The
following information has been provided to assist in the preparation of
File Form 80-105 if any of the following apply:
The taxpayer:
1.
Has
2.
Is a non-resident or part-year resident with income taxed by
3. Is filing as single and has gross income in excess of $8,300 plus $1,500 for each dependent
4. Is filing as married filing joint and both spouses have gross income in excess of $16,600 plus $1,500 for each dependent
5. Is a minor that has gross income in excess of the personal exemption plus the standard deduction based on the filing status
6.
Is a resident of
7.
Is a resident of
8. Is a survivor or representative of a deceased taxpayer
1. Resident:
An individual who:
- Maintains an apartment, home, or other
place of abode in
- Exercises the rights of citizenship in
- Enjoys the benefits of homestead exemption
2. Part-Year Resident:
An individual who:
- Moved into
- Moved out of
3. Non-Resident:
An individual who does not:
- Maintain an apartment, home, or other
place of abode in
- Exercise the rights of citizenship in
- Enjoy the benefits of homestead exemption
A
distribution code "3" when the individual is under 59 1/2 is
considered early distribution and is taxable to MS. However, payments from PERS
for disability are exempt from income. Enter "P" in field US04 8240
and "MS" in field US04 0246 to exclude this income from the
Ad Valorem Inventory Tax Credit:
This credit is:
- Acquired from a pass through entity or from a Schedule C business
- Limited to the smaller of the income tax attributable to the location paying the Ad Valorem tax or $5,000 per location
- Calculated by multiplying the net income by the effective tax rate(s), starting at the highest effective tax rate then working down to the lower effective tax rates
NOTE: Any unused credit cannot be carried forward.
Jobs Tax Credit, National Headquarters Credit, Regional Headquarters Credit, and Research and Development Skills Credit:
These credits are:
- Limited to 50% of the income tax that is attributable to income derived from operations in the state for a year
- Calculated by multiplying the net income by the effective tax rate(s), starting at the highest effective tax rate then working down to the lower effective tax rates and then multiplying that result by the 50% limitation
NOTE: Any unused credit can be carried forward for 5 years.
Job Development Assessment Fee Credit:
This credit is:
- For employees whose wages have been assessed to help pay for Business Finance Corporation issued bonds which created their jobs
- Located on Form W-2 in the city or local income tax withholding block with the word RED for the city or local name
NOTE: Credit amounts which exceed the tax due are not refundable and cannot be carried forward.
Reforestation Tax Credit
This credit is:
- Equal to the lesser of 50% of the actual cost or approved practices or 50% of the average cost of approved practices as established by the Mississippi Forestry Commission.
- Limited to the lesser of $10,000 or the amount of income tax imposed upon the eligible owner.
NOTE: Any unused credit can be carried forward to succeeding years.
Other Credits:
- Child Adoption Credit
- Basic Skills or Training Credit
- Dependent Care Credit
- Export Port Charges
- Finance Company Privilege Tax Credit
- Mississippi Business Finance Corporation Revenue Bond Service Credit
- Temporary Assistance for Needy Families (TANF) Credit
NOTE: The Dependent Care Credit referred to above is not the same credit allowed for Federal income tax purposes. The credit referred to here is allowable for employers who provide facilities for the care of their employees' dependents.
Interest is applicable if any of the following apply:
The taxpayer:
1. Fails to file the required estimated tax return and pay the tax within the time allowed
2. Underestimated the required amount
Interest:
The interest rate is 1% per month of the underpayment of tax from the due date to the date of payment.
If any state taxes due are paid after April 15, 2015, the taxpayer will owe an additional amount for a late payment penalty from April 15, 2015 to the date of payment. The interest rate is 1% per month. The penalty rate is 0.5% per month.
Late Filing Penalty:
If
the
File Form 80-205 if any of the following apply:
The taxpayer:
1.
Has
2.
