501: Fiduciary Income Tax Return (2024)
Georgia · Georgia DOR · Used for tax years 2024
Georgia Form 501 is the 2024 Fiduciary Income Tax Return for estates and trusts. It reports income, adjustments, beneficiaries’ shares of income, taxable income, credits, and payments to calculate tax due or a refund.
What you'll need
- Federal return and supporting schedules: You must attach a copy. Form 501 uses adjusted total income from federal Form 1041.
- Other states’ tax returns: Include a copy if you claim a credit for tax paid to another state.
- Payment and withholding information: Gather Georgia estimated tax payment amounts and any applicable Forms 1099, G2-A, G2-LP, or G2-RP for the withholding entry.
- Beneficiary information: Schedule 3 asks for each beneficiary’s name, address, ID number, and share of income. Include an attached schedule for additional beneficiaries, if needed.
- Credit information, if applicable: The credit schedules ask for credit codes, amounts, company names and ID numbers, and Department of Revenue credit certificate numbers when applicable.
How to file
Complete the estate or trust identification information, residency status, tax calculation, and applicable schedules. Sign and date the fiduciary declaration, and attach the federal return and supporting schedules.
Mailing address printed on the form:
Georgia Department of Revenue Processing Center
PO Box 740316
Atlanta, Georgia 30374-0316
If you owe tax, make your check payable to Georgia Department of Revenue.
Electronic filing: Schedule 5 credits and Schedule 5B refundable tax credits cannot be claimed unless filed electronically.
Common mistakes
- Leaving out the federal return: The fiduciary must attach the federal return and supporting schedules.
- Claiming Schedule 5 or Schedule 5B credits on paper: These credits require electronic filing.
- Omitting the other state’s return: Include a copy when claiming the other-state tax credit.
- Skipping an unused credit carryover: Complete a credit schedule if a credit is eligible for carryover to this tax year, even if you do not use it this year. Use a separate schedule for each credit code.
- Treating a purchased Timber Tax Credit as refundable: The form says to use Schedule 5, not Schedule 5B, for a purchased Timber Tax Credit.
- Overstating total credits: Schedule 1, line 9c cannot exceed the tax on line 8.
Questions people ask
What exemption amounts are listed on the form?
Schedule 1 lists $1,350 for a trust and $2,700 for an estate. Schedule 4 calculates the part-year or nonresident exemption by multiplying the applicable exemption by the ratio on line 9.
Which schedule is for part-year and nonresident fiduciaries?
Schedule 4 computes Georgia taxable income for part-year and nonresident fiduciaries. It has separate columns for income from all sources and Georgia-source income, and it directs you to round to the nearest dollar.
Can a refund be deposited directly into a bank account?
The form offers direct deposit to U.S. checking or savings accounts and asks for routing and account numbers. If you do not enter direct deposit information, or if you are a first-time filer, you will receive a paper check.
Can an overpayment be applied to next year’s estimated tax?
Yes. Line 14 lets you enter the amount of the overpayment from line 13 to credit to next year’s estimated tax.