Form 80-100-16-8-1-000 - Income Tax Instructions - Resident, Non-Resident And Part-Year Resident Page 15
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24Line 9: Mississippi Itemized Deductions
Line 1: Interest Income
Add the total amounts for lines 2 through 8 (2c, 3c, 4,
Enter the total amount of interest income reported on
5, 6, 7d and 8c).
Federal Form 1040, Schedule B, line 2.
Line 10: Limitation on Mississippi Itemized Deductions
Line 2: Amount of Mississippi Non-taxable Interest
If the federal AGI from Form 1040 is more than
Enter the amount of Mississippi non-taxable interest
$311,300 (Married – Filing Joint or Combined
received on obligations of the United States or
Return), $285,350 (Head of Family), $259,400
Mississippi or political subdivision from line 1.
(Single), and $155,650 (Married-Filing Separate), do
not use the amount shown on line 9 above. You must
Line 3: Total Mississippi Interest
use your Federal Schedule A and Federal Itemized
Deduction Worksheet to complete the Mississippi
Subtract line 2 from line 1. Enter the total here and
State Income Tax Adjustment Worksheet on the
on Form 80-105, line 42 or Form 80-205, line 43.
following page.
Dividend Income
The amount determined on line 8 of the Worksheet
should be entered here.
Report all dividend income received regardless of the amount.
Include cash and the value of stock, property or merchandise
Mississippi State Income Tax Adjustment Worksheet
you receive as a dividend. The payer should send you a Form
1099-DIV.
Note: To complete the worksheet shown below, you will need
to refer to your Federal Itemized Deductions Worksheet in
Dividends Include:
your federal instructions.
Ordinary dividends. See Form 1099-DIV, Box 1a.
Qualified dividends. See Form 1099-DIV, Box 1b.
1. Enter total itemized deductions from
Federal Schedule A, line 29…………….
Nontaxable distributions.
1.
Some distributions are non-
taxable because they are a return of your cost. They will
2. Divide line 9 by line 3 on the Federal
not be taxed until you recover your cost. You must reduce
Itemized Deductions Worksheet…………
2.
your cost by these distributions. After you recover your cost,
you must report these dividends as capital gains.
3. Multiply state income taxes from Federal
Schedule
A,
line
5
by
line
2
Note: Capital gain distributions reported on Form 1099-DIV.
above……….............................................
3.
If you have other capital gains or losses, enter your capital
gain distributions on Federal Schedule D. If you don't need
4. Subtract line 3 above from state income
Federal Schedule D to report any other gains or losses, report
taxes from Federal Schedule A, line 5…...
4.
capital gain distributions on line 39 of Form 80-105 or line 40
of Form 80-205.
5. Subtract line 4 above from line 1
above………………………………………..
Line 4: Total Dividend Income
5.
Enter the total amount of dividend income received.
6. Enter the amount of federal itemized
gaming losses…………………..………….
6.
Line 5: Amount of Nontaxable Distributions
7. Enter the amount of non-Mississippi
Enter the amount of distributions included in line 4
(residents only) gaming losses to the
above which would not be taxable for Mississippi
extent
of
non-Mississippi
gaming
purposes (example: interest on federal obligations
income......................................................
7.
included with dividends reported).
8. Line 5 less line 6 plus line 7. Enter the
Line 6: Dividends for Mississippi
result
here
and
on
Form
80-108,
Schedule A, line 10………………………
8.
Subtract line 5 from line 4. Enter the result on Form
80-105, line 43 or Form 80- 205, line 44.
SCHEDULE B – INTEREST AND DIVIDEND
SCHEDULE N – OTHER INCOME (LOSS) AND
INCOME
SUPPLEMENTAL INCOME
Report any interest you received or that was credited to your
account so you could withdraw it. Examples are interest on
Schedule N is used to report income or loss not reflected
savings or other bank accounts; interest on a promissory note,
elsewhere on this return such as Non-Mississippi gambling
a mortgage, or a corporate bond or debenture; interest on
winnings, prizes and awards, net operating loss carry
state obligations other than the State of Mississippi or
forwards, etc. Explain the nature and source of each income
subdivisions thereof, etc. Interest income from obligations of
or loss item. If the adjustment to income is not listed in lines
the United States Government and the State of Mississippi
49 through 59, then the adjustment must be reported on
and subdivisions thereof is exempt.
Schedule N. You must give a description of the adjustment
15
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