Article Guide
The Georgia IT 303 form serves as a crucial tool for individuals and businesses seeking additional time to file their state income tax returns. This application allows taxpayers to request an extension in cases of illness, absence, or other valid reasons that may hinder timely filing. It is essential to note that the form must be completed in triplicate, with the original sent to the Georgia Department of Revenue before the due date of the return. Taxpayers should attach one copy of the extension request to their completed return while retaining the other for personal records. If a married couple files separately, each spouse must submit their own application. Importantly, this form cannot be submitted via telephone, and it is necessary to use the official document unless a valid federal extension is attached. For those needing more than the standard six-month extension, a new form must be submitted along with the initial request. Corporations have specific requirements as well, particularly those filing consolidated returns, which necessitate separate applications for each subsidiary. Additionally, taxpayers should be aware of the penalties associated with late filing and payment, including interest rates and potential fines, which can accumulate quickly if deadlines are not met. Understanding these guidelines is vital for ensuring compliance and avoiding unnecessary financial burdens.
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APPLICATION FOR EXTENSION OF TIME
FOR FILING STATE INCOME TAX RETURNS
INSTRUCTIONS
1)Extensions of time for filing returns may be granted n cases of sickness, absence, or other disability or whenever reasonable cause exists.
2)This form must be completed n triplicate. Mail the original form prior to the return due date to: Georgia Department of Revenue, Processing Center, P. O Box 740320,Atlanta GA
3)One copy of the extension must be attached to the completed return when filed. Retain the other copy for your records.
4)Separate applications for extension must be submitted for husband and wife if seperate returns are filed.
5)An extension request will not be accepted by telephone. Lists are not acceptable. Application must be made on this form, unless a copy of an approved federal extension is attached to your Georgia return when filed. If applicable, explain why t was not necessary to request a federal filing extension.
6)Additional time to file, within the six month imit, will require the submission of a new form along with a copy of the first extension request. For tax years beginning on or after January 1, 2016, a fiduciary will only be granted an exten- sion up to 5 and
7)Corporations filing consolidated returns must file a separate application for extension for filing Net Worth Tax for each subsidiary. Corporations not filing consolidated returns may request an extension for filing income tax and net worth tax returns on on eform.
8)Interest accruing for months beginning before July 1, 2016 accrues at the rate of 12 percent annually. Interest that ac- crues for months beginning on or after July 1, 2016 accrues as provided by Georgia Code Sections
9)Late iling penalty on returns iled after he due date prescribed by aw will be assessed at a rate of 5% per month computed on the tax not paid by the original due date. Late payment penalty will be assessed at a rate of 1/2 of
1% per month f ax due on he return s not paid by he date prescribed by law. Lat e payment penal ty accrues regardless of an approved extension request. Individuals and fiduciaries should remi t payment due on Form
NOTE: Remitting payment with Form
Form
MAIL TO:
Georgia Department of Revenue
Processing Center
PO Box 740320
Atlanta, GA
Georgia Department of Revenue
APPLICATION FOR EXTENSION OF TIME
FOR FILING STATE INCOME TAX RETURNS
IMPORTANT! ACCEPTANCE OF FEDERAL EXTENSIONS
AFEDERAL EXTENSION WILL BEACCEPTEDAS AGEORGIAEXTENSION IF: (1) THE RETURN IS RECEIVED WITHIN THE TIMEAS EXTENDED BY THE NTERNAL REVENUE SERVICE, AND (2) A COPY OF THE FEDERAL EXTENSION(S) S ATTACHED TO THE RETURN WHEN FILED. NOTE:
THERE S NO EXTENSION FOR PAYMENT OF TAX. INCOME TAX OR CORPORATE NET WORTH TAX MUST BE PAID BY THE PRESCRIBED DUE DATE TOAVOID THE ASSESSMENT OF LATE PAYMENT PENALTIES AND INTEREST.
THIS IS NOT A PAYMENT FORM! REMIT PAYMENT ON FORM
COMPLETE THIS FORM IN TRIPLICATE. MAIL THE ORIGINAL PRIOR TO THE RETURN DUE DATE AND KEEP 2 COPIES. ATTACH ONE COPY TO RETURN WHEN FILED AND RETAIN ONE COPY FOR YOUR RECORDS. WE WILL NOTIFY YOU ONLY IF YOUR EXTENSION REQUEST IS DENIED.
