500-NOL: Application for Net Operating Loss Adjustment for Individuals and Fiduciaries (Revision 2020-12)
Georgia · Georgia DOR · Used for tax years 2024, 2025, 2026
Georgia Form 500-NOL is an application for a net operating loss adjustment for individuals and fiduciaries. It calculates the loss for the loss year and any decrease in tax from carrying the loss back to preceding tax years.
Who files this form
Form 500-NOL is for individual and fiduciary taxpayers seeking a net operating loss (NOL) adjustment.
- Use it to request a refund from carrying an eligible Georgia NOL back to an earlier tax year.
- You must also file it if you only carry the loss forward, so the Georgia Department of Revenue can establish the loss in its system.
- File it even if you elect to give up an available carryback period.
What you'll need
The form lists these attachments:
- A copy of your federal application for a net operating loss adjustment.
- A complete copy of your federal return for the loss year. The attachment list specifies pages 1 and 2 and Schedules 1, A, D, and E.
- Copies of federal returns for carryback years, including pages 1 and 2, Schedules 1 and A, and any schedules recalculated for those years.
- Copies of Georgia returns for carryback or carryforward years.
- A copy of Georgia Form 500 for the loss year.
If you elect to give up the federal carryback period, attach a copy of that election to your Georgia return. If you select “Other” as the loss type, attach an explanation.
How to file
- Enter your taxpayer information, loss year, loss type, and whether the loss is only being carried forward.
- Compute the Georgia NOL on page 3 and enter the total on page 1.
- Complete the schedules that apply. If you only carry the loss forward, leave the page 2 carryback schedule blank.
- Attach the required returns and supporting documents, and complete the applicable signature fields.
Mail to:
Georgia Department of Revenue Processing Center
PO Box 740318
Atlanta, GA 30374-0318
Common mistakes
- Using Form 500X for an NOL carryback. The instructions say not to use Form 500X for this purpose.
- Skipping Form 500-NOL for a carryforward-only loss. The form is still required to establish the loss in the Department’s system.
- Leaving out attachments or applicable entries. The instructions warn that your application may be disallowed if required forms are missing or applicable lines are incomplete.
- Assuming your federal and Georgia losses are the same. Compute the Georgia NOL and carryover separately. A federal NOL does not necessarily mean you have a Georgia NOL.
- Using page 2, lines 1 through 7, for a part-year or nonresident return. Complete the part-year and nonresident schedule instead.
Questions people ask
Do I need this form if I only carry my loss forward?
Yes. Form 500-NOL establishes the loss in the Department’s system. Leave the page 2 carryback schedule blank.
Can I have a federal NOL but no Georgia NOL?
Yes. The Georgia NOL must be computed separately from the federal NOL.
Does my federal election to give up the carryback period apply to Georgia?
Yes. You are bound by the federal election, and a copy should be attached to your Georgia return. If you have a Georgia NOL but no federal NOL, you may make a Georgia-only election under the same rules and restrictions as the federal election.
What if I carry a loss to a part-year or nonresident return?
Use the part-year and nonresident schedule, regardless of your residency status in the loss year. Use a separate schedule for each applicable year.
Will a carryback tax reduction be refunded if I owe tax?
The reduction is first credited against unpaid tax. Any remaining balance is refunded without interest.