Attach a

ESTIMATEDTAX

copy of G2-RP or G2-A or the closing statement showing the amount withheld.

Code Section 48-7-114 requires Fiduciaries to pay estimated tax. Each Fiduciary

The amount withheld from a G2-LP should also be put on line 11b.

subject to Georgia Income Tax who reasonably expects to have during the year gross

income which exceeds: (1) The personal exemption; plus (2) Estimated deductions;

Schedule 2

plus (3) $1,000 income not subject to withholding is required to file. However, a

If there are more than 3 beneficiaries, attach a list showing the same information for

fiduciary shall not be required to pay estimated tax with respect to any taxable year

each. The total of Schedule 2 must be the same as the amount on Line 4, Schedule 1.

ending before the date two years after the date of the decedent’s death in the case of:

Schedule 3

1. the estate of a decedent; or

Georgia taxable income of a fiduciary is its Federal income with certain adjustments as

2. a testamentary trust as defined in IRC section 6654(l)(2)(B)

provided in Code Section 48-7-27. List all additions and all subtractions in the appropriate

sections of Schedule 3. The more common adjustments are shown.

WHEN AND WHERE TO FILE ESTIMATED TAX. Estimated tax payments required to

be filed by persons not regarded as farmers or fishermen shall be filed on or before

ADDITIONS: Interest on State and Municipal bonds other than Georgia and its political

April 15th of the taxable year, except that if the above requirements are first met on

subdivisions. Any income tax claimed as a deduction on Form 1041 other than

or after April 1st, and before June 1st, the tax must be paid by June 15th; on or after

Georgia. Fiduciary fee and other expense allocable to income exempt from Georgia

June 1st and before September 1st, by September 15th; and on or after September

tax (other than U.S. obligations).

1st, by January 15th of the following year. If the due date falls on a weekend or

holiday, the tax shall be due on the next day that is not a weekend or holiday.

SUBTRACTIONS: Interest and dividends on U.S. Government bonds and other U.S.

Fiduciaries filing on a fiscal-year basis ending after December 31st, must file on

obligations. U.S. obligation income must be reduced by direct and indirect interest

corresponding dates.

expense. To arrive at this reduction, the total interest expense is multiplied by a

The estimate coupon, Form 500ES, should be mailed to the Department of Revenue,

fraction, the numerator of which is the taxpayers average adjusted basis of the U.S.

Processing Center, P.O. Box 740319, Atlanta, GA 30374-0319.

obligations, and the denominator of which is the average adjusted basis of all assets

PAYMENT OF ESTIMATED TAX. Payment in full of your estimated tax may be made

of the taxpayer. NOTE: Interest received from the Federal National Mortgage

with the first required payment or in equal installments during the year on or before

Association (FNMA), Government National Mortgage Association (GNMA), Federal

April 15th, June 15th, September 15th, and the following January 15th. Make your

Home Loan Mortgage Corporation (FHLMC), and interest derived from repurchase

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.”

Georgia Form 501 - Fiduciary Income Tax Return - 2015 Page 7

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