SECTION 1
NAME
SOCIAL SECURITY NUMBER OR FEIN
ADDRESS
CITY
STATE ZIP CODE
NAME OF TAXPAYER FOR WHOM EXTENSION IS FILED, IF DIFFERENT FROM ABOVE
ADDRESS
CITY
STATE ZIP CODE
SECTION 2
APPLICATION IS HEREBY MADE FOR AN EXTENSION OF TIME FOR THE FOLLOWING STATE TAX RETURN:
1. Type of return (check proper type):2. For Period Ending:3. Extension Requested To:
Corporate IncomeTax
Net Worth Tax (For Period Beginning)
Other
NOTE: Except as noted above, extensions are limited by law to six (6) months, please see line 6 of instructions.
SECTION 3
REASON FOR EXTENSION:
I AFFIRM THAT THE ABOVE INFORMATION IS, TO THE BEST OF MY KNOWLEDGE AND BELIEF, TRUE AND ACCURATE. THIS AFFIRMATION IS MADE UNDER THE PENALTIES PRESCRIBED BY LAW.
DATE |
SIGNATURE OF TAXPAYER OR AUTHORIZED AGENT |
IF SIGNED BYAGENT, AGENT’S FIRM OR TRADE NAME
Form Specifications
| Fact Name | Details |
|---|---|
| Eligibility for Extension | Extensions can be granted for reasons such as sickness, absence, or other disabilities, as long as reasonable cause is demonstrated. |
| Submission Requirements | This form must be completed in triplicate. The original must be mailed to the Georgia Department of Revenue before the return due date. |
| Separate Applications | If a married couple files separately, each spouse must submit a separate application for extension. |
| Interest Rates | Interest on late payments accrued before July 1, 2016, is at a rate of 12% annually. For periods after this date, the rates are governed by Georgia Code Sections 48-7-81 and 48-13-79. |
| Late Penalties | A late filing penalty of 5% per month applies to returns filed after the due date. Late payment penalties accrue regardless of an extension request. |
Georgia It 303: Usage Guidelines
Filling out the Georgia IT 303 form is a straightforward process. Follow these steps to ensure you complete the form accurately. Once you have filled out the form, remember to mail the original before the due date and keep copies for your records.
- Obtain the Georgia IT 303 form. You can find it on the Georgia Department of Revenue website or request a paper copy.
- Fill in your name, Social Security Number (or FEIN), and address in Section 1. If the extension is for someone else, include their name and address as well.
- In Section 2, indicate the type of return you are requesting an extension for by checking the appropriate box. Specify the period ending and the date you are requesting the extension to.
- In Section 3, provide a reason for the extension request. Make sure the information is accurate to the best of your knowledge.
- Sign and date the form. If someone else is signing on your behalf, include their name and firm or trade name.
- Make two copies of the completed form. One copy is for your records, and the other must be attached to your tax return when you file it.
- Mail the original form to the Georgia Department of Revenue, Processing Center, P.O. Box 740320, Atlanta, GA 30374-0320 before the return due date.
Your Questions, Answered
What is the Georgia IT 303 form used for?
The Georgia IT 303 form is an application for an extension of time to file state income tax returns. If you find yourself unable to meet the filing deadline due to circumstances such as illness or other reasonable causes, this form allows you to request additional time. It is important to note that while the form grants an extension for filing, it does not extend the deadline for payment of any taxes owed.
How do I submit the Georgia IT 303 form?
You must complete the form in triplicate. After filling it out, mail the original form to the Georgia Department of Revenue at the designated address before the return due date. Keep one copy for your records and attach the other copy to your completed return when you file it. This process ensures that you have documentation of your extension request.
Can both spouses use the same IT 303 form?
No, if you and your spouse are filing separate returns, each of you must submit a separate application for extension using your own IT 303 form. This ensures that each return is properly accounted for and that both parties receive the necessary extensions if needed.
What happens if I miss the deadline to file the IT 303 form?
Submitting the IT 303 form after the return due date may result in penalties. Late filing penalties can accrue at a rate of 5% per month on the tax that was not paid by the original due date. It is crucial to file the extension request on time to avoid these penalties and ensure compliance with state tax laws.
Is there a penalty for late payment of taxes even if I have an extension?
