500-UET: Underpayment of Estimated Tax by Individual/Fiduciary (2024)
Georgia · Georgia DOR · Used for tax years 2024
Georgia Form 500-UET helps individuals and fiduciaries determine whether enough income tax was paid throughout the year through withholding or estimated tax installments. It calculates underpayments and any resulting penalty, and provides exceptions that may avoid the penalty. At
Who files this form
Individual and fiduciary taxpayers may use Form 500-UET to check whether they paid enough income tax throughout the year through withholding or estimated tax installments. The form determines whether an underpayment penalty applies or an exception avoids it.
Attach Form 500-UET to Form 500 or Form 501. The text does not say that every individual or fiduciary must file it.
When it's due
For tax year 2024, the printed estimated-tax schedule for calendar-year taxpayers lists:
- April 15, 2024: First payment date if the estimated-tax requirement is first met between January 1 and March 31. Maximum of four installments.
- June 15, 2024: First payment date if the requirement is first met between April 1 and May 31. Maximum of three installments.
- September 15, 2024: First payment date if the requirement is first met between June 1 and August 31. Maximum of two installments.
- January 15, 2025: Payment date if the requirement is first met on or after September 1. One installment.
If a listed date falls on a Saturday, Sunday, or legal holiday, use the next regular workday.
Other timing rules for tax year 2024:
- If you file your return and pay the tax balance by January 31, 2025, treat that balance as paid on January 15.
- Qualifying farmers and fishermen may avoid the penalty by filing Form 500 or 501 and paying the tax by March 1, 2025.
- For the penalty calculation, use the payment date or April 15, 2025, whichever is earlier.
These are payment and penalty-calculation dates. The text does not give a separate filing deadline for Form 500-UET.
What you'll need
Have these returns and records available to complete the form:
- Your current Form 500 or 501: Use Form 500, Line 16, or Form 501, Line 8, for tax. Use Form 500, Lines 22 and 27, or Form 501, Lines 9c and 11c, for credits used.
- Your immediately preceding year's return: Line 4 uses 100% of that year's tax, and the return must cover a 12-month period.
- Estimated payment and withholding records: You need payment amounts, payment dates, and tax withheld.
- Exception calculations, if applicable: Attach a separate computation page when applying the penalty exceptions. Income, deduction, and dependent-exemption information may be needed for these calculations.
- Separate payment calculations: If you made more than one payment for an installment, attach a separate computation for each payment.
How to file
Attach Form 500-UET to Form 500 or Form 501.
Complete the underpayment calculation and check whether a penalty exception applies. For installments not covered by an exception, complete Lines 17 through 21. Enter the total penalty from Line 21 in the space provided on Form 500 or 501.
The supplied text does not provide a mailing address or e-filing instructions.
Common mistakes
- Using a prior-year return that covers less than 12 months for Line 4. The form requires a 12-month return.
- Not spreading withholding equally across quarters. The form says to treat withheld tax as equally paid for each quarter.
- Leaving out supporting calculations. Attach a separate computation page for penalty exceptions and a separate computation for each payment when an installment has multiple payments.
- Overlooking an earlier installment's overpayment. Follow Instruction E to calculate the credit on Line 10. Enter zero if there is no excess.
- Using Exception 3 for the fourth installment. The instructions say this exception is not permitted for that installment.
- Missing exception entries. Qualifying estates and testamentary trusts must enter $0 on Line 21 and check the “500 UET Exception Attached” box on Form 501. Qualifying farmers and fishermen must enter $0 on Line 21, check that box on Form 500, and leave the rest of Form 500-UET uncompleted.
Questions people ask
What penalty rate does this form use?
The form uses 9% a year on the unpaid amount, based on the number of days in the underpayment period.
Can I use different exceptions for different installments?
Yes. You may apply a different exception to each underpayment, but you must attach a separate computation page.
Is there a special rule for estates and testamentary trusts?
Yes. An estate of a decedent or a testamentary trust as defined in Internal Revenue Code Section 6654(l)(2)(B) does not need estimated tax payments for a taxable year ending before the date two years after the decedent's death.
Is there a special rule for farmers and fishermen?
Yes. You may be exempt from the penalty if at least two-thirds of your annual gross income is from farming or fishing and you file Form 500 or 501 and pay the tax by March 1 of the following year.
What if I file on a fiscal-year basis?
Contact the Georgia Department of Revenue at 1-877-423-6711 for information about the estimated-tax underpayment penalty.