Form Instructions 706 for Georgia 2024-2025

Form Instructions 706 for Georgia: What You Should Know

The return does not provide a credit for credit carryovers. Filing for a partial year resident does not require an adjustment to the filing status of a prior year resident; they are allowed the entire full year of tax exemption. If you are filing as a non-citizen, you will also have to file Form 5498-A-1 (Form 505X) with your Georgia return. This form must be filed by the due date of your Georgia return. Why do I have to file? — Georgia Department of Revenue State of Georgia Form 502 (Form 505X) If you have any outstanding tax debt to the state you must file the form. If the debt is not settled before the deadline (October 10, 2018), it may cause a 10-day extension to file. How much does the tax help pay the debt? — Georgia Department of Revenue Form 502 (Form 505X) provides the total tax payable (including the credit) and the total amount of the credit. The debt must be paid off within 7 calendar years, or 10 years if the credit is less than 5,000. The tax credit is based on the amount of the credit, including the credit for carry over amount. If the debt is less than the credit, the non-resident must pay off the debt before the end of the 10-year period, or within 90 days after the State Tax Commission provides notice to the taxpayer. If there is no balance to be paid and the debt is beyond the 10-day extension, a state court will determine the amount of tax owed.

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