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Georgia Form 500NOL, please add this.

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Georgia Form 500NOL, please add this.

cbaxter

This would be invaluable.  Georgia makes us attach this to support a carryover.

Status: New
Vote now if this is a good idea
1 Comment
Impala
Level 1

Issue was addressed after return was filed.  Origin was NOL created by GA S Corp related to taxpayer.  Does not follow IRS 1120S rules.  There is a departure when the Georgia Corporate 600S return is computed.  In this instant case there was no tax liability when the 1120S return was computed and the results (loss) were properly carried forward to Form 1040, but the corresponding GA corporate return Form 600S yields a tax liability on the GA Form 500 (individual income tax) for the same amount of taxable income source as shown on the 1040 tax return.  GA Department of Revenue ignored the NOL.

The GA tax return Form 500 was filed electronically filed with Form 1040.  Form 1040 was accepted by IRS with no exceptions.  GA later issued a notice that an amount was due based on the adjustments made to the GA corporate form 600S submitted to Georgia Department of Revenue.

I called Intuit to seek assistance.  After approximately 3 attempts I finally reached a person who provided a remedy.  I submitted a revised (amended) GA tax return based on the advice received.  GA Department of Revenue rejected the amended return and cited that the revised computations did not cure the issue which resulted in the adjustment.

Please fix this error in your program.  It is easily resolved.  Presently it causes an unnecessary expense to the taxpayer.     

 

 

         

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