Form 500-Nol - Net Operating Loss Adjustment For Other Than Corporations Page 4
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500-NOL (Rev. 7/14)
General Instructions
A net operating loss carry-back adjustment may be filed on this form by an
Lines 2 and 7, enter the amounts from your original return or as previously
individual or fiduciary taxpayer that desires a refund of taxes afforded by
adjusted by you or the Department of Revenue.
carry-back of a net operating loss. This form must be filed no later than 3 years
Line 3. For the earliest carryback year, in column (b) enter the N.O.L. from page
from the due date of the loss year income tax return, including any extensions
2, line 41. In column (d) and (f) if applicable, enter the amount from line 9 of the
which have been granted. Form 500X should not be used to carry-back a N.O.L.
Net Operating Loss Carryover schedule on page 3. For example, a taxpayer has
Generally a net operating loss must be carried back and forward in the
a loss from 2013 which has a two year carryback period. The loss from page 2
procedural sequence of taxable periods provided by Section 172 of the Internal
line 41 is listed on line 3 in column (b) for 2011. Not all of the loss is utilized.
Revenue Code of 1986, as it existed on January 1, 2014. Generally the carry-
The taxpayer makes the adjustments as required for 2011 in the Net Operating
back period is 2 years (with special rules for farmers (5 years), casualty
Loss Carryover schedule on page 3 and lists the amount from line 9 (if it is a
losses (3 years); specified liability loss (10 years), small business loss
positive amount) on line 3 in column (d) for 2012.
attributable to federally declared disasters (3 years); etc.). However, Georgia
Line 10, the credit for taxes paid to other states should be recomputed based on
does not follow the following federal provisions:
the new Georgia AGI and deductions. Other credits that are based on liability
• Special carry-back rules enacted in 2009.
should be adjusted accordingly. Any credits that are not allowed and that are
• Special rules relating to Gulf Opportunity Zone public utility casualty
eligible for carry-forward can be carried forward. Do not enter more than Line
9.
losses, I.R.C. Section 1400N(j).
• 5 year carry-back of NOLs attributable to Gulf Opportunity Zone losses,
Page 2 Instructions
I.R.C. Section 1400N(k).
A Georgia Net Operating Loss (N.O.L.) must be computed separately from
• 5 year carry-back of NOLs incurred in the Kansas disaster area after May
any Federal N.O.L. It is possible to have a Federal N.O.L., but not a
3, 2007, I.R.C. Section 1400N(k).
Georgia N.O.L.
• 5 year carryback of certain disaster losses, I.R.C. Sections 172(b)(1)(J)
and 172(j).
Line 21. In computing a Georgia N.O.L., only Georgia amounts can be
• The election to deduct public utility property losses attributable to May 4,
used. Interest on U.S. savings bonds should be entered as a negative number
2007 Kansas storms and tornadoes in the fifth tax year before the year of
on this line. Non Georgia municipal interest should be entered as a positive
number on this line. The nonbusiness portion of the retirement exclusion
the loss, I.R.C. Section 1400N(o).
should be entered as a negative number on this line. This should be computed
Within 90 days from the last day of the month in which this form is filed, the
as follows. The total nonbusiness income (as it is defined for NOL purposes)
Commissioner of Revenue shall make a limited examination of the form and
that is included in the retirement exclusion should be divided by the total
disallow without further action any form containing errors of computation not
income that is included in the retirement exclusion. This percentage should
correctable within such 90-day period or having material omissions. A decrease
then be multiplied by the retirement exclusion. For example, if the taxpayer
of tax determined for prior year tax will first be credited against any unpaid tax
has $8,000 in wages and $20,000 in interest income, the taxpayer would divide
and any remaining balance will be refunded to the taxpayer without interest within
$20,000 by $28,000 and then multiply this by the retirement exclusion amount.
the 90-day period.
When computing the percentage the following guidelines should be
followed:
*Note: This form shall constitute a claim for credit or refund.
