Form 500 Nol – Fill Out and Use This PDF

The 500-NOL form is a critical document for managing tax adjustments related to net operating losses in the state of Georgia. It serves individuals and fiduciaries other than corporations, facilitating amendments to past tax returns in light of these losses. Specialists emphasize the importance of accurately completing and submitting this form to the Georgia Department of Revenue to ensure proper handling of these financial adjustments. Ensure you fill out the form accurately by clicking the button below.

Get Form Now Download PDF

Form 500 Nol PDF Details

Understanding the Georgia Form 500-NOL is crucial for individuals or fiduciaries desiring a tax refund via the carry-back of a net operating loss. This document, issued by the Georgia Department of Revenue, provides a detailed procedure to adjust net operating losses for entities other than corporations. Specifically, it allows taxpayers to adjust losses incurred in their business against past tax payments. Key aspects covered include the provision to enter personal details, specify the type and taxable year of the net operating loss, and detail instructions on attaching a copy of the federal application for N.O.L. adjustment. The form caters to different types of losses such as normal, casualty, farm, and others, with sections allocated for the computation of net operating loss, the carry-back and carry-forward rules specific to Georgia, election to forego the carry-back period, and detailed instructions on how to fill out each section. It emphasizes the differences between Georgia's rules and federal provisions, highlighting the necessity for separate computations for Georgia N.O.L. carryover. The instructions meticulously guide taxpayers through the process, ensuring they attach all the requisite forms and complete the form to avoid disallowance of their application. This approach guarantees that taxpayers can navigate the complexities of claiming adjustments for net operating losses in Georgia effectively and efficiently.

Question	Answer
Form Name	Form 500 Nol
Form Length	4 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	1 min
Other names	TSD_Application _for_Net_Operat ing_Loss_Adjust ment_For_Other_ Than_Corporatio ns_500_NOL where do i send form 500 nol

Form Preview Example

Mailing Address

Georgia Form 500-NOL

Georgia Department of Revenue

Processing Center

PO Box 740318

Net Operating Loss Adjustment

Atlanta, GA 30374-0318

For Other Than Corporations (Rev. 3/11)

YOUR SSN OR FEIN

SPOUSE’S SSN

YOUR FIRST NAME

LAST NAME

SUFFIX

SPOUSE’S FIRST NAME

LAST NAME

SUFFIX

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

CHECK IFADDRESS HAS CHANGED

DEPARTMENT USE ONLY

CITY

STATE ZIP CODE

(COUNTRY IF FOREIGN)

NET OPERATING LOSS: $ __________________________ TAXABLE YEAR OF NET OPERATING LOSS: CALENDAR YEAR ____________________:

OR OTHER YEAR BEGINNING __________________ AND ENDING ______________________

PLEASE ATTACH A COPY OF YOUR FEDERAL APPLICATION FOR N.O.L. ADJUSTMENT, PART YEAR AND NONRESIDENTS SEE INSTRUCTIONS ON PAGE 3.

TYPE OF LOSS:

NORMAL

CASUALTY LOSS

FARM LOSS

OTHER

(2) YEAR

(3) YEAR

(5) YEAR

(EXPLAIN IN ATTACHMENT)

PORTION

$ ________________________

$ _________________________

$ ________________________________

WAS AN ELECTION MADE TO FOREGO THE CARRY-BACK PERIOD MADE? YES

TAX YEAR:	___________________ PRECEDING TAX		___________________ PRECEDING TAX		___________________ PRECEDING TAX
TAX YEAR:	YEAR ENDED ______________________		YEAR ENDED ______________________		YEAR ENDED ______________________
	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
Computation of overpayments	determined	carry-back	determined	carry-back	determined	carry-back
	determined	carry-back	determined	carry-back	determined	carry-back

1.Federal adjusted gross income See Page 4 of the instructions

2.Georgia adjustments.

See Page 4 of the instructions

3. Net operating loss.

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

5.Deductions. See Page 4 of the instructions.

6.Subtract Line 5 from Line 4

7.Exemptions. See Page 4 of instructions.

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

9.Income Tax.

10.Credits.

See Page 4 of the instructions.

11.Tax after credits.

Subtract Line 10 from Line 9.

12. Less Line 11 (b) (d) (f).

13. Deecreasein tax.

Subtract12 from Line1112. from Line 11.

I declare under penalties of perjury that this form(including accompanying schedules and statements) has been examined by me and is, to the best of my knowledge and belief, a true and complete application made in good faith, pursuant to the Georgia Public Revenue Code and Regulations.

