How do I treat Roth IRA s for Georgia purposes?
• Roth IRA s are treated the same for Georgia purposes as they are treated for Federal purposes. • I am a Georgia resident and a shareholder in a s-corporation operating in a state that does not recognize the s-election, therefore the income tax is paid by the corporation. How is this treated on the Georgia individual return? • An adjustment for this income can be made on the other subtractions line of schedule 1 of Form 500. • In 1999, Tennessee expanded the type of entities that are subject to the Franchise and Excise tax. In addition to s-corporations, it now includes limited liability companies, limited partnerships, etc. As is mentioned in the previous question, a Georgia resident, who is a shareholder in an s-corporation operating in a state that does not recognize the s-election, can make an adjustment for this income on form 500 if the income tax is paid by the corporation.
• Roth IRA s are treated the same for Georgia purposes as they are treated for Federal purposes. • I am a Georgia resident and a shareholder in a s-corporation operating in a state that does not recognize the s-election, therefore the income tax is paid by the corporation. How is this treated on the Georgia individual return? • An adjustment for this income can be made on the other subtractions line of schedule 1 of Form 500. • In 1999, Tennessee expanded the type of entities that are subject to the Franchise and Excise tax. In addition to s-corporations, it now includes limited liability companies, limited partnerships, etc. As is mentioned in the previous question, a Georgia resident, who is a shareholder in an s-corporation operating in a state that does not recognize the s-election, can make an adjustment for this income on form 500 if the income tax is paid by the corporation. Does this adjustment also apply to a member of a limited liability company (that is treated as a partners
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- How do I treat Roth IRA s for Georgia purposes?
