Georgia Form 500-NOL, Net Operating Loss Adjustment For Individuals and Fiduciaries, is used to calculate the net operating loss for Georgia and establish the NOL in the Georgia Department of Revenue's system for the purpose of either carrying the NOL back or forward. The Georgia NOL calculation is separate from the federal NOL calculation, since it's possible to have a federal NOL but not a Georgia NOL.
In order to utilize an NOL on Form 500, Form 500-NOL must first have been timely filed and approved by the Georgia DOR. Do not include an NOL on Form 500 if this form has not been filed, otherwise the Georgia DOR will recalculate the return and send a bill for the deficiency.
Form 500-NOL is not available in TaxSlayer Pro. Complete it at the Georgia DOR website here.
For carryback purposes, the 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. Do not use Form 500-X for the purpose of carrying a loss backward.
For carryforward purposes, the form must be filed by the due date (including extensions) of the loss year return.
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