Is a non-resident or part-year resident with income taxed by
3. Is filing as single and has gross income in excess of $8,300 plus $1,500 for each dependent
4. Is filing as married filing joint and both spouses have gross income in excess of $16,600 plus $1,500 for each dependent
5. Is a minor that has gross income in excess of the personal exemption plus the standard deduction based on the filing status
6.
Is a resident of
7.
Is a resident of
8. Is a survivor or representative of a deceased taxpayer
1. Resident:
An individual who:
- Maintains an apartment, home, or other
place of abode in
- Exercises the rights of citizenship in
- Enjoys the benefits of homestead exemption
2. Part-Year Resident:
An individual who:
- Moved into
- Moved out of
3. Non-Resident:
An individual who does not:
- Maintain an apartment, home, or other
place of abode in
- Exercise the rights of citizenship in
- Enjoy the benefits of homestead exemption
A
distribution code "3" when the individual is under 59 1/2 is
considered early distribution and is taxable to MS. However, payments from PERS
for disability are exempt from income. Enter "P" in field US04 8240
and "MS" in field US04 0246 to exclude this income from the
Ad Valorem Inventory Tax Credit:
This credit is:
- Acquired from a pass through entity or from a Schedule C business
- Limited to the smaller of the income tax attributable to the location paying the Ad Valorem tax or $5,000 per location
- Calculated by multiplying the net income by the effective tax rate(s), starting at the highest effective tax rate then working down to the lower effective tax rates
NOTE: Any unused credit cannot be carried forward.
Jobs Tax Credit, National Headquarters Credit, Regional Headquarters Credit, and Research and Development Skills Credit:
These credits are:
- Limited to 50% of the income tax that is attributable to income derived from operations in the state for a year
- Calculated by multiplying the net income by the effective tax rate(s), starting at the highest effective tax rate then working down to the lower effective tax rates and then multiplying that result by 50%
NOTE: Any unused credit can be carried forward for 5 years.
Job Development Assessment Fee Credit:
This credit is:
- For employees whose wages have been assessed to help pay for Business Finance Corporation issued bonds which created their jobs
- Located on Form W-2 in the city or local income tax withholding block with the word RED for the city or local name
NOTE: Credit amounts which exceed the tax due are not refundable and cannot be carried forward.
Reforestation Tax Credit
This credit is:
- Equal to the lesser of 50% of the actual cost or approved practices or 50% of the average cost of approved practices as established by the Mississippi Forestry Commission.
- Limited to the lesser of $10,000 or the amount of income tax imposed upon the eligible owner.
NOTE: Any unused credit can be carried forward to succeeding years.
6. Other Credits:
- Child Adoption Credit
- Basic Skills or Training Credit
- Dependent Care Credit
- Enterprise Zone Credit
-
- Finance Company Privilege Tax Credit
- Mississippi Business Finance Corporation Revenue Bond Service Credit
- Temporary Assistance for Needy Families (TANF) Credit
NOTE: The Dependent Care Credit referred to above is not the same credit allowed for Federal income tax purposes. The credit referred to here is allowable for employers who provide facilities for the care of their employees' dependents.
Interest is applicable if any of the following apply:
The taxpayer:
1. Fails to file the required estimated tax return and pay the tax within the time allowed
2. Underestimated the required amount
Interest:
The interest rate is 1% per month of the underpayment of tax from the due date to the date of payment.
If any state taxes due are paid after April 15, 2015, the taxpayer will owe an additional amount for a late payment penalty from April 15, 2015 to the date of payment. The interest rate is 1% per month. The penalty rate is 0.5% per month.
Late Filing Penalty:
If
the
File Form 80-108 to report any of the following:
1. Itemized deductions
2. Interest income
3. Dividend income
4. Other income and losses
5. Supplemental income
6. Credits
7. Voluntary contribution check-offs
File
Form 80-108, Schedule A to itemize deductions for
State income taxes paid are not deductible as an itemized deduction.
File Form 80-108, Schedule B to report interest income and/or dividend income that equals or exceeds $400.
