Individual Income Tax

Form 80-100 Mississippi Resident and Non-Resident Part-Year Resident Income Tax Forms 

Corporate Income Tax

Form 83-105 Mississippi Corporate Income and Franchise Tax Return

Mississippi Income Tax Forms: A Comprehensive Guide

When it comes to paying taxes, everyone wants to make sure they are following the laws and regulations set forth by their State. In Mississippi, the Mississippi Department of Revenue oversees the collection of state taxes, including income taxes. The following article will serve as a detailed guide to assist Mississippi residents in understanding and completing their Mississippi income tax forms.

Mississippi Income Tax Rates

Before diving into how to file Mississippi income tax forms, it is essential to understand the state’s income tax rates. Mississippi has a progressive income tax system, meaning individuals pay higher rates as their income increases.

For tax year 2021 (filing in 2022), Mississippi’s tax rate ranges from 3% to 5%. Specifically, for single individuals earning $5,000 or less, the income tax rate is 3%. For individuals earning between $5,001 and $10,000, the rate is 4%. For those earning above $10,000, the rate is 5%.

Mississippi also provides a standard deduction and personal exemption. For single individuals, the standard deduction is $2,300, and for married couples filing jointly, the standard deduction is $4,600. The personal exemption is $6,000 per taxpayer.

Mississippi Income Tax Forms

Now that you have a better understanding of the income tax rates in Mississippi, it’s time to dive into the specific Mississippi income tax forms that you may need to file.

Individual Income Tax Return Form 80-105

The primary form that most Mississippi residents will need is Form 80-105, the Individual Income Tax Return. Form 80-105 reports all taxable income and allows the state to calculate how much an individual owes in state income taxes.

To properly fill out a Form 80-105, you will need the following information:

1. Social Security Number and Date of Birth
2. Total Gross Income: Wages, salaries, tips, etc.
3. Adjustments: Health Savings Account contributions, alimony payments, or student loan interest.
4. Deductions: Standard Deduction or Itemized Deductions
5. Taxable Income: Subtract Adjustments and Deductions from Gross Income
6. Tax Liability: Use Tax Tables to calculate the amount owed based on Taxable Income and tax rate
7. Payments and Credits: Withholdings, estimated tax payments, or tax credits
8. Refunds or Amounts Due

To submit your completed Individual Income Tax Return Form 80-105, there are several options:

1. Mail: Send your completed forms to the Mississippi Department of Revenue, P.O. Box 23050, Jackson, MS 39225-3050.
2. E-File: You can file electronically using a tax preparation software program or a Mississippi Department of Revenue authorized e-file provider.
3. In-Person: You can also drop off your completed form at a local Taxpayer Service Center.

Mississippi also offers a free online filing service for individuals who meet certain income requirements. The Mississippi I-File program is available to those who have an Adjusted Gross Income of $69,000 or less and don’t require any additional forms or schedules. The Mississippi I-File program can be accessed on the Mississippi Department of Revenue’s website.

Schedule A- Itemized Deductions

Mississippi taxpayers have the option to either claim the standard deduction or itemize their deductions. If a taxpayer chooses to itemize deductions, they must complete Schedule A – Itemized Deductions.

Schedule A – Itemized Deductions allows taxpayers to deduct specific expenses that they incurred throughout the year to help reduce their taxable income. These expenses may include but are not limited to:

1. Medical and Dental Expenses
2. State and Local Taxes
3. Real Estate Taxes
4. Home Mortgage Interest
5. Charitable Contributions
6. Miscellaneous Deductions, such as unreimbursed employee expenses or tax preparation fees.

To properly fill out a Schedule A – Itemized Deductions, you will need to provide the following information:

1. Name and Social Security Number
2. Medical and Dental Expenses
3. Taxes: Real Estate, Personal Property, and State and Local Income Taxes
4. Interest: Home Mortgage Interest and Investment Interest
5. Gifts to Charity
6. Casualty and Theft Losses
7. Miscellaneous Deductions
8. Total Itemized Deductions

If your itemized deductions exceed the standard deduction, then it’s more advantageous to itemize your deductions. If your itemized deductions are less than the standard deduction, then it’s more beneficial to claim the standard deduction.

Schedule C – Profit or Loss From Business

For self-employed individuals or those with a side business, Schedule C – Profit or Loss from Business must be completed along with the state income tax return.

Schedule C – Profit or Loss from Business is used to report business income and expenses for a self-employed individual or sole proprietor. To fill out Schedule C, an individual will need to provide the following information:

1. Name and Social Security Number
2. Principal business or profession, including product or service
3. Gross Receipts or Sales from the Business
4. Cost of Goods Sold
5. Expenses, such as rent, utilities, office supplies, or travel expenses
6. Net Profit or Loss

Schedule C can be filed along with Form 80-105 by mail, e-file, or in-person.

Mississippi Tax Credits

Mississippi offers several tax credits to help individuals and businesses reduce the amount of taxes owed.

Working Family Tax Credit

The Working Family Tax Credit is a refundable credit that is available to low-income working individuals or families. The credit is based on the taxpayer’s Adjusted Gross Income, with a maximum credit of $500 for families with one child or $1,000 for families with two or more children.

To be eligible for the Working Family Tax Credit, you must be a Mississippi resident, have a dependent under age 17, and have earnings from work.

Child and Dependent Care Credit

The Child and Dependent Care Credit is available to Mississippi taxpayers who paid for child care or dependent care services so that they could work or look for work. The credit is based on either 25% or 30% of the qualifying expenses up to a maximum of $1,000 for one dependent or $2,000 for two or more dependents.

The Mississippi Child and Dependent Care Credit is non-refundable, meaning it can reduce the amount of taxes owed, but cannot result in a refund.

Earned Income Tax Credit

Mississippi also offers an Earned Income Tax Credit (EITC) for low-income working individuals and families. The credit is based on the taxpayer’s income, filing status, and number of dependents. The maximum credit amount for tax year 2021 is $543.

The Mississippi EITC is refundable, meaning the amount of the credit that exceeds the amount of taxes owed can result in a refund.

Conclusion

Filing Mississippi income tax forms may seem overwhelming, but with the right information and resources, it can be straightforward. Remember to keep accurate records and gather all the necessary information when completing your tax forms. The Mississippi Department of Revenue offers helpful resources, including tax forms, instructions, and online filing options, to help ensure that you are able to file accurately and on time.