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Fill a Valid Georgia 500 Nol Template

The Georgia Form 500-NOL is a tax form used by individuals and fiduciaries to report and adjust net operating losses (NOL) for state tax purposes. This form allows taxpayers to claim refunds for taxes paid in prior years by carrying back their losses or to carry them forward to offset future income. Understanding the nuances of this form is essential for effectively managing tax liabilities in Georgia.

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Contents

The Georgia Form 500-NOL is a critical document for individuals and fiduciaries who experience a net operating loss (NOL) and wish to adjust their tax obligations accordingly. This form allows taxpayers to report their NOL and request a carryback or carryforward of that loss to offset taxable income in other years. To complete the form, individuals must provide personal information, including Social Security numbers and addresses, as well as details about the taxable year of the loss and the amount of the NOL. The form requires taxpayers to specify the type of loss—normal, casualty, or farm loss—and to indicate whether the loss is only being carried forward. Additionally, it includes sections for calculating Georgia adjusted gross income, deductions, exemptions, and overall taxable income. Taxpayers must attach a complete copy of their federal return for the loss year and any relevant federal applications for NOL adjustments. It is important to note that the form must be filed within three years from the due date of the loss year income tax return, and certain federal provisions may not apply to Georgia tax law. Understanding the nuances of the Georgia Form 500-NOL can aid in effectively managing tax liabilities and ensuring compliance with state tax regulations.

Georgia 500 Nol Example

Georgia Form 500-NOL

Net Operating Loss Adjustment

For Individuals and Fiduciaries(Rev. 12/31/20)

PAGE 1

ATTACH A COMPLETE COPY OF YOUR FEDERAL RETURN FOR THE LOSS YEAR

YOUR SSN OR FEIN

SPOUSE’S SSN

DEPARTMENT USE ONLY

YOUR FIRST NAME		MI		LAST NAME				SUFFIX

SPOUSE’S FIRST NAME		MI		LAST NAME				SUFFIX


ADDRESS (NUMBER AND STREET or P.O. BOX) (Use 2nd address line for Apt, Suite or Building Number)						CHECK IF ADDRESS CHANGED


CITY					STATE		ZIP CODE


(COUNTRY IF FOREIGN)

TAXABLE YEAR OF NET OPERATING LOSS: CALENDAR YEAR			____________________:
OR OTHER YEAR BEGINNING ____________________	AND ENDING ____________________
NET OPERATING LOSS: $ _____________________

PLEASE ATTACH A COPY OF YOUR FEDERAL APPLICATION FOR NOL ADJUSTMENT, PART YEAR AND NONRESIDENTS SEE INSTRUCTIONS ON PAGE 4.

TYPE OF LOSS:	NORMAL	CASUALTY LOSS	FARM LOSS	FARM LOSS	OTHER
	(2) YEAR	(3)) YEAR	(2)) YEAR	(5)) YEAR	(EXPLAIN IN ATTACHMENT)
PORTION:	$ ________________	$ ________________	$ ________________	$ ________________	$ ___________________

IS THE LOSS ONLY BEING CARRIED FORWARD? YES

NO	Form 500-NOL is still required, see instructions.

Georgia Form 500-NOL						TAXPAYER’S FEIN
Net Operating Loss Adjustment
For Individuals and Fiduciaries
For Individuals and Fiduciaries
	PAGE 2

		___________________ PRECEDING TAX		___________________ PRECEDING TAX		__________________ PRECEDING TAX
	TAX YEAR:	YEAR ENDED ______________________		YEAR ENDED ______________________		YEAR ENDED ______________________
	RESIDENCY STATUS
	FILING STATUS

		(a) Return as filed or	(b) Liability after	(c) Return as filed or	(d) Liability after	(e) Return as filed or	(f) Liability after application
	Computation of overpayments	liability as last	application of	liability as last	application of	liability as last	of
		determined	carry-back	determined	carry-back	determined	carry-back

1.Federal adjusted gross income (exclude Federal NOL)

2.Georgia adjustments. See Page 5 of the instructions

3.Net operating loss. See Page 5 for 80% rule and other instructions

4.Georgia adjusted gross income Net total of Lines 1, 2 and 3.

