Form 94-103-02-1 - Mississippi Estate Tax Return (Page 2 of 2) in pdf

Mississippi

Form 94-103-02-1(Rev. 9/02)

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 after will follow the Federal

applicable exclusion established under 26 USC 2010. This return is to be filed for those decedents dying on or after

January 1, 2000. For decedents dying prior to January 1, 2000, form number 94-101-99-1 must be filed.

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, 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.

INSTRUCTIONS FOR COMPLETING THE FORM

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

Enter the amount of State Death Tax Credit as calculated on the federal return line 15 prior to January 1, 2002,

line 13 on or after January 1, 2002.

Line 5 Enter the amount of State Death Tax Credit prorated to the State of Mississippi. The calculation is Line 3

multiplied by Line 4.

Line 6 Enter the amount tax previously paid. This would include payments made with an extension request, if

applicable, or payments made with the original filing of the estate return if this is an amended return.

Line 7 Enter the result of Line 5 less Line 6. This is the amount of tax due with the filing of this return.

Line 8 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. Enter

the amount of interest due.

Line 9 Enter the ten percent penalty due if your return is filed, or an extension request is submitted, after the due date

of the return (including extensions). The penalty is ten percent of Line 5. The late filing penalty is charged

against the amount of tax shown on the return.

Line 10 Enter the TOTAL DUE with this return. This will be the sum of Lines 7, 8, and 9. Enter an X in the box labeled

Section 6166 Installment if you have elected to remit the federal estate taxes by an approved installment

method.

Form 94-103-02-1 - Mississippi Estate Tax Return Page 2

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