Mississippi Interest and Penalty Worksheet

Interest and Penalty Worksheet
80320238
Form 80-320-23-8-1-000 (Rev. 11/23)

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Mississippi

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Individual Income Tax
Interest and Penalty Worksheet
Taxpayer First Name

Initial Last Name

SSN

Spouse First Name

Initial Last Name

Spouse SSN

Mailing Address (Number and Street, Including Rural Route)

City

State

Farmers or Fishermen (see instructions)
Zip

Filing Requirements Met After Due Date

County Code

(see instructions)

INTEREST ON UNDERPAYMENT OF ESTIMATED TAX
CALCULATION OF ESTIMATE PAYMENT
1
2

2023 Mississippi income tax liability (see instructions)
Multiply the amount on line 1 by 80% and enter the result

3

2022 Mississippi income tax liability

4

Enter the lesser of line 2 or line 3 (see instructions)

2

(see instructions)

INTEREST CALCULATION
5

Required installments Enter 1/4th (.25) of line 4

6

Income tax withheld (column A only) and estimated tax paid
(enter total estimated tax paid as of payment due dates)

7

Overpayment (negative) or underpayment (positive) - carryforward
(from line 8) from previous column(s) line 8.

8

Underestimate subject to interest (line 5 minus line 6 plus line 7);
enter result here and on line 7, columns B through D.

9

Enter percentage of interest (compute interest at 1/2% per month)

.00
.00
.00
.00

1
3
4
A

B

C

D

Apr. 15, 2023

June 15, 2023

Sept. 15, 2023

Jan. 15, 2024

10 Interest due (multiply line 8 by line 9; if line 8 is negative, enter
zero)

11

.00

12

.00

13 Balance due (from Form 80-105 (Resident), page 1, line 35 or from Form 80-205
(Non-Resident/Part-Year), page 1, line 36)

13

.00

14 Late filing penalty (5% per month not to exceed 25% on amount of tax due, line 13,
minimum $100; see instructions)

14

.00

15 Balance due (from Form 80-105 (Resident), page 1, line 35 or from Form 80-205 (Non-Resident/
Part-Year), page 1, line 36)

15

.00

16 Late payment interest (compute interest at 1/2% per month on the amount of tax due,
line 15; see instructions)

16

.00

17 Late payment penalty (compute penalty at 1/2% per month not to exceed 25% on the amount
of tax due, line 15; see instructions)

17

.00

18 Total late payment interest and penalty (line 16 plus line 17)

18

.00

19

.00

11 Total underestimate interest due (enter the total of line 10, columns A through D)

FIRST-TIME HOME BUYER PENALTY
12 First-time Home Buyer Penalty (see instructions)

LATE FILING PENALTY

LATE PAYMENT INTEREST AND PENALTY

TOTAL INTEREST AND PENALTY
19 Total interest and penalty (line 11, plus line 12, plus line 14 and line 18) Enter here and on
Form 80-105, line 36 or Form 80-205, line 37.

Form 80-320-23-8-2-000 (Rev. 11/23)

Mississippi

Individual Income Tax
Interest and Penalty Worksheet Instructions
Use Form 80-320 if your 2023 Mississippi income tax liability exceeds $200 to calculate interest on underpayment of estimated tax. This
form is also used to calculate first-time home buyer penalty, late payment interest and penalty, and the late filing penalty for the Resident
Individual Income Tax Return (Form 80-105) and the Non-Resident/Part-Year Resident Return (Form 80-205).

Specific Line Instructions
Exceptions
Gross income from farming or fishing is at least two-thirds of total gross income and (a) estimate tax paid by the 15th day of
the first month after the close of the income year or (b) income tax return is filed by the first day of the third month following
the close of the income year and tax shown due is paid.
Filing requirements met after payment due date - compute interest in applicable columns and provide an explanation below.

Underestimate
Line 1

Enter your 2023 Mississippi net income tax liability from Form 80-105, line 20, (Resident) and Form 80-205, line 22
(Non-Resident/Part Year). If your 2023 Mississippi Income Tax Liability is $200 or less, do not complete the remainder of this
form; no interest is due on underestimate of tax.

Line 3

Enter your 2022 Mississippi net income tax liability from Form 80-105, line 21, (Resident) and Form 80-205, line 23
(Non-Resident/Part-Year).

Line 4

Enter the lesser of line 2 or line 3. If line 3 is zero and your 2023 Mississippi income tax liability (line 2) exceeds $200
and no estimate payments for the 2023 tax year were made, enter the amount from line 2.