5.Deductions. See Page 5 of the instructions.

6.Subtract Line 5 from Line 4

7.Exemptions. See Page 5 of instructions.

8.Taxable Income. Subtract Line 7 from Line 6.

9.Income Tax.

10.Credits. See Page 5 of the instructions.

11.Tax after credits. Subtract Line 10 from Line 9.

12.Enter Line 11 column (b) (d) (f), respectively.

13.Decrease in tax. Subtract Line 12 from Line 11.

Mailing Address: Georgia Department of Revenue Processing Center, PO Box 740318, Atlanta, GA. 30374-0318

Under penalty of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief it is true, correct and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

Taxpayer’s Signature

Date

Taxpayer’s Phone Number

Taxpayer’s Spouse Signature

Date

Check the box to authorize the Georgia Department of Revenue to discuss the contents of this return with the named preparer.

By providing my e-mail address I am authorizing the Georgia Department of Revenue to electronically notify me at the below e-mail address regarding any updates to my account(s).

Taxpayer’s E-mail Address

Signature of Preparer Other Than Taxpayer		Preparer’s Phone Number

Name of Preparer Other Than Taxpayer		Preparer’s FEIN

Preparer’s Firm Name

Preparer’s SSN/PTIN/SIDN

Georgia Form 500-NOL

COMPUTATION OF NET							TAXPAYER’S FEIN
OPERATING LOSS - LOSS YEAR
PAGE 3
PAGE 3
PART YEAR AND NONRESIDENTS, SEE INSTRUCTIONS ON PAGE 4

1.		Adjusted gross income, Line 8, Page 2 of form 500						1.
2.		Line 9 adjustments		....	................................			2.
	. ..........................................................................................................3. Deductions (Applies to individuals only)
		. ........................a. Enter amount of your Standard or Itemized Deductions, Line 11c or Line 12 of form 500				3a.
		b. Personal exemption, Line 14c of form 500				3b.
4.		Total (Lines 3a and 3b)				4.
5.		Taxable income. Total of Line 1 and Line 2 less Line 4						5.
	6. Exemptions claimed, Line 14c of form 500					6.
	6. Exemptions claimed, Line 14c of form 500
7.		................Nonbusiness capital losses before limitation. Enter as a positive number			7.
8.		Total nonbusiness capital gains (without regard to any I.R.C section 1202 exclusion)			8.
9.		If Line 7 is more than Line 8, enter the difference; otherwise, enter -0-			9.
10.		If Line 8 is more than Line 7, enter the difference; otherwise, enter -0-			10.
	11. Enter either your standard deduction or itemized deductions
		less casualty, 2106 deductions, and state and local	11.
		income taxes	11.
		income taxes
12.		Contributions to self-employed pension plan or Keogh
12.		Contributions to self-employed pension plan or Keogh	12.
13.		Alimony (paid)	13.
			13.
14.		Forfeited interest/penalty on early withdrawal	14.
15.		Contribution to an IRA	15.
15.		Contribution to an IRA
16.		Other (specify)	16.
16.		Other (specify)	16.
17.		Total nonbusiness deductions (Lines 11 through 16)			17.
18.		Dividend income	18.
18.		Dividend income	_______________________
19.		Interest income	19.
19.		Interest income	_______________________
20.		Alimony/pensions/annuities	20.
21.		GA adjustment for retirement exclusion, U.S. interest,
21.		GA adjustment for retirement exclusion, U.S. interest,	21.
		non-Georgia municipal interest, etc (See Page 4)	21.
22.		Other (specify)	22.
22.		Other (specify)
23.		Total nonbusiness income other than capital gains (Lines 18 through 22)			23.
	24. Add Lines 10 and 23				24.
25.		If Line 17 is more than Line 24, enter the difference; otherwise enter -0-				25.
						25.