1. If the total nonbusiness income that is included in the retirement
If the commissioner should determine that the amount credited or refunded by
exclusion is zero or less than zero, the percentage is zero. This would apply
an application is in excess of the amount properly attributable to the carry-
even if the total income that is included in the retirement exclusion is zero or
back with respect to which such amount was credited or refunded, the
less than zero.
commissioner may assess the amount of the excess as a deficiency as if it were
2. If the total nonbusiness income that is included in the retirement
due to a mathematical error appearing on the face of the return.
exclusion is greater than zero and exceeds the total income that is included in
What to attach:
the retirement exclusion, the percentage is 100%. This would apply even if
1. Copy of Federal Application for Net Operating Loss.
the total income that is included in the retirement exclusion is zero or less than
zero.
2. Copy of Federal return for the loss year that includes pages 1 and 2,
Additionally, in situations where two people file married filing joint, a separate
schedules A, D, and E.
computation should be made to determine each taxpayer’s portion of the
3. Copy of Federal returns for the carry-back years that includes pages 1 and 2,
retirement exclusion that is related to nonbusiness income.
schedule A and any schedules that were recalculated in carry-back year.
Page 3 Instructions
4. Copy of Georgia returns for the carry-back or carry-forward years
Net Operating Loss Carryover. See instructions on page 3.
5. Copy of Georgia form 500 for the loss year.
Please note that the amount from line 9 of the year directly preceding the loss
year is the amount (if any) that can be carried to the year after the loss year
Be sure to attach all required forms listed above and complete all lines of the
(carryover year). The same adjustments from this schedule must be made to
Form 500-NOL that apply. Otherwise your application may be disallowed.
each year in the carryover period to determine the amount that is available to be
The carryback period may be foregone and the N.O.L. carried forward.
carried to the next carryover year. For example, a taxpayer has a loss from
Election: A taxpayer is bound by the Federal election to forego the carry- back
2013 which has a two year carryback period. The loss is carried back to 2011
period. A copy of this election should be attached to the Georgia return. If
and 2012 on page 1 but not all of the loss is utilized. The taxpayer makes the
there is a Georgia N.O.L. but no Federal N.O.L., the taxpayer may make an
adjustments as required to 2011 and 2012 in the Net
Operating
Loss
election “for Georgia purposes only” under the same rules and restrictions as
Carryover schedule at the top of page 3. After computing the amount for
the Federal election.
2012 there is a positive amount on line 9 of the 2012 column. This amount can
be carried to 2014 and should be listed on the 2014 return not on Form 500-
Example: A taxpayer has a large Net Operating Loss in 1998 (both Federal and
NOL. If not all of the loss is utilized in 2014, the taxpayer should make the
Georgia). With his timely filed Federal return, he includes a statement that he
same adjustments to 2014 as are listed in the Net Operating Loss Carryover
elects to forgo the carry-back period. He must therefore carry his Georgia (as
schedule on page 3 to determine if any loss is available to be carried to 2015. A
well as his Federal) N.O.L. forward without first carrying it back. Any portion
schedule showing this should be attached to the 2014 return and should not be
not absorbed after 20 years is lost.
listed on the Form 500-NOL.
Page 1 Instructions
If the loss was carried to a part year or nonresident return, on line 2 of the
Columns a, c, and e.
carryover schedule enter the amount from line 14 schedule 3 of Form 500 for the
Enter the amounts from your original return or as previously adjusted by you or
year it was carried to. For lines 3, 4, and 5, enter amount if related to Georgia
the Department of Revenue.
Income. For lines 6 and 7, multiply the amount by the ratio on line 9, schedule 3
Columns b, d, and f.
of Form 500 for the year the loss was carried to.
Lines 1 and 5, enter the amounts after adjustments that are required by
Part Year and Nonresident Instructions. See instructions on page 3.
I.R.C. Section 172, if any. Line 1 should not be reduced by the Federal or
Georgia NOL.
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