IT-552: Application for Tentative Carry-Back Adjustment (Corporation) (Revision 2019-03)
Georgia · Georgia DOR · Used for tax years 2024, 2025, 2026
Georgia Form IT-552 is a corporation’s application for a tentative carry-back adjustment for a net operating loss or net capital loss. It reports the loss and calculates the decrease in prior-year tax after applying the carry-back. The adjustment is subject to later audit and doe
Who files this form
Form IT-552 is for corporations seeking a quick refund from an eligible net operating loss or net capital loss carry-back. The form describes who may apply, not a requirement for every corporation to file.
Generally, net operating losses cannot be carried back. Farmers and certain insurance companies have a two-year carry-back exception. A net capital loss carry-back is available under the rules described in the form when it adjusts Georgia taxable income.
What you'll need
Have the following information and records ready:
- The corporation’s federal employer identification number, name, address and telephone number.
- The loss year, type of loss, and net operating loss or net capital loss amount.
- Prior-year tax information needed to compare the original liability with the liability after the carry-back, including Georgia credits, amounts assessed and paid, and unpaid tax and interest.
Attach supporting documents when applicable:
- Schedule D if a Georgia consolidated return was filed for the loss year.
- A copy of an amended return or audit, if you have one.
- A separate explanation schedule for adjustments to the Georgia taxable loss required by Section 172.
- An explanation if you select “Other” as the loss type.
Also provide any corporate name changes during the three years immediately before the loss year, the date permission was given to change the accounting period, and the dissolution date if applying for a dissolved corporation.
How to file
- Enter the corporation’s identifying information, loss details and prior-year tax amounts.
- Recompute the tax liability after applying the carry-back and complete the decrease-in-tax calculation.
- Complete the remaining questions and attach applicable schedules and supporting documents.
- Have the president or another principal officer sign and date the application and provide their title.
Attach Form IT-552 to the front of the loss-year return when practicable. The form says this helps reduce refund processing time.
Mail to:
Georgia Department of Revenue Processing Center
PO Box 740397
Atlanta, Georgia 30374-0397
Common mistakes
- Leaving out material information or making calculation errors. The department may disallow an application with material omissions or calculation errors that cannot be corrected within its review period.
- Overlooking the 80% limit. A net operating loss generally cannot offset more than 80% of Georgia taxable net income. Certain insurance companies are exempt from this rule.
- Ignoring an IRS election to waive the carry-back. An election made with the IRS to give up the entire carry-back period and carry losses forward only is binding for Georgia.
- Treating the application as a formal refund claim. This is a tentative adjustment, subject to later detailed audit, and does not constitute a claim for credit or refund.
Questions people ask
Will the entire tax decrease be paid as a refund?
No. A decrease in prior-year tax is first credited against any unpaid tax. The remaining balance is refunded without interest.
Is the adjustment final?
No. It is tentative and subject to later detailed audit. If too much is credited or refunded, the department may assess the excess as a deficiency.
What if the application is disallowed?
The corporation may file a regular refund claim on an amended Form 600 before the applicable limitation period expires. The tentative application itself is not a claim for credit or refund.
Can a net capital loss be carried back?
The form allows a net capital loss carry-back under the general rules of Section 1212 when it adjusts Georgia taxable income, up to 100% of net capital gain.