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Form 500 Georgia Subtractions

SOLVEDby IntuitLacerte Tax7Updated July 27, 2021

Form 500 Georgia Subtractions

  • Date of disability - This entry is mandatory to calculate the Retirement Income Exclusion based on disability. Enter the date, in m/d/y format, that the taxpayer or spouse became disabled. This date prints on Form 500, page 4, Schedule 1.
  • Type of disability - Enter the type of disability in the respective input fields. This information prints on Form 500, page 4, Schedule 1.
    • Note: If the return is a nonresident or part-year resident return, the retirement income exclusion amounts can be prorated as follows:
      • Part-year Resident – Retirement income ratio only.
      • Nonresident – Retirement income ratio only.
  • Other retirement exclusion income (Ctrl+E) - Enter a description and the amount of other income to include as retirement income on the retirement exclusion worksheet.
  • Social Security credit deduction - Enter the amount of Social Security credit claimed on the federal return. This amount prints on Form 500, page 4, Schedule 1.
  • HR 3090 Adjustments - Any field with [O] is an override of the program calculations. The program does not automate the calculation of the following. These items will need to be manually entered into the corresponding additions and subtractions fields. The addition inputs should be entered from the total amounts on the current return's federal Schedule A total and Adjustments to income total. The Subtraction items must be manually figured or can be found by following the steps below.
    • Schedule A adjustment - Enter the Federal Schedule A (GA amounts) total from the copied client’s pre-3090 return. This amount is not automated. This amount prints on Form 500, page 4, Schedule 1. A corresponding entry will be needed in code 39 for the Federal Schedule A (with 3090) amount.
    • Federal adjustment to income adjustment - Enter the GA amount of adjustments to income from the copied client’s 1040 (pre-3090). This amount is not computed automatically. This amount prints on Form 500, page 4, Schedule 1.
  • Deductible portion of contributions to the Georgia higher education savings plan - Enter the amount of the GA higher education savings plan contribution exclusion (Section 529 Plan) allowed. This amount prints on Form 500, page 4, Schedule 1.
  • Other subtractions (Ctrl+E) - Enter any other amounts with descriptions to be included as subtractions from income. The program prints supporting statements.

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