First-time Home Buyer Penalty
Line 12 Enter the first-time home buyer penalty due. Add penalty of 10% for withdrawal of any unqualified expenses, using the
amount from Form 80-108, Part V, Schedule N, Line 2. (See Form 80-100, Instruction Booklet for more details).
Late Filing Penalty
Line 14 Enter late filing penalty due. Add penalty of 5% per month, not to exceed 25% in the aggregate, from the extension
due date of the return, October 15th, on the amount of net tax due from Form 80-105, line 35 (Resident) and Form 80-205,
line 36 (Non-Resident/Part-Year). The penalty shall not be less than $100.
Late Payment Interest and Penalty
Line 15 Enter balance due. From Form 80-105, line 35 (Resident) and Form 80-205, line 36 (Non-resident/Part-Year).
Line 16 Enter late payment interest due. Add interest of 1/2% per month from the original due date of the return, April 15th,
on the amount of tax due from line 15.
Line 17 Enter late payment penalty due. Add penalty of 1/2% per month, not to exceed 25% in the aggregate, from the original due
date of the return, April 15th, on the amount of tax due from line 15.
Line 18 Enter the total late payment interest and penalty by adding line 16 and line 17.
Total Interest and Penalty
Line 19 Enter the total interest and penalty by adding line 11, plus line 12, plus line 14 and line 18. Enter here and on Form 80-105,
line 36 (Resident) and Form 80-205, line 37 (Non-Resident/Part-Year).

Form 80-320-23-8-3-000 (Rev. 11/23)

Mississippi

Individual Income Tax
Underestimate Computation Example
Line 5

Required installments. Enter 1/4th (.25) of line 4 in each columns A through D. Divide the amount on Line 4 by (4) four and
enter in each column A through D.

Line 6

Income tax withheld (column A only) and estimated tax paid. For column (A) only, enter the total overpayment from prior
year, estimated tax paid and/or withholding as of payment due date. In remaining columns B through D enter estimated
tax paid as of payment due dates on line 6. If line 6 is equal to or more than line 4 for all payment periods, stop here; you do
not owe the penalty.

Line 7

Overpayment (negative) or underpayment (positive) - carryforward (from line 8) any overpayment or underpayment from
previous column(s) line 8.

Line 8

Underestimate subject to interest (line 5 minus line 6 plus line 7); enter result here and on line 7, columns B through D.

Line 9

Enter percentage of interest (compute interest at 1/2% per month from payment due date until paid or next payment due
date, whichever is earlier).

Line 10 Interest due (multiply line 9 by line 10); if line 8 is negative enter zero on line 10.
Line 11 Total underestimate interest due (enter the total of line 10, columns A through D); If an overpayment is due, enter here and on
Form 80-105, line 30 and Form 80-205, line 32.
Example:

INTEREST ON UNDERPAYMENT OF ESTIMATED TAX
CALCULATION OF ESTIMATE PAYMENT
1
2

2023 Mississippi income tax liability (see instructions)
Multiply the amount on line 1 by 80% and enter the result

3

2022 Mississippi income tax liability

4

Enter the lesser of line 2 or line 3 (see instructions)

2

(see instructions)

INTEREST CALCULATION

6520.00
5216.00
4510.00
4510.00

1
3
4
A

B

C

D

Apr-15-2023

Jun-15-2023

Sept-15-2023

Jan-15-2024

5

Required installements Enter 1/4th (.25) of line 4 in columns A
through D)

1127.50

1127.50

1127.50

1127.50

6

Income tax withheld (column A only) and estimated tax paid
(enter total estimated tax paid as of payment due dates in columns
A through D).

1500.00

1000.00

500.00

0.00

7

Overpayment (negative) or underpayment (positive) - carryforward
(from line 8) any overpayment or underpayment from previous
column(s) line 8.

(372.50)

(245.00)

382.50

8

Underestimate subject to interest (line 5 minus line 6 plus line 7);
enter result here and on line 7, columns B through D.

(372.50)

(245.00)

382.50

1510.00

9

Enter percentage of interest (compute interest at 1/2% per
month from payment due date until paid or next payment due
date, whichever is earlier)

0.010

0.015

0.020

0.015

0.00

0.00

7.65

22.65

10 Interest due (multiply line 8 by line 9; if line 8 is negative, enter
zero)

11 Total underestimate interest due (enter the total of line 10, columns A through D)

11

30.30