26.		If Line 24 is more than Line 17, enter the difference; otherwise enter -0-.
		Do not enter more than Line 10			26.
		Do not enter more than Line 10
27.		Total business capital losses before limitation. Enter as a positive number			27.
27.
28.		Total business capital gains (without regard to I.R.C. section 1202 exclusion)			28.
28.
29.		Add Lines 26 and 28			29.
30.		If Line 27 is more than Line 29, enter the difference; otherwise enter -0-			30.
31.		Add Lines 9 and 30			31.
	32. Enter your net capital loss before the $3,000 federal limitation, if any. Enter as a
		positive number. If you do not have this loss (and do not have an I.R.C. section
		1202 exclusion) skip Lines 32 through 37 and enter on Line 38 the amount from
					32.
		Line 31			32.
33.		I.R.C. section 1202 exclusion (50% exclusion for gain from certain small business
33.
		stock). Enter as a positive number				33.
34.		Subtract Line 33 from Line 32. If zero or less enter -0-			34.
34.		Subtract Line 33 from Line 32. If zero or less enter -0-			34.
	35. Enter your net capital loss after the $3,000 Federal limitation.
		Enter as a positive number			35.
					35.
36.		If Line 34 is more than Line 35, enter the difference; otherwise enter -0-			36.
37.		........................................................If Line 35 is more than Line 34, enter the difference; otherwise enter -0-				37.
38.		Subtract Line 36 from Line 31. If zero or less, enter -0-				38.
	39. Previous net operating loss claimed. Enter as a positive number					39.
40.		Add Lines 6, 25, 33, 37, 38, 39						40.
40.		Add Lines 6, 25, 33, 37, 38, 39						40.
	41. Loss amount. Combine Lines 5 and 40. If the result is less than zero, enter it here. If the loss is being carried back to a part year or nonresident return,							41.
		see instructions on Page 4. If the result is zero or more, you do not have a normal net operating loss						_______________________
42.		IRC Section 461(1) loss eligible to be carried forward only (enter as negative)						42.
	43.	Total Net Operating Loss. Combine Lines 41 (if Line 41 is a negative) and Line 42.		Enter on Page 1				43.

Georgia Form 500-NOL

PAGE 4

TAXPAYER’S FEIN

NET OPERATING LOSS CARRYOVER

Complete if applicable. See page 5 for instructions.

Complete one column before going

to the next column. Start with the earliest carryback year.

1.Net operating loss deduction .....

2.Taxable income before N.O.L. carryback .........................................

3.Net capital loss deduction. Enter as a positive number........................

4.I.R.C. section 1202 exclusion. Enter as a positive number..............

5.Adjustments to adjusted gross income ...........................................

6.Adjustments to itemized deductions

7.Exemptions ................................

8.Modified taxable income. Combine Lines 2 through 7. If zero or less, enter -0- ..............................................

9.Net operating loss carryover. Line

1 less Line 8. If zero or less, enter -0-

___________________ PRECEDING TAX	___________________ PRECEDING TAX	__________________ PRECEDING TAX
YEAR ENDED ______________________	YEAR ENDED ______________________	YEAR ENDED ______________________

PART YEAR AND NONRESIDENTS

Complete if applicable

Year_________ Use a separate schedule for all applicable years.

1.Georgia Adjusted Gross Income (exclude Federal NOL). See instructions below.....................................................

2.Georgia NOL. See instructions below............................

3.Adjusted AGI for NOL purposes...................................

4.Percentage. Line 3, column C divided by column A. See instructions below.....................................................

5.Itemized or standard deduction. See instructions below.

6.Personal exemptions.......................................................

7.Total deductions and exemptions; add Lines 5 & 6..........

8.Line 4 percentage times Line 7........................................

9.Adjusted taxable income, column C, Line 3 less Line 8, enter here and on taxable income Line 8 of Page 2.......

Column A	Column B	Column C
Total	Non Georgia	Georgia

Part Year and Nonresident schedule instructions. (Use if carrying the loss to a part year or nonresident return regardless of whether the loss year is a part year or nonresident return.)

1.Lines 1 and 5, enter the amounts, after the adjustments that are required by I.R.C. Section 172 if any apply, for the year the loss is being carried to.

2.Line 2 column A and C, enter loss from Page 3, Line 41 or from Page 4, Line 9 of the net operating loss carryover schedule.