______________________________________________________		_______________________________________________________
Your Signature	Date	Signature of Preparer other than taxpayer, based on all	Date
		information of which the preparer has any knowledge.
______________________________________________________		____________________________________________
Spouse’s Signature	Date	Name, phone number, and identification number of preparer

	______________________	ATTACH A COMPLETE COPY OF YOUR FEDERAL RETURN FOR THE LOSS YEAR
	Telephone # (optional)
	Telephone # (optional)

Page 2

500-NOL (Rev. 3/11)

COMPUTATION OF NET

OPERATING LOSS - LOSS YEAR

PART YEAR AND NONRESIDENTS, SEE INSTRUCTIONS ON PAGE 3						1.
1.	Adjusted gross income, Line 8, Page 2 of form 500					1.
1.	Adjusted gross income, Line 8, Page 2 of form 500
2.	Line 9 adjustments					2.
2.	Line 9 adjustments
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.
	b. Personal exemption, Line 14c of form 500
4. Total (Lines 3a and 3b)					4.
4. Total (Lines 3a and 3b)
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		11.
	state and local income taxes		11.
	state and local income taxes
12.	Contributions to self-employed pension plan or Keogh		12.
12.	Contributions to self-employed pension plan or Keogh
13.	Alimony (paid)		13.
13.	Alimony (paid)
14.	Forfeited interest/penalty on early withdrawal		14.
14.	Forfeited interest/penalty on early withdrawal
15.	Contribution to an IRA		15.
15.	Contribution to an IRA
16.	Other (specify)		16.
16.	Other (specify)
17.	Total nonbusiness deductions (Lines 11 through 16)			17.
17.	Total nonbusiness deductions (Lines 11 through 16)
18.	Dividend income		18.
19.	Interest income		19.
20.	Alimony/pensions/annuities		20.
21.	GA adjustment for retirement exclusion, U.S. interest,
	non-Georgia municipal interest, etc. See instructions on 21.
	Page 4
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.
26.	If Line 24 is more than Line 17, enter the difference; otherwise enter -0-.			26.
	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.
29.	Add Lines 26 and 28			29.
29.	Add Lines 26 and 28
30.	If Line 27 is more than Line 29, enter the difference; otherwise enter -0-			30.
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.
	Line 31
33.	I.R.C. section 1202 exclusion (50% exclusion for gain from certain small business				33.
	stock). Enter as a positive number				33.
	stock). Enter as a positive number
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-
35.	Enter your net capital loss after the $3,000 Federal limitation.			35.
	Enter as a positive number			35.
	Enter as a positive number
36.	If Line 34 is more than Line 35, enter the difference; otherwise enter -0-			36.
36.
37.	If Line 35 is more than Line 34, enter the difference; otherwise enter -0-				37.
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.
39.
40.	Add Lines 6, 25, 33, 37, 38, 39					40.
40.	Add Lines 6, 25, 33, 37, 38, 39	......................................................................................................................................................................
41.	Net operating loss. Combine Lines 5 and 40. If the result is less than zero, enter it here and on Page 1. If the loss is being carried to a part					41.
	year or nonresident return, see instructions on Page 3. If the result is zero or more, you do not have a net operating loss					41.

Page 3

500-NOL

(Rev. 3/11)

NETOPERATINGLOSSCARRYOVER

Complete if applicable

Complete one column before going to the next		____________preceding tax year	___________preceding tax year	___________preceding tax year
Complete one column before going to the next
column. Start with the earliest carryback year. ended_____________________			ended_____________________	ended_____________________
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- .............

Net Operating Loss Carryover Instructions

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

PART YEAR AND NONRESIDENTS

Complete if applicable

Year_________ Use a separate schedule for all applicable years.

1.Georgia Adjusted Gross Income. See instructions below.

2.N.O.L., enter Georgia portion in Georgia column. In total column only enter the Federal N.O.L. incurred while subject to Georgia taxation. See instructions below.

3.Adjusted AGI for N.O.L. 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 of Page 1.

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.)

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 C, enter loss from Page 2, Line 41 or from Page 3, 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 exemption amount and deductions.

Additional instructions for part year and nonresidents.

1.500-NOL Page 1. 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 2. 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 2 that pertain to Georgia source income should also be filled in.

3.500-NOL Page 3. 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. 3/11)

General Instructions

A net operating loss carry-back adjustment may be filed on this fom by an individual or fiduciary taxpayer that desires a refund of taxes afforded by carry-back 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 carry-back a N.O.L.

This form must be filed with the Georgia Department of Revenue, N.O.L. Section, P.O.Box 49432, Atlanta, Georgia 30359-1432.

Generally a net operating loss must be carried back and forward in the

procedural sequence of taxable periods provided by Section 172 of the Internal Revenue Code of 1986, as it existed on January 1, 2010. Gener-

ally the carry-back 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). However, Georgia does not follow the following federal provisions:

•Special carry-back rules enacted in 2009.

