Form 80-160-12-8-1-000 - Mississippi Tax Credit For Income Tax Paid To One Or More Other States

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MS
Form 80-160-12-8-1-000 (Rev. 5/12)
Mississippi
Tax Credit For Income Tax Paid
To One or More Other States
Tax credit, as determined below, is allowed only to LEGAL RESIDENTS of Mississippi who pay an income tax imposed by another State on income
earned therein and taxed by Mississippi. If a credit is claimed for tax paid to another State, there must be attached to the Mississippi income tax return a
copy of the income tax return filed with the other State and proof of payment of tax. A copy of the Wage and Tax Statement indicating tax withheld is not
considered proof of payment of the liability to another State.
SSN
__ __ __ - __ __ - __ __ __ __
Name
Total Income
Income Earned
Income Earned
Income Earned
TOTAL
Earned Everywhere
In State Of:
In State Of:
In State Of:
Out-of-State
Income
Add Columns
Husband or Joint
Wife
3, 4, and 5
or Single
(Name of State)
(Name of State)
(Name of State)
Column 1
Column 2
Column 3
Column 4
Column 5
Column 6
1. Total Income
2. Standard or Itemized
Deduction(s)
3. Specific Exemption
4. Total Deductions and
Exemptions
(Add Lines 2 and 3)
5. Taxable Income
(Line 1 minus Line 4)
TAX COMPUTATION
(Column A)
(Column B)
(Column C)
(Column D)
Tax Rate(s): Enter Taxable Income
Rates
Taxpayer
Spouse
Total
Income Tax
From Line 5, Columns 1 and 2.
Taxable Income
Taxable Income
Taxable Income
6.
First $5,000 or Part
+
=
x 3%
=
7.
Next $5,000 or Part
+
=
x
4%
=
=
8.
Remaining Balance
+
=
x
5%
9.
TOTAL ADJUSTED MISSISSIPPI INCOME TAX (Add Income Tax Amount From Lines 6, 7, & 8)...........................................
Column 3
Column 4
Column 5
Column 6
10. Ratio (Divide amounts on Line 5, Columns 3, 4, & 5 by
Line 5, Column 6 amount)
%
%
%
COMPUTATION OF TAX CREDIT
MULTIPLY TAX COMPUTED AT LEFT BY RATIOS ABOVE
11. Enter the amount of Line 5, Column 6, Which is equal to
Amount on Line 8 (C).
x5%=
12. Enter the amount of Line 5, Column 6, Which is equal to
Amount on Line 7 (C).
x4%=
13. Enter the remainder of amount of Line 5, Column 6. Amount
on Line 5, Column 6
x3%=
Ratio = $
14. Tax Credit as Computed (Sum of Lines 11, 12, and 13)
TOTAL
15. Tax Actually Paid Other State (From Other State's Return)
16. Enter the lesser of Line 14, Columns 3 through 5 or Line 15,
Columns 3 through 5
17. Enter the Amount From Line 9
18. Allowable Tax Credit - Lesser of Line 16, Column 6 or Line 17, Column 6
Duplex and Photocopies NOT Acceptable

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