3.Line 4, if Georgia AGI is zero or negative, the percentage is zero. If the adjusted Federal AGI is zero or negative, the Line 4 percentage is considered to be 100%. This also applies if both adjusted Federal AGI and Georgia AGI are zero or negative. In this case, the taxpayer is entitled to the full exemp- tion amount and deductions.

Additional instructions for part year and nonresidents.

1.500-NOL Page 2. Lines 1 through 7 should not be completed for any years for which a part year or nonresident return was filed. Instead the part year and nonresident schedule above should be completed.

2.500-NOL Page 3 must be completed. If the loss year is a part year or nonresident year for Lines 3a, 3b, 6, and 11, compute the amount and then multiply it by the percentage of Georgia AGI to adjusted Federal AGI on schedule 3 of the loss year return. For example, if you have one exemption, multiply $2,700 by the percentage on schedule 3 of the loss year return. The other Lines on Page 3 that pertain to Georgia source income should also be filled in.

3.500-NOL Page 4. net operating loss carryover schedule. If any years on this schedule are part year or nonresident years, for Lines 6 and 7, compute the amount and then multiply it by the percentage on Line 4 of the part year and nonresident schedule. For example, if you have one exemption, multiply $2,700 by the percentage on Line 4 of the above schedule. The other Lines on the net operating loss carryover schedule that pertain to Georgia source income should also be filled in.

500- NOL (Rev. 12/31/20)

General Instructions

A net operating loss carryback adjustment may be filed on this form by an individual or fiduciary taxpayer that desires a refund of taxes afforded by carryback of a net operating loss. This form must be filed no later than 3 years from the due date of the loss year income tax return, including any extensions which have been granted. Form 500X should not be used to carryback a NOL Form 500-NOL must also be filed by the due date (including extensions) of the loss year return, when the taxpayer only carries the loss forward. This is necessary so the NOL can be established in the Department’s system. Page 2 carryback schedule should be left blank.

Generally a net operating loss must be carried back (if applicable) and forward

in the procedural sequence of taxable	periods provided by Section 172
of the Internal Revenue Code of 1986,	as defined in Code Section

48-1-2. For taxable years ending on or before December 31, 2017, generally

the carryback period is 2		years (with special	rules	for farmers		(5
years),	casualty losses	(3 years); specified	liability	loss (10	years),
small	business loss attributable to federally declared			disasters	(3	years);

etc.) For losses incurred in taxable years ending after December 31, 2017, there is no carryback (with a 2 year carryback for farmers) and unlimited carryover. Also, Georgia does not follow the following federal provisions:

Special carryback rules enacted in 2009.

Special rules relating to Gulf Opportunity Zone public utility casualty losses, I.R.C. Section 1400N(j).

5 year carryback of NOLs attributable to Gulf Opportunity Zone losses, I.R.C. Section 1400N(k).

5 year carryback of NOLs incurred in the Kansas disaster area after May 3, 2007, I.R.C. Section 1400N(k).

5 year carryback of certain disaster losses, I.R.C. Sections 172(b)(1)(J) and 172(j).

The election to deduct public utility property losses attributable to May 4, 2007 Kansas storms and tornadoes in the fifth tax year before the year of the loss, I.R.C. Section 1400N(o).

For losses incurred in taxable years beginning on or after January 1, 2018, the net operating loss cannot offset more than 80% of Georgia taxable net income.

Within 90 days from the last day of the month in which this form is filed, the Commissioner of Revenue shall make a limited examination of the form and disallow without further action any form containing errors of computation not correctable within such 90-day period or having material omissions. A decrease of tax determined for prior year tax will first be credited against any unpaid tax and any remaining balance will be refunded to the taxpayer without interest within the 90-day period.

*Note: This form shall constitute a claim for credit or refund.

If the commissioner should determine that the amount credited or refunded by an application is in excess of the amount properly attributable to the carry- back with respect to which such amount was credited or refunded, the commissioner may assess the amount of the excess as a deficiency as if it were due to a mathematical error appearing on the face of the return.

What to attach:

1.Copy of Federal Application for Net Operating Loss.

2.Copy of Federal return for the loss year that includes pages 1 and 2, schedules 1, A, D, and E.

