Form 94-101-99-1 - Mississippi Estate Tax Return Page 2
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1
2Mississippi
Form 94-101-99-1(Rev. 9/99)
Estate Tax Return
Instructions
Mississippi Estate Tax Return must be filed by the Executor or Administrator of the estate of any resident, or for any nonresident
decedent where any real or tangible personal property of his gross estate is situated in Mississippi, where the gross value of the estate
on the date of death, wherever located, exceeds the available exemption. The exemption amounts are: 1998 - $625,000; 1999 -
$650,000; 2000 and 2001 $675,000; 2002 and 2003 - $700,000; 2004 - $850,000; 2005 - $950,000; 2006 - $1,000,000.
If the executor or administrator is unable to make a complete return, he shall include with the return a description of any property not
included and the name of every person holding a legal or beneficial interest in such property. The address of every person holding such
interest and the value of such property should be included if known. If an executor or administrator was not appointed for the estate,
then any person who has possession of any property of the estate must file a return.
A copy of the Federal Form 706 pages 1 through 3 including all accompanying schedules, a copy of the death certificate, certified copy
of the will, a copy of all gift tax returns filed, a copy of trust agreements in existence at date of death, forms 712 Life Insurance
Statements, and copies of appraisals of Mississippi property must be attached.
Extensions may be granted for a period of six (6) months for filing the return and paying the tax, provided the person responsible for filing
makes an application to the Commission by the due date and can show undue hardship in completing the return. However, a lien will be
in effect on the estate from the original due date until the return is filed and the tax is paid. Once the tax liability has been paid and upon
completion of our review, a closing letter will be issued that will release all property from the imposed estate tax lien.
Estate Tax Table
This table is to be used for the calculation of the Tax from the Mississippi Tax Tables required on Line 10 of page 1. If the decedent died
prior to October 1990, please contact the Miscellaneous Tax Division for the appropriate tax table.
OVER
BUT NOT OVER
TAX
OF EXCESS OF
$
-0-
..............
$
60,000
................................
1%
..............................
$
-0-
60,000
....................
100,000
................................
600 plus 1.6%
...................................
60,000
100,000
....................
200,000
................................
1,240 plus 2.4%
...................................
100,000
200,000
....................
400,000
3,640 plus 3.2%
...................................
200,000
................................
400,000
....................
600,000
................................
10,040 plus 4.0%
...................................
400,000
600,000
....................
800,000
................................
18,040 plus 4.8%
...................................
600,000
800,000
....................
1,000,000
................................
27,640 plus 5.6%
...................................
800,000
1,000,000
....................
1,500,000
................................
38,840 plus 6.4%
...................................
1,000,000
1,500,000
....................
2,000,000
................................
70,840 plus 7.2%
...................................
1,500,000
2,000,000
....................
2,500,000
106,840 plus 8.0%
...................................
2,000,000
................................
2,500,000
....................
3,000,000
................................
146,840 plus 8.8%
...................................
2,500,000
3,000,000
....................
3,500,000
190,840 plus 9.6%
...................................
3,000,000
................................
3,500,000
....................
4,000,000
................................
238,840 plus 10.4%
...................................
3,500,000
4,000,000
....................
5,000,000
................................
290,840 plus 11.2%
...................................
4,000,000
5,000,000
....................
6,000,000
................................
402,840 plus 12.0%
...................................
5,000,000
6,000,000
....................
7,000,000
................................
522,840 plus 12.8%
...................................
6,000,000
7,000,000
....................
8,000,000
................................
650,840 plus 13.6%
...................................
7,000,000
8,000,000
....................
9,000,000
786,840 plus 14.4%
...................................
8,000,000
................................
9,000,000
....................
10,000,000
................................
930,840 plus 15.2%
...................................
9,000,000
10,000,000
....................
and over
................................
1,082,840 plus 16.0%
...................................
10,000,000
Line 1
Enter the total gross estate wherever located. This includes all real, personal and intangible properties of the estate of residents and
non-residents.
This should equal the amount on Line 1 of the Federal Form 706.
Line 2
Enter the amount of the estate located within the State of Mississippi.
Residents - All property everywhere, less and except real property and tangible personal property located outside Mississippi.
Nonresidents - Only real property and tangible personal property located inside Mississippi.
Line 3
Divide Line 2 by Line 1. Enter the result for Line 3.
Line 4
Residents - Enter the amount of gifts made within three years prior to date of death.
Nonresidents - Enter the amount of gifts of Mississippi real property or Mississippi tangible personal property made within three years of date
of death.
This should be separated by the year and the value of the gifts for that particular year. Enter the total on Line 4. Enter zero if there were no gifts
within three years prior to the date of death.
Line 5
Enter the total of Line 2 and Line 4.
Line 6
Enter the amount of the available deductions. For residents, this should equal the amount on Line 2 of the Federal Form 706. For nonresidents,
the
calculation will be the Percentage of Estate in Mississippi on Line 3 of the Mississippi Estate Tax Return multiplied by the amount of deductions on
Line 2 of the Federal Form 706.
Line 7
Enter the amount of the available exemption determined by the date of the death. If the decedent died on or after October 1, 1990, the amount is
$600,000.00.
Residents - The amount of the available exemption will be the full amount.
Nonresidents - The amount of the available exemption will be the exemption determined by the date of death multiplied by the Percentage of
Estate
in Mississippi on Line 3 of the Mississippi Estate Tax Return.
Line 8
Enter the amount of any adjustments to the deductions indicated on Line 2 of the Federal Form 706.
Line 9
Enter the amount of the Taxable Estate. This calculation is Line 5 less Lines 6,7, and 8.
Line 10
Enter the Tax Due from the Mississippi Tables. This table is provided in the middle of this page.
Line 11
Enter the amount computed for the State Death Tax Credit allowable as a deduction on the Federal Estate Tax Return multiplied by the
percentage
on Line 3 of the Mississippi Estate Tax Return.
Line 12
Enter the greater amount of the Tax Due from the Mississippi Tax Tables (Line 10) or the State Death Tax Credit (Line 11).
Line 13
Enter the amount of estate tax which has previously been paid. Do not include penalty and interest previously paid.
Line 14
Enter the Tax Due with this Return. This will be Line 12 less Line 13.
Line 15
Enter the interest due if the return is submitted beyond the original due date of the return. Interest is calculated at one-half of one percent per
month.
Interest is charged against the amount of tax shown on the return.
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