501X: Amended Fiduciary Income Tax Return (Revision)
Georgia · Georgia DOR · Used for tax years 2024
Georgia Form 501X is the 2024 Amended Fiduciary Income Tax Return for estates and trusts. It reports changes to income, beneficiaries’ shares of income, adjustments, credits and payments, and calculates the revised tax due or refund.
Who files this form
Georgia Form 501X is the Amended Fiduciary Income Tax Return for estates and trusts. This edition is for tax year 2024.
The form includes residency options for full-year, part-year, and nonresident filers. It also includes boxes for a federal amended return and an amendment due to an IRS audit.
What you'll need
- Federal return and schedules: Attach a copy of the estate’s or trust’s federal return and supporting schedules. Line 1 uses adjusted total income from Form 1041.
- Federal amended return: Attach a copy if one was filed.
- Explanation and supporting documents: Explain the changes and attach supporting documents and schedules.
- Other states’ returns: Include a copy of each applicable state return if claiming credit for tax paid to other states.
- Payment and refund information: Have amounts for estimated tax paid, withholding, payments made with or after the original return, and refunds shown on previous returns. The withholding line lists Forms 1099, G2-A, G2-LP, and G2-RP.
- Beneficiary information: Schedule 3 asks for each beneficiary’s name, address, ID number, and share of income.
- Credit information, if applicable: Have credit codes, amounts, and Department of Revenue credit certificate numbers where applicable.
How to file
Complete the identifying information, residency status, tax calculation, and applicable schedules. Explain your changes on page 2 and attach the required returns, schedules, and supporting documents. The fiduciary must sign and date the return.
Mail to:
Georgia Department of Revenue Processing Center
PO Box 740316
Atlanta, Georgia 30374-0316
If you owe tax, make the check payable to Georgia Department of Revenue.
Electronic filing: Schedule 5 credits and Schedule 5B refundable tax credits cannot be claimed unless the return is filed electronically. The form does not provide electronic filing steps.
Common mistakes
- Do not leave out the required federal return and supporting schedules.
- Do not claim Schedule 5 or Schedule 5B credits on a paper-filed return. These credits require electronic filing.
- Total credits on line 9c cannot exceed the tax on line 8.
- Complete a separate credit schedule for each credit code. Complete a schedule for credits eligible for carryover to this tax year even if you do not use them this year.
- Do not treat a purchased Timber Tax Credit as refundable. Use Schedule 5, not Schedule 5B.
- Before applying a credit carryover to the next tax year, reduce it by amounts elected to be applied to withholding for this tax year and by expired carryovers.
- On Schedule 4, round to the nearest dollar. The income ratio cannot be negative or exceed 100%.
Questions people ask
Can the refund be directly deposited?
Yes, into a U.S. checking or savings account. Enter the routing and account numbers. If you leave out direct deposit information or are a first-time filer, you will receive a paper check.
Can an overpayment go toward next year’s estimated tax?
Yes. Line 16 lets you enter the amount from line 15 to credit to next year’s estimated tax.
Which schedule is for part-year and nonresident filers?
Schedule 4 calculates Georgia taxable income for part-year and nonresident fiduciaries. It separates income from all sources from Georgia-source income.
Can the Department of Revenue discuss the return with the preparer?
Yes. Check the authorization box on page 2 to allow the department to discuss the return’s contents with the named preparer.