Report any interest received or credited to an account from which a withdrawal could be made.
Interest income includes any of the following:
1. Interest on savings or other bank accounts
2. Interest on promissory notes
3. Interest on a mortgage
4. Interest on a corporate bond
5. Interest on a corporate debenture
6.
Interest on state obligations other than the State of
NOTE:
Interest income from obligations of the United States Government and the State
of
Report any dividends received. Include cash and values of the stock, property, or merchandise received as a dividend.
Dividend income includes any of the following:
1. Ordinary dividends
2. Capital gain distributions
3. Non-taxable distributions
File Form 80-108, Schedule N to report gambling winnings and all other taxable income or losses for which no schedule is provided elsewhere.
Other income includes any of the following:
1. Awards
2. Business expense reimbursements larger then actual expenses
3. Prizes
You may elect to contribute all or a part of you income tax refund to one or more of the following funds:
The Mississippi Military Family Relief fund is to provide grants to families that experience a financial hardship as a result of a family member who is a Mississippi resident and who is a member of the Mississippi National Guard or the reserves of the Armed Forces of the United States being called to active duty as a result of September 11, 2001, terrorist attacks.
Contributions
to this fund are used to manage, protect, and study
Since 1986, contributions have been used to:
a. Fund more than 100 research projects which produced valuable information on rare animal species and plants
b. Help rehabilitate injured birds of prey
c. Record and publish the songs and sounds
of
d. Reintroduce bald eagles to
Contributions
to this fund are used for the improvement of
The
principal of the trust fund shall remain inviolate and shall be invested as
provided by general law. Interest and income derived from investment of the
principal of the trust fund may be appropriated by a majority vote of the
elected membership of each house of the Legislature and expanded exclusively
for the education of the elementary and secondary school students and/or
vocational and technical training in
Contributions to this fund are used by the Mississippi Commission for Volunteer Services to advance community service and volunteerism among Mississippians.
Contributions to this fund will be forwarded to the Burn Center for use in its operations.
Your contribution may be claimed as a tax deductible charitable contribution on your state and federal income tax returns.
NOTE: Once your return is filed, your contribution is final and cannot be refunded.
Contributions to this fund will be used to build, upgrade, and/or improve our Fisheries and Parks managed by the Mississippi Wildlife Fisheries and Parks Commissions.
Contributions to this fund will be used for the purposes of designating, coordinating and providing programs with respect to the formal Bicentennial celebration on the State of Mississippi in 2017.
File
Form 80-160 to claim a credit against
File Form 80-160 if all of the following apply:
The taxpayer:
1. Is a resident of Mississippi
2. Earned income in another state
3. Is required to pay an income tax to another state
4. Filed an individual income tax return with another state
Limitations:
This credit may not exceed any of the following:
1.
The amount of income tax due the state of
2. The amount of income tax actually paid to another state
3.
The amount computed by applying the highest applicable
File
Form 80-300 to pay
File Form 80-300 if all of the following apply:
The taxpayer:
1.
Does not have at least 80% of his/her annual
2. Has an annual tax liability that exceeds $200
Exceptions:
Farmers and fishermen - If at least two thirds of your gross income for 2015 is from farming or fishing you may
a. Pay all of your estimated tax by January 15, 2016, or
b. File your 2015 income tax return by March 1, 2016 and pay the total tax due. In this case, estimate payments are not required.
Interest:
Underestimating the required amount of tax or failure to file estimated tax returns and pay the tax within the time allowed will result in an assessment of interest. The interest rate is 1% per month of the underpayment of tax from the due date to the date of payment.
File
Form 80-180 to request a six month extension of time to file the
Late Payment Penalty:
If any state taxes due are paid after April 15, 2015, the taxpayer will owe an additional amount for a late payment penalty from April 15, 2015 to the date of payment. The interest rate is 1% per month. The penalty rate is 0.5% per month.
Late Filing Penalty:
If
the
NOTE:
Form 80-180 only extends time to file the