Yes, there is a penalty for late payment of taxes, regardless of whether you have an extension for filing. Taxes must be paid by the original due date to avoid late payment penalties and interest. The late payment penalty is assessed at a rate of 0.5% per month on the unpaid tax amount, and this accrues even if you have an approved extension for filing your return.
Can I use a federal extension instead of filing the IT 303 form?
A federal extension can be accepted as a Georgia extension if you meet certain criteria. Specifically, your return must be received within the time extended by the Internal Revenue Service, and a copy of the federal extension must be attached to your Georgia return when you file it. However, remember that this does not extend the payment deadline for any taxes owed.
Common mistakes
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Not Submitting in Triplicate: One common mistake is failing to complete the form in triplicate. This means you need to fill out three copies of the form, not just one. Remember, the original goes to the Georgia Department of Revenue, while you keep two copies for your records.
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Missing the Due Date: Some individuals overlook the importance of mailing the original form before the return due date. If you send it late, your request for an extension may not be accepted.
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Not Attaching Required Copies: When filing your return, you must attach one copy of the extension request. Failing to do so can lead to complications and potential penalties.
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Separate Applications for Married Couples: Couples filing separately often forget to submit individual applications for extension. Each spouse needs to file their own request if they are not submitting a joint return.
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Confusing Federal and State Extensions: Some people mistakenly believe that a federal extension automatically applies to their Georgia taxes. This is not the case. You must attach a copy of the federal extension to your Georgia return to have it accepted.
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Ignoring Payment Deadlines: Lastly, many individuals fail to understand that an extension does not extend the payment deadline for taxes owed. Taxes must still be paid by the original due date to avoid penalties and interest.
Documents used along the form
When filing for an extension of time to submit state income tax returns in Georgia using the IT 303 form, several other documents may also be necessary or beneficial. Each of these documents serves a specific purpose and can help ensure compliance with tax regulations. Below is a list of commonly used forms and documents in conjunction with the IT 303.
- Form IT-560: This form is used to remit any tax payment due when filing a return. It is essential to submit this payment by the prescribed due date to avoid penalties and interest.
- Form IT-560C: Corporations utilize this form for remitting payments related to corporate income tax and net worth tax. Like Form IT-560, timely submission is critical to prevent additional charges.
- Form 500: This is the standard individual income tax return form in Georgia. If an extension is granted, a copy of the IT 303 must be attached to this return when filed.
- Form 700: Partnerships file this form to report their income. If an extension is needed, the IT 303 form must accompany the completed Form 700.
- Form 501: Fiduciaries use this form for reporting income on behalf of estates or trusts. An extension request for fiduciaries is limited to five and a half months and must include the IT 303.
- Federal Extension Request: If a federal extension has been granted, attaching a copy to the Georgia return can satisfy the extension requirement for state purposes, provided it meets certain conditions.
- Payment Confirmation: Keeping a record of any payments made, whether through Form IT-560 or IT-560C, is important for personal records and may be needed for future reference.
- Taxpayer Identification Documents: These may include Social Security numbers or Employer Identification Numbers (EINs) necessary for accurate tax filing and to avoid identity verification issues.
Understanding these forms and documents can streamline the process of filing tax returns in Georgia. Proper preparation and timely submission will help mitigate any potential issues with the Georgia Department of Revenue.
Similar forms
The Georgia IT 303 form serves as an application for an extension of time for filing state income tax returns. Several other documents share similarities with the IT 303 form in terms of purpose and function. Below is a list of these documents, highlighting how each relates to the IT 303 form.
- IRS Form 4868: This is the federal application for an extension of time to file an individual income tax return. Like the IT 303, it allows taxpayers to request additional time to file their federal return, although it does not extend the time to pay any taxes owed.
- IRS Form 7004: This form is used by businesses to apply for an extension of time to file certain business tax returns. Similar to the IT 303, it provides an extension without extending the payment deadline for taxes due.
- California Form 3519: This is the California application for automatic extension of time to file a personal income tax return. It functions like the IT 303 by allowing taxpayers to request more time while requiring payment of taxes owed by the original due date.
- New York Form IT-370: This form is for requesting an extension of time to file New York State personal income tax returns. It shares the IT 303's purpose of allowing taxpayers to file later while ensuring that taxes are paid on time to avoid penalties.
