Form It 511 - Individual Income Tax 500 And 500ez Forms And General Instructions - 2012 Page 14
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27FORM 500 INSTRUCTIONS
(continued)
19. An amount equal to 100 percent of the premium paid by
5. Individual retirement account, Keogh, SEP and SUB-S plan
the taxpayer during the taxable year for high deductible health
withdrawals where tax has been paid to Georgia because of
plans as defined by Section 223 of the Internal Revenue Code.
the difference between Georgia and Federal law for tax years
The amount may only be deducted to the extent the deduction
1981 through 1986.
has not been included in federal adjusted income and the ex-
6. Depreciation because of differences in Georgia and Federal
penses have not been provided from a health reimbursement
law during tax years 1981 through 1986.
arrangement and have not been included in itemized deduc-
7. Dependent’s unearned income included in parents’ Federal
tions. In the event the taxpayer claims the expenses as item-
adjusted gross income.
ized deductions, the taxpayer should multiply the expense by
8. Income tax refunds from states other than Georgia included
the ratio of total allowed itemized deductions after the 7.5%
in Federal adjusted gross income. Do not subtract Georgia
federal limitation to the total allowed itemized deductions be-
income tax refunds.
fore the 7.5 percent federal limitation to determine the amount
that is not allowed to be deducted pursuant to this paragraph.
9. Income from any fund, program or system which is
For example the taxpayer has $1,000 in high deductible health
exempted by Federal law or treaty.
insurance premiums. They also have $7,000 of other medical
10. Adjustment to Federal adjusted gross income for Georgia
expenses which means they have total medical expenses of
resident shareholders for Subchapter S income where the Sub
$8,000. After the 7.5% limitation, the taxpayer is only allowed
S election is not recognized by Georgia or another state in
to deduct $2,000 of medical expenses. The $1,000 deduction
order to avoid double taxation. This adjustment is only allowed
must be reduced by $250 ($2,000/$8,000 x $1,000). Which
for the portion of income on which the tax was actually paid by
means the taxpayer is allowed to deduct $750 pursuant to this
the corporation to another state(s).
paragraph.
In cases where the Sub S election is recognized by another
20. Federally taxable interest received on Georgia municipal
state(s) the income should not be subtracted. Credit for taxes
bonds designated as “Build America Bonds” under Section
paid to other states may apply.
54AA of the Internal Revenue Code of 1986. “Recovery Zone
11. Adjustment for teachers retired from the Teacher’s
Economic Development Bonds” under Section 1400U-2 of the
Retirement System of Georgia for contributions paid between
Internal Revenue Code or any other bond treated as a ‘Quali-
July 1, 1987 and December 31, 1989 that were reported to and
fied Bond” under Section 6431(f) of the Internal Revenue Code
taxed by Georgia.
are considered “Build America Bonds” for this purpose.
12. Amount claimed by employers in food and beverage
21. Federally taxable interest received on Georgia municipal
establishments who took a credit instead of a deduction on the
bonds issued by the State of Georgia and certain authorities or
Federal return for FICA tax paid on employee cash tips.
agencies of the State of Georgia for which there is a special
13. An adjustment of 10% of qualified payments to minority
exemption under Georgia law from Georgia tax on such interest.
subcontractors or $100,000, whichever is less, per taxable year
LINE 10 Georgia adjusted gross income (net total of Line 8
by individuals, corporations or partnerships that are party to
and Line 9). If the amount is negative, fill in the circle next to
state contracts. For more information call the Department of
the line number.
Administrative Services at 404-657-6000 or visit their
LINES 11a-c Enter the standard deduction that corresponds
website: .
to your marital status as indicated below and any additional
14. Deductible portion of contributions to the Georgia Higher
deductions on Lines 11a and 11b. Enter the total standard
Education Savings Plan. The deduction is limited on a return to
deduction on Line 11c. If you use the standard deduction
the amount contributed but cannot exceed $2,000 per
on your Federal return, you must use the Georgia
beneficiary.
standard deduction on your Georgia return. The
15. Adjustments due to Federal tax changes. (See pages 7-8
additional deduction applies if you and/or your spouse
for information.)
are age 65 or over and/or blind.
Leave Lines 12a-c blank if you use the standard deduction.
16. Combat zone pay exclusion. See page 6 for more
information.
Single/Head of Household:
$2,300
17. Up to $10,000 of unreimbursed travel expenses, lodging
Married Filing Separate:
$1,500
expenses and lost wages incurred as a direct result of a
Married Filing Joint:
$3,000
taxpayer’s donation of all or part of a kidney, liver, pancreas,
Additional Deduction:
$1,300
intestine, lung or bone marrow during the taxable year.
18. Adjustments to Federal adjusted gross income for Geor-
gia resident partners in a partnership or member(s) in a LLC
where such entities income has been taxed at the entity level
by another state. Adjustment is only allowed for the portion of
income on which the tax was actually paid.
Page 12
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