700: Partnership Tax Return (2024)
Georgia · Georgia DOR · Used for tax years 2024
Georgia Form 700 is the 2024 Partnership Tax Return. It reports the partnership’s Georgia income, income to partners, adjustments to federal taxable income, and any tax due or overpayment.
What you'll need
Have these records and details ready:
- The partnership’s federal employer ID number, address, business type, accounting method, and Georgia tax account numbers requested on page 1.
- Partner names, addresses, ID numbers, profit or loss sharing percentages, and Georgia-source income for Schedule 4.
- Income, expense, Georgia adjustment, and gross receipts information for the income and apportionment schedules.
- Estimated tax payments and withholding credit information, including G2-A, G2-LP, and/or G2-RP, as applicable.
For a paper return, attach a copy of the federal return and supporting schedules. The form says the return is incomplete without them.
Other attachments may include schedules for allocated income, passive or capital loss deductions, other additions or subtractions, and other rental expenses. Attach IT-Addback or IT-REIT when claiming the corresponding exceptions on Schedule 6.
If reporting net operating loss carryforwards, gather the loss years, loss amounts, amounts used, and remaining balances. For credits, have the credit codes, company and owner details, and Department of Revenue credit certificate numbers, if applicable.
How to file
Complete the partnership information and applicable schedules. A partner must sign the return. The form also has a signature field for a preparer other than a partner.
Paper filing: Attach the federal return and supporting schedules, and mail to:
Georgia Department of Revenue
Processing Center
PO Box 740315
Atlanta, Georgia 30374-0315
Make any check payable to Georgia Department of Revenue.
Electronic credit filing: The form says credits must be filed electronically, including credits used from Schedule 10. It does not provide an electronic filing website or submission steps.
Common mistakes
- Leaving out federal documents with a paper return. The federal return and supporting schedules must be attached, or the return is considered incomplete.
- Missing the partner’s signature. The form requires a partner to sign.
- Filing credits on paper. The form repeatedly states that credits must be filed electronically.
- Rounding the Georgia apportionment ratio. Although dollar amounts are rounded to the nearest dollar, Schedule 7 says not to round the ratio and to compute it to six decimals.
- Combining credit codes on Schedule 10. Complete a separate Schedule 10 for each credit code.
- Carrying forward credits without required reductions. Before applying the Schedule 10, line 15 carryover to the next tax year, reduce it by amounts elected to be applied to withholding for this tax year and by expired carryovers.
Questions people ask
What income tax rate is printed on the 2024 form?
Schedule 1, line 7 calculates income tax as 5.39% of the total Georgia taxable income on line 6.
Can a refund be deposited directly into a bank account?
Yes. The form offers direct deposit for U.S. accounts only. Enter the routing number, account number, and whether the account is checking or savings. If direct deposit is not selected, a paper check will be issued.
What information does the form ask for about nonresident partners?
Page 1 asks whether the partnership has nonresident partners, the total number of nonresident K-1s, and the amount of nonresident withholding the partnership paid for the tax year.
Can an overpayment be credited to next year’s estimated tax?
Yes. Schedule 3, line 11 provides a place to enter the amount to be credited to 2025 estimated tax.