80-160 Form Mississippi Tax Credit For Income Tax Paid To One Or More Other States Page 2
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2Form 80-160-16-8-2-000 (Rev. 4/16)
Mississippi
Tax Credit For Income Tax Paid
To One Or More Other States
If you are a resident of Mississippi who earns income in another state and are required to pay an income tax to that other state, you are allowed to
take a credit against your Mississippi income tax due in the same year for the total income tax due to the other state (subject to certain limitations). The
withholding amounts shown on your W-2 forms are NOT the same as actual tax paid to the other state. Copies of withholding statements are not
sufficient to establish the credit. In order to be allowed this credit, you MUST file an income tax return with the other state and attach a copy of the other
state returns along with this Form 80-160 to your Mississippi return.
Limitations
Miss. Code Ann. Section 27-7-77 provides for the following three limitations:
(1) The credit may not exceed the amount of income tax due the State of Mississippi, indicated on line 17;
(2) The credit may not exceed the amount of income tax actually paid to the other state; and
(3) The credit may not exceed an amount computed by applying the highest applicable Mississippi rates to the net taxable income reported to the other
state. Highest rates is defined as the highest rates at which the net taxable income reported to the other state is taxable by the State of Mississippi.
Specific Line Instructions
Income Summary
Line 1
Enter the total income earned everywhere in column 1 and column 2, if applicable. Enter the income earned in other states separately in
columns 3, 4 and 5. The name of each state should be entered above columns 3, 4 and 5.
Line 2
Enter the standard or itemized deduction(s) claimed on your Mississippi return in column 1 and column 2, if applicable. Enter the standard or
standard or itemized deduction(s) claimed on your other state return(s) in columns 3, 4 and 5.
Line 3
Enter the exemption amount claimed on your Mississippi return in column 1 and column 2, if applicable. Enter the exemption amount claimed
on your other state return(s) in columns 3, 4 and 5. Allocate deductions and exemptions to the taxpayer and/or spouse in the same manner
as state return(s).
Line 4
Enter the taxable income in columns 1 though 5 by subtracting line 2 and line 3 from line 1. Enter the total out of state taxable income in
column 6 by adding columns 3, 4 and 5.
Computation of Tax Credit
Line 5
Enter the ratio by dividing amounts on line 4, columns 3, 4 and 5 by the amount on line 4, column 6.
Line 6
Enter the first $5,000 of taxable income or part ($0 - $5,000) of amount in line 4, column 6 on line 6, column A. Enter the total income tax in
column B by multiplying column A by 3%. Enter the percentage of tax due by multiplying the amount in Column B by the ratio amounts in line 5,
columns 3, 4 and 5.
Line 7
Enter the next $5,000 of taxable income or part ($5,001 - $10,000) of amount in line 4, column 6 on line 7, column A. Enter the total
income tax in column B by multiplying column A by 4%. Enter the percentage of tax due by multiplying the amount in Column B by the ratio
amounts in line 5, columns 3, 4 and 5.
Line 8
Enter the remaining balance of taxable income ($10,001 and above) of amount in line 4, column 6 on line 8, column A. Enter the total
income tax in column B by multiplying column A by 5%. Enter the percentage of tax due by multiplying the amount in Column B by the ratio
amounts in line 5, columns 3, 4 and 5.
Line 9
Enter the computed tax credit by adding lines 6 through 8 in columns 3, 4 and 5.
Line 10
Enter the income tax due to other states (from other state return(s) and attach a copy of the other state return(s).)
Line 11
Enter the lesser of line 9 or line 10, columns 3, 4 and 5. Enter in column 6 the total of columns 3 through 5.
Line 12
Enter the amount of income tax due on Form 80-105, page 1, line 17 or Form 81-110, page 1, line 2.
Line 13
Enter the amount of allowable tax credit for tax paid to other states (The lesser of line 11, column 6 or line 12; enter here and on Form 80-105,
page 1, line 18 or on Form 81-110, page 1, line 3.)
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