Form 501 Fiduciary Income Tax Return

Form 501 Fiduciary Income Tax Return

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Form 501 Fiduciary Income Tax Return

 

INSTRUCTIONS: GEORGIA FIDUCIARY INCOME TAX RETURN (Form 501)

 

 

Trusts or estates in the state of Georgia must have their fiduciary submit an income tax return using a form 501. This document can be found on the website of the Georgia Department of Revenue.

 

Georgia Fiduciary Income Tax Return 501 Step 1: At the top of the form, enter either the calendar year for which you are filing or the beginning and ending dates of your fiscal year as applicable.

 

Georgia Fiduciary Income Tax Return 501 Step 2: Indicate with a check mark if your return documents a change in the name of the estate or trust, a change in the fiduciary or address, or if you are attaching a 500 UET Exception form.

 

Georgia Fiduciary Income Tax Return 501 Step 3: On line A, give the trust or estate's federal employer identification number, its name, and the date of its creation.

 

Georgia Fiduciary Income Tax Return 501 Step 4: On line B, give the date of the decedent's death, the name and title of the fiduciary, and their telephone number.

 

Georgia Fiduciary Income Tax Return 501 Step 5: On line C, give the address of the fiduciary.

 

Georgia Fiduciary Income Tax Return 501 Step 6: If no return was filed last year, explain why on line D.

 

Georgia Fiduciary Income Tax Return 501 Step 7: On line 1 of schedule 1, give the fiduciary's income, which is calculated on the separate form 1041, which should be attached.

 

Georgia Fiduciary Income Tax Return 501 Step 8: Complete Schedule 3 on the third page to calculate your adjustments. Enter the net adjustments there on line 2 of the first page.

 

Georgia Fiduciary Income Tax Return 501 Step 9: Enter the sums of lines 1 and 2 on line 3.

 

Georgia Fiduciary Income Tax Return 501 Step 10: Complete Schedule 2 and transfer the sum of the beneficiaries' share of income on line 4. Subtract line 4 from line 3 and enter the difference on line 5.

 

Georgia Fiduciary Income Tax Return 501 Step 11: Complete lines 6 through 20 as instructed to calculate the final size of the tax liability owed or the refund due.

 

Georgia Fiduciary Income Tax Return 501 Step 12: If you are owed a refund and wish to receive it as a direct deposit, enter your account information at the bottom of the second page.


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