- Texas Form 05-102: This is the Texas application for extension of time to file a franchise tax report. Similar to the IT 303, it allows businesses to request additional time to file while emphasizing the importance of timely tax payments.
- Florida Form DR-501: This form is used to request an extension for filing corporate income tax returns in Florida. It parallels the IT 303 by allowing an extension but not postponing the payment of taxes owed.
- Illinois Form IL-505-I: This is the Illinois application for an extension of time to file an individual income tax return. Like the IT 303, it grants extra time for filing while requiring payment of any taxes due by the original deadline.
- Ohio Form IT 40P: This form is used for requesting an extension for filing individual income tax returns in Ohio. It serves a similar function to the IT 303 by allowing taxpayers to file later, but it also mandates that taxes be paid on time to avoid penalties.
- Pennsylvania Form REV-276: This is the application for an extension of time to file Pennsylvania personal income tax returns. It operates similarly to the IT 303, providing an extension for filing while requiring that taxes be paid by the due date to avoid late fees.
Understanding these similar forms can help taxpayers navigate the extension process more effectively, ensuring compliance with both state and federal tax regulations.
Dos and Don'ts
When filling out the Georgia IT 303 form, it is important to follow specific guidelines to ensure your application is processed correctly. Below is a list of things you should and shouldn't do.
- Do complete the form in triplicate.
- Do mail the original form before the return due date to the specified address.
- Do attach one copy of the extension to your completed return.
- Do retain the other copy for your records.
- Do submit separate applications for extension if filing separately as a married couple.
- Do explain why a federal extension was not necessary if applicable.
- Do submit a new form for additional time to file within the six-month limit.
- Don't request an extension by telephone; it will not be accepted.
- Don't forget to include a copy of an approved federal extension if applicable.
- Don't assume that remitting payment with Form IT-560 or IT-560C extends your filing due date.
- Don't ignore the penalties for late filing or late payment.
- Don't submit a single application for consolidated returns without separate applications for each subsidiary.
- Don't neglect to provide accurate information, as affirming false information can lead to penalties.
- Don't forget that extensions do not apply to tax payments, which must be made by the due date.
Misconceptions
Understanding the Georgia IT 303 form is essential for individuals and businesses seeking an extension on their state income tax returns. However, several misconceptions can lead to confusion. Here are five common misunderstandings:
- Extensions Automatically Extend Payment Deadlines: Many believe that filing for an extension also extends the deadline for paying taxes. This is incorrect. Tax payments are still due by the original deadline to avoid penalties and interest.
- Only One Form is Needed for Couples: Some individuals think that a single extension application suffices for both spouses. In reality, separate applications must be submitted if both partners file individual returns.
- Federal Extensions are Not Accepted: A common misconception is that Georgia does not recognize federal extensions. However, a federal extension can be accepted as a Georgia extension if specific conditions are met, such as attaching a copy of the federal extension to the state return.
- Late Filing Penalties are Waived with an Extension: Many assume that obtaining an extension means they will not incur late filing penalties. This is misleading. While an extension allows more time to file, it does not eliminate penalties for late payments.
- All Extensions are Granted Automatically: Some people believe that submitting the IT 303 form guarantees an extension. In fact, the Georgia Department of Revenue will only notify applicants if their request is denied.
Key takeaways
Filling out the Georgia IT 303 form is an important step for individuals and businesses seeking an extension for filing state income tax returns. Here are some key takeaways to keep in mind:
- Complete in Triplicate: You must fill out the form in triplicate. Send the original to the Georgia Department of Revenue before the return due date, and keep two copies for your records.
- Attach a Copy: When you file your tax return, attach one copy of the extension request to it. Retain the other copy for your personal records.
- Separate Applications for Couples: If you and your spouse are filing separate returns, each of you must submit a separate extension request.
- No Phone Requests: Requests for extensions cannot be made over the phone. You must use the official form unless you are attaching an approved federal extension.
- Additional Extensions: If you need more time beyond the initial six months, you will need to submit a new form along with a copy of the first extension request.
- Penalties for Late Filing: Be aware that filing late can incur penalties, including a 5% monthly late filing fee on unpaid taxes, so timely submission is crucial.
Understanding these points can help ensure a smoother process when applying for an extension on your state income tax return in Georgia.