Form 500-NOL, there are six pgs that print out. For the form for Individuals on Line 10. See page 5 for instructions, there are no instructions. What credits would go in that line?

[Sean Enrolled Agent]

Hello DonkieKom_93 ,

For Georgia's form 500-NOL, (500 NOL Application for Net Operating Loss Adjustment for Individuals and Fiduciaries) there are six pages that are on the current form that is found on the Georgia website.

https://dor.georgia.gov/document/document/500-nol-application-net-operating-loss-adjustment-individu...

For line 10, the instructions state “Line 10, the credit for taxes paid to other states should be recomputed based on the new Georgia AGI and deductions. Other credits that are based on liability should be adjusted accordingly. Any credits that are not allowed and that are eligible for carryforward can be carried forward. Do not enter more than Line 9.”

The credit for taxes paid to other states would only apply if you had worked in another state in 2022.

Tax credits are used to decrease your tax liability. A tax credit is subtracted from whatever your tax liability is. For example, if you had a tax liability of $5,000 with a tax credit of $500, you would end up owing $4,500 in taxes.
Types of tax credits that might apply to you include, but are not limited to, the Child Tax Credit, saver’s credit, the dependent care credit and the Lifetime Learning Credit.

Thanks,
Sean