Estimated Income Tax by Individuals; Procedures

  1. Law
  2. Georgia Code
  3. Revenue and Taxation
  4. Income Taxes
  5. Current Income Tax Payment
  6. Estimated Income Tax by Individuals; Procedures

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  1. "Estimated tax" defined. For purposes of this Code section, the term "estimated tax" means the amount which the individual estimates as the amount of income tax imposed by Code Section 48-7-20 less the amount which the individual estimates as the sum of credits allowable by law against the tax.
  2. Requirement of estimated tax. Except as otherwise provided in subsection (d) of this Code section, every resident individual and every taxable nonresident individual shall file his or her estimated tax for the current taxable year if he or she can be reasonably expected to be required to file a Georgia income tax return for the current taxable year and his or her gross income can reasonably be expected to:
    1. Include more than $1,000.00 from sources other than wages as defined in paragraph (10) of Code Section 48-7-100; and
    2. Exceed:
      1. One thousand five hundred dollars if the individual is single or the individual is married and not living with his or her spouse or the individual is married and expects to claim only $1,500.00 of the marital exemption; or
      2. Three thousand dollars if the individual is married and living with his or her spouse and expects to claim the full marital exemption.
  3. Return as estimated tax. If on or before January 31 of the succeeding taxable year or, in the case of an individual referred to in subsection (b) of Code Section 48-7-115, relating to income from farming and fishing, on or before March 1 of the succeeding taxable year, the taxpayer files a return for the taxable year for which the estimated tax is required and pays in full the amount computed on the return as payable and the estimate is not required to be filed during the taxable year but is required to be filed on or before January 15, then the return shall be considered as the estimate.
  4. Exemptions. This Code section shall not apply to an individual in a given tax year if:
    1. The sum of the allowable credits shown on the individual's income tax return for the tax year exceeds the individual's tax liability shown on the return before the tax liability is reduced by the amount of the allowable credits; and
    2. The individual reasonably expected at the time estimated tax was otherwise required to be filed with respect to the tax year that the conditions of paragraph (1) of this subsection would be met for the tax year.
    1. Applicability to fiduciaries. With respect to taxable years beginning on or after January 1, 1988, fiduciaries shall be subject to all requirements of this article in the same manner as individuals, except as provided in paragraph (2) of this subsection.
    2. This Code section shall not apply with respect to any taxable year ending before the date two years after the date of the decedent's death in the case of:
      1. The estate of such decedent; or
      2. A testamentary trust as defined in IRC Section 6654(l)(2)(B).

(Ga. L. 1960, p. 7, § 18; Code 1933, § 91A-3915, enacted by Ga. L. 1978, p. 309, § 2; Ga. L. 1979, p. 5, § 76; Ga. L. 1980, p. 459, §§ 1, 2; Ga. L. 1987, p. 191, § 7; Ga. L. 1988, p. 1380, § 4; Ga. L. 1988, p. 1389, § 1; Ga. L. 2012, p. 796, § 1/HB 965.)

Code Commission notes.

- Two 1988 Acts amended this Code section and pursuant to Code Section 28-9-5, subsections (a) - (d) are set out as designated by Ga. L. 1988, p. 1380, and subsection (f), as added by Ga. L. 1988, p. 1389, is redesignated as subsection (e).

Editor's notes.

- Ga. L. 1987, p. 191, § 10, not codified by the General Assembly, provides that this Act is applicable to taxable years ending on or after March 11, 1987, and that a taxpayer with a taxable year ending on or after January 1, 1987, and before March 11, 1987, may elect to have the provisions of that Act apply.

Ga. L. 1987, p. 191, § 10, not codified by the General Assembly, also provided that tax, penalty, and interest liabilities and refund eligibility for prior taxable years shall not be affected by that Act.

Ga. L. 1987, p. 191, § 10, not codified by the General Assembly, also provided that provisions of the federal Tax Reform Act of 1986 and of the Internal Revenue Code of 1986 which as of January 1, 1987, were not yet effective become effective for purposes of Georgia taxation on the same dates as they become effective for federal purposes.

Ga. L. 1988, p. 1389, § 2, not codified by the General Assembly, provided that no civil or criminal liability under that Act shall be incurred with respect to any act or failure to act occurring on or before July 1, 1988.

RESEARCH REFERENCES

C.J.S.

- 85 C.J.S., Taxation, § 1977 et seq.


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