Form 501 adjustments and credits

Page 3

Form 501/501X, Page 3, calculates adjustments to income. Additions and subtractions for nonresidents calculate on the GA Nonresident Estate or Trust Taxable Income Worksheet in the Wrk folder in Form view.

Page 4

Form 501, Page 4, reports pass-through and business credits. Data entry for pass-through and business credits is on the GAPay screen, in the Payments folder. Each credit code entered on the GAPay screen will calculate its own form, with a maximum of 34 forms. Carryovers of pass-through and business credits are allowed.
The last unit of Form 501, Page 4 will report the credit for taxes paid to other states. The credit for taxes paid only applies to resident estates and trusts. The GA State Tax Credit Worksheet calculates the credit. Georgia doesn’t allow a carryover for an unused current year credit for taxes paid to other states.

Page 5

Form 501, Page 5 reports the distribution of credits to beneficiaries. Select
View
,
Beneficiary Information
, then the
Federal
tab to enter the percent of credits distributed to the beneficiaries. The credits aren't distributed by a particular business code, but distribute across all business credits evenly per beneficiary. To allocate a particular credit certificate to a particular beneficiary, you need to override Form 501, Page 5. The electronic file includes the overridden certificate numbers and forced amounts.

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