Information on Georgia Tax Forms 500

Georgia tax forms in the 500 series are used to file an individual income tax return for the state. A Georgia taxpayer who files a 1040 with the Internal Revenue Service (IRS) for federal taxes would file Form 500 or a variation of it for state taxes, as if 2011.

500 Series Forms

The 500 series of Georgia income tax forms includes the Form 500 Individual Income Tax Return as well as the 500-EZ version. Form 500-ES is used for estimated tax. Form 500-NOL is an application for a net operating loss adjustment, while 500X allows tax filers to amend a previous return or make a correction to a Form 500 or 500-EZ filed during the current tax year.

Form 500 versus Form 500-EZ

Form 500-EZ is intended to simplify the tax filing process for Georgia citizens who meet certain requirements. To file Form 500-EZ, a taxpayer must be younger than 65, have an income of less than $99,999, should not have itemized deductions, be a full-year resident of Georgia and require no adjustments to federal adjusted gross income. The taxpayer's income should be solely from wages, salary, tips, dividends or interest. Any individual who does not fit all of these requirements must file the full Form 500 instead of the 500-EZ.

Form 500-ES

Form 500-ES is for individual and fiduciaries' estimated tax. The form is for taxpayers who expect to earn a gross income during the tax year that exceeds personal exemption, credit for dependents, estimated deductions and $1,000 of income not subject to withholding to calculate and pay estimated taxes to the state of Georgia. Estimated tax is paid in either quarterly installments or in a lump sum at the end of the first quarter. If estimated taxes are not paid quarterly, penalties can be assessed by the Georgia Department of Revenue.

Form 500-NOL

Form 500-NOL is used by a taxpayer who wants a tax refund afforded by the carry-back of a net operating loss within a previous tax year. To receive the adjustment, 500-NOL must be filed no later than three years after the due date of the original income tax return. For example, a net operating loss on a 2008 income tax return due on April 15, 2009, must be filed upon no later than April 15, 2012.

Form 500-X

Individuals who want to amend an income tax return filed in a previous tax year, can use Georgia Form 500-X to supply new information to the Department or Revenue. Form 500-X can also be used to correct an error on a current tax year return already filed.

References

• Georgia Department of Revenue: 2010 Individual Income Tax Forms
• Georgia Department of Revenue: 500 and 500EZ Forms and General Instructions
• Georgia Department of Revenue: Form 500 EZ
• Georgia Department of Revenue: Form 500X
• Georgia Department of Revenue: Form 500NOL