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

•5 year carry-back of NOLs attributable to Gulf Opportunity Zone losses,

I.R.C. Section 1400N(k).

•5 year carry-back of NOLs incurred in the Kansas disaster area after May

3, 2007 and before 2010, 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).

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 computa- tion 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 determinie 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 A, D, and E.

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

4.Copy of Georgia returns for the carry-back or carry-forward years

5.Copy of Georgia form 500 for the loss year.

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 disallo- wed.

The carryback period may be foregone and the N.O.L. carried forward.

Page 4

Election: A taxpayer is bound by the Federal election to forego the carry- back period. A copy of this election should be attached to the Georgia return. If there is a Georgia N.O.L. but no Federal N.O.L., the taxpayer may make an election “for Georgia purposes only” under the same rules and restrictions as the Federal election.

Example: Ataxpayer 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 carry-back period. He must therefore carry his Georgia (as well as his Federal) N.O.L. forward without first carrying it back. Any portion not absorbed after 20 years is lost.

Page 1 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.

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

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.

Page 2 Instructions

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

Line 21. In computing a Georgia N.O.L., 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.

Page 3 Instructions

Net Operating Loss Carryover. See instructions on page 3.

Part Year and Nonresident Instructions. See instructions on page 3.

How to Edit Form 500 Nol Online for Free

It is possible to fill in Form 500 Nol easily with the help of our PDFinity® editor. To make our tool better and more convenient to utilize, we consistently come up with new features, with our users' suggestions in mind. Here's what you'd want to do to start:

Step 1: First of all, access the pdf tool by pressing the "Get Form Button" above on this site.

Step 2: With our advanced PDF editor, you're able to accomplish more than just complete forms. Express yourself and make your docs seem high-quality with custom textual content incorporated, or fine-tune the original input to perfection - all that comes along with an ability to incorporate any graphics and sign the file off.

This form will involve some specific details; in order to ensure correctness, be sure to take heed of the subsequent tips:

1. The Form 500 Nol needs specific information to be typed in. Make certain the following fields are complete:

2. Once your current task is complete, take the next step – fill out all of these fields - PORTION, WAS AN ELECTION MADE TO FOREGO THE, PRECEDING TAX, PRECEDING TAX, PRECEDING TAX, YEAR ENDED, YEAR ENDED, YEAR ENDED, a Return as filed or, liability as last, determined, b Liability after, application of, carryback, and c Return as filed or with their corresponding information. Make sure to double check that everything has been entered correctly before continuing!

3. Completing COMPUTATION OF NET OPERATING LOSS, PART YEAR AND NONRESIDENTS SEE, Line adjustments, Deductions Applies to individuals, a Enter amount of your Standard or, b Personal exemption Line c of, Total Lines a and b, Taxable income Total of Line and, Exemptions claimed Line c of form, Nonbusiness capital losses before, Total nonbusiness capital, If Line is more than Line enter, If Line is more than Line enter, Enter either your standard, and Contributions to selfemployed is essential for the next step, make sure to fill them out in their entirety. Don't miss any details!

Form 500 Nol completion process described (portion 3)

4. This next section requires some additional information. Ensure you complete all the necessary fields - Dividend income, Interest income, Alimonypensionsannuities, GA adjustment for retirement, nonGeorgia municipal interest etc, Other specify, Total nonbusiness income other, Add Lines and, If Line is more than Line enter, If Line is more than Line enter, Total business capital losses, Total business capital gains, Add Lines and, If Line is more than Line enter, and Add Lines and - to proceed further in your process!

5. This document needs to be completed by filling in this area. Further you can see a detailed listing of form fields that need accurate information for your document usage to be accomplished: Enter as a positive number, If Line is more than Line enter, If Line is more than Line enter, Subtract Line from Line, If zero or less enter, Previous net operating loss, Add Lines, Net operating loss Combine Lines, and year or nonresident return see.

Always be really attentive when filling in Subtract Line from Line and If Line is more than Line enter, since this is the section where a lot of people make some mistakes.

Step 3: Make sure the details are accurate and just click "Done" to complete the project. Join FormsPal now and immediately obtain Form 500 Nol, set for download. All changes made by you are saved , allowing you to edit the pdf further when required. FormsPal offers risk-free form completion without personal information record-keeping or any sort of sharing. Feel at ease knowing that your information is secure with us!

Form 500 Nol – Fill Out and Use This PDF

Form 500 Nol PDF Details

Form Preview Example

How to Edit Form 500 Nol Online for Free

Form 500 Nol isn’t the one you’re looking for?

Related Documents