3.Copy of Federal returns for the carryback years that includes pages 1 and 2, Schedule 1 and Schedule A and any schedules that were recalculated in carry- back year.

4.Copy of Georgia returns for the carryback or carryforward years

5.Copy of Georgia form 500 for the lossyear.

Be sure to attach all required forms listed above and complete all lines of the Form 500-NOL that apply. Otherwise your application may be disallowed.

The carryback period may be foregone and the NOL carried forward. Election: A taxpayer is bound by the Federal election to forego the carryback period. A copy of this election should be attached to the Georgia return. If there is a Georgia NOL but no Federal NOL, the taxpayer may make an election “for Georgia purposes only” under the same rules and restrictions as the Federal election. The Form 500-NOL should be filed even when the carryback period is foregone.

Example: A taxpayer has a large Net Operating Loss in 1998 (both Federal and Georgia). With his timely filed Federal return, he includes a statement that he elects to forgo the carryback period. He must therefore carry his Georgia (as well as his Federal) NOL forward without first carrying it back. Any portion not absorbed after 20 years is lost.

Page 2 Instructions

Columns a, c, and e.

Enter the amounts from your original return or as previously adjusted by you or the Department of Revenue.

Columns b, d, and f.

Lines 1 and 5, enter the amounts after adjustments that are required by I.R.C. Section 172, if any. Line 1 should not be reduced by the Federal or Georgia NOL.

Lines 2 and 7, enter the amounts from your original return or as previously adjusted by you or the Department of Revenue.

Line 3. For the earliest carryback year, in column (b) enter the NOL from page 3, line

41.In column (d) and (f) if applicable, enter the amount from line 9 of the Net Operating Loss Carryover schedule on page 4. For example, a taxpayer has a oss from 2013 which has a two year carryback period. The loss from page 3 line 41 s listed on line 3 in column (b) for 2011. Not all of the loss is utilized. The taxpayer makes the adjustments as required for 2011 in the Net Operating Loss Carryover schedule on page 4 and lists the amount from line 9 (if it is a positive amount) on ine 3 in column (d) for 2012.

Line 10, the credit for taxes paid to other states should be recomputed based on the new Georgia AGI and deductions. Other credits that are based on liability should be adjusted accordingly. Any credits that are not allowed and that are eligible for carry- forward can be carried forward. Do not enter more than Line 9.

Page 3 Instructions

A Georgia Net Operating Loss (NOL) must be computed separately from any Federal NOL. It is possible to have a Federal NOL, but not a Georgia NOL.

Line 21. In computing a Georgia NOL only Georgia amounts can be used. Interest on U.S. savings bonds should be entered as a negative number on this line. Non- Georgia municipal interest should be entered as a positive number on this line. The nonbusiness portion of the retirement exclusion should be entered as a negative number on this line. This should be computed as follows. The total nonbusiness income (as it is defined for NOL purposes) that is included in the retirement exclusion should be divided by the total income that is included in the retirement exclusion. This percentage should then be multiplied by the retirement exclusion. For example, if the taxpayer has $8,000 in wages and $20,000 in interest income, the taxpayer would divide $20,000 by $28,000 and then multiply this by the retirement exclusion amount. When computing the percentage, the following guidelines should be followed:

1.If the total nonbusiness income that is included in the retirement exclusion is zero or less than zero, the percentage is zero. This would apply even if the total income that is included in the retirement exclusion is zero or less than zero.

2.If the total nonbusiness income that is included in the retirement exclusion is greater than zero and exceeds the total income that is included in the retirement exclusion, the percentage is 100%. This would apply even if the total income that is included in the retirement exclusion is zero or less than zero.

Additionally, in situations where two people file married filing joint, a separate computation should be made to determine each taxpayer’s portion of the retirement exclusion that is related to nonbusiness income.

Line 42. Georgia follows the I.RC. Section 461(l) loss limitation. However, before the I.RC. Section 461(l) loss limitation is applied, the business should compute the business income and deductions pursuant to the I.R.C. as defined for Georgia purposes (with the I.R.C. section 168(k) disallowance, etc.). Then the 461(l) provisions should be applied. The 461(l) loss that is disallowed and is eligible to be carried forward should be entered on line 42. This amount must be included when the 500- NOL is filed to establish the NOL on the Department’s systems so the NOL will be available when subsequent year returns are filed.

Page 4 Instructions

Net Operating Loss Carryover

1.A Georgia Net Operating Loss (NOL) carryover must be computed separately from any Federal NOL carryover. It is possible to have a Federal NOL carryover but not a Georgia NOL carryover.

2.Line 3, enter as a positive number the adjustment as required by I.R.C. Section 172, if it applies.

3.Line 4, enter as a positive number the gain excluded under I.R.C. section 1202 on the sale or exchange of qualified small business stock, if it applies.

4.Lines 5 and 6, enter the adjustments that are required by I.R.C. Section 172, if any.

5.Line 9, if the 80% limitation applied to the year the loss was carried to,

an additional adjustment must be made before entering the loss on either the carryover year on page 2 or the carryover year after the loss year. After computing the amount on line 9, add the difference between the taxable income before NOL carryback on line 2 and the NOL actually used considering the 80% limitation. For example, the taxpayer has a 2019 NOL of 200,000. Their taxable income in 2020 is 100,000 (they used 80,000 of the NOL after considering the

80% rule) and that $100,000 is entered on line 2 of the schedule at the top of page 4. For simplicity sake assume the only adjustment that is required on the top of page 4 are exemptions of 7,400 and that is entered on line 7.

Therefore	the modified taxable	income on line 8	is 107,400. Subtracting
the 107,400 from the 200,000 results in 92,600 being entered on line 9.				The
difference	of the 100,000 line	2 amount and the	80,000 is 20,000.	This

would be added to the 92,600 and therefore 112,600 is available to be carried to 2021.

500- NOL (Rev. 12/31/20)

Please note that the amount from line 9 of the year directly preceding the loss year is the amount (if any) that can be carried to the year after the loss year (carryover year). The same adjustments from this schedule must be made to each year in the carryover period to determine the amount that is available to be carried to the next carryover year. For example, a taxpayer has a loss from 2013 which has a two year carryback period. The loss is

carried back to 2011 and

2012

page 2 but not all of the

loss

utilized.

The taxpayer makes

the

adjustments as

required

2011

and 2012

the

Net Operating

Loss Carryover

schedule

the

top

of page 4.

After computing the

amount for 2012

there

positive

amount

line 9

the 2012

column. This amount

can

be carried

to 2014 and the amount used in

2014 should

be listed on the 2014

return not on Form 500-NOL. If not all of the loss

utilized

in 2014,

the taxpayer should make the same adjustments

2014

are

listed

the

Net

Operating

Loss Carryover

schedule

page

4to determine if any loss is available to be carried to 2015. A schedule showing this should be attached to the 2014 return and should not be listed on the Form 500-NOL.

If the loss was carried to a part year or nonresident return, on line 2 of the carryover schedule enter the amount from line 14 schedule 3 of Form 500 for the year it was carried to. For lines 3, 4, and 5, enter amount if related to Georgia Income. For lines 6 and 7, multiply the amount by the ratio on line 9, schedule 3 of Form 500 for the year the loss was carried to.

Part Year and Nonresident Instructions. See instructions on page 4.

Download Georgia 500 Nol

Document Breakdown

Fact Name	Details
Form Purpose	The Georgia Form 500-NOL is used for individuals and fiduciaries to report a net operating loss (NOL) adjustment.
Filing Deadline	This form must be filed no later than three years from the due date of the loss year income tax return, including any extensions.
Governing Law	The form is governed by Georgia law, specifically Georgia Code Section 48-1-2 and Section 172 of the Internal Revenue Code.
Carryforward Limitations	For losses incurred in taxable years beginning on or after January 1, 2018, the NOL cannot offset more than 80% of Georgia taxable net income.
Required Attachments	Taxpayers must attach a complete copy of their federal return for the loss year, along with other specified documents.
Residency Status	Taxpayers must indicate their residency status, which can affect the computation of the NOL.
Declaration of Accuracy	Taxpayers must sign a declaration under penalty of perjury, affirming the accuracy of the information provided on the form.

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