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Mississippi Free Printable  for 2024 Mississippi Fiduciary Return Instructions

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Fiduciary Return Instructions
Form 81-100

Form 81-100-23-1-1-000 (Rev. 08/23) FIDUCIARY INCOME TAX RETURN (FOR ESTATES AND TRUSTS) 2023 INCOME TAX INSTRUCTIONS INDIVIDUAL INCOME TAX BUREAU PO BOX 1033 JACKSON, MS 39215-1033 WWW.DOR.MS.GOV TABLE OF CONTENTS GENERAL INFORMATION 3 REMINDERS TAXATION OF ESTATES AND TRUSTS DEFINITIONS TYPE OF ENTITY WHO MUST FILE? BANKRUPTCY ESTATE ELECTRONIC FILING WHEN AND WHERE SHOULD I FILE? TAX PAYMENTS INTEREST AND PENALTY PROVISIONS 3 3 3 3 4 4 4 5 5 5 LINE ITEM INSTRUCTIONS 5 FORM 81-110 (FIDUCIARY RETURN) FORM 81-131 (BENEFICIARIES SHARES OF INCOME) FORM 81-132 (MISSISSIPPI SCHEDULE K-1) 5 8 9 APPENDIX 11 COUNTY CODES SCHEDULE OF TAX COMPUTATION 11 11 2 GENERAL INFORMATION TAXPAYER ACCESS POINT (TAP) REMINDERS TAP is easy to use, convenient and free. Important tips to help expedite processing of your return: With TAP, you have the option to Go Paperless. This means that you pay your taxes on-line and receive certain correspondence electronically.  Use black ink when preparing the return.  Make sure the estate or trust federal identification number and the decedent or debtor social security number is entered correctly on all returns, schedules, and attachments. TAP e-mail lets you know that you have new correspondence to view on-line. You then logon to TAP to read the letter or message and take appropriate action on your account. Only you, or persons you authorize, can see your correspondence.  Sign and date the tax return. When making payments or updating profile information, you should always log directly into TAP using your User ID and password. TAP does not provide links containing your transaction or personal information to any external web site.  Attach a copy of the federal return behind the state return including returns filed electronically. Any additional schedules and attachments should be stapled to the back of the return. Remember, you can pay your bill on-line through TAP without registering for a TAP account. For more information on TAP, view the “Electronic Filing” section of this booklet.  Copies or reproductions of the official tax forms are not acceptable.  Do not place a staple in the barcode area of the form. Visit our website at www.dor.ms.gov to download forms by tax year and tax type. A bankruptcy estate is the estate of an individual involved in chapter 7 or chapter 11 bankruptcy proceedings under Title 11 of the United States Code and the estate has gross income for the tax year of $10,000 or more. The bankruptcy estate is administered by a trustee or a debtor-in-possession. TAXATION OF ESTATES AND TRUSTS The income tax imposed upon individuals shall be applicable to the income of estates or of any kind of property held in trust as well as the net income received during the taxable year by deceased individuals who, at the time of death, were residents and who have died during the taxable year or subsequent thereto without having made a return, and the net income of resident insolvent or incompetent individuals where the fiduciary has complete charge of such income. The rate of tax, the statutory provisions respecting gross income, and with certain exceptions, the deductions, exemptions, and credits allowed to individuals apply also to estates and trusts. TYPE OF ENTITY Decedent’s Estate: An estate of a deceased person is a taxable entity separate from the decedent. It generally continues to exist until the final distribution of the assets of the estate is made to the heirs and other beneficiaries. The income earned from the property of the estate during the period of administration or settlement must be accounted for and reported by the estate. DEFINITIONS A resident estate is the estate of a person who was a Mississippi resident at the time of death. All other estates are nonresident estates. Simple Trust: A resident trust is any trust which is administered by the trustee in Mississippi. A trust being administered outside of Mississippi shall not be considered a resident trust merely because the governing instrument or a law requires that the laws of Mississippi be followed with respect to interpretation or administration of the trust. All other trusts are non-resident trusts. 1. The trust instrument requires that all income must be distributed currently; A trust may qualify as a simple trust if: 2. The trust instrument does not provide that any amounts are to be paid, permanently set aside, or used for charitable purposes; and 3. The trust does not distribute amounts allocated to the corpus of the trust. 3 Every fiduciary is required to file a Mississippi Fiduciary Income Tax Return, Form 81-110, for any resident individual, trust, or estate for which he acts, or for any nonresident individual, trust, or estate for which he acts that has taxable income or gain derived from Mississippi sources. Complex Trust: A complex trust is any trust that does not qualify as a simple trust as explained above. Grantor Type Trust: Income from Mississippi sources includes income or gain from: A grantor type trust is a legal trust under applicable state law that is not recognized as a separate taxable entity for income tax purposes because the grantor or other substantial owners have not relinquished complete dominion and control over the trust. a. Real or tangible personal property located in Mississippi b. A business, profession or occupation carried on within Mississippi; or c. Services performed within Mississippi Generally, for transfers made in trust after March 1, 1986, the grantor is treated as the owner of any portion of a trust in which he or she has a reversionary interest in either the income or corpus therefrom, if, as of the inception of that portion of the trust, the value of the reversionary interest is more than 5% of the value of that portion. Also, the grantor is treated as holding any power or interest that was held by either the grantor's spouse at the time that the power or interest was created or who became the grantor's spouse after the creation of that power or interest. For a nonresident estate or trust, income from the following is not considered to be derived from Mississippi sources: annuities, interest, dividends, or gains from the sale or exchange of intangible personal property, unless it is part of the income from a business, trade, profession, or occupation that is carried on within Mississippi. BANKRUPTCY ESTATE The filing of a bankruptcy petition for an individual debtor creates a separate taxable entity known as a bankruptcy estate. Every trustee (or debtor-in-possession) that files a Federal Income Tax Return for an individual’s bankruptcy estate that has gross income of $10,000 or more under chapter 7 or chapter 11 of the United States Bankruptcy Code must file a Mississippi Fiduciary Income Tax Return and pay any taxes due. The debtor will remain responsible for filing returns and paying taxes on any income that does not belong to the estate. Qualified Disability Trust: A qualified disability trust is any nongrantor trust: 1. Described in 42 U.S.C. 1396p(c)(2)(B)(iv) and established solely for the benefit of an individual under 65 years of age who is disabled, and 2. All the beneficiaries of which are determined by the Commissioner of Social Security to have been disabled for some part of the tax year within the meaning of 42 U.S.C. 1382c(a)(3). Every bankruptcy estate of an individual required to file a return must have its own EIN. The SSN of the individual debtor cannot be used as the EIN for the bankruptcy estate. A trust will not fail to meet item 2 above just because the trust's corpus may revert to a person who is not disabled after the trust ceases to have any disabled beneficiaries. The filing of a bankruptcy petition for a partnership or a corporation debtor under chapter 7 or chapter 11 of the United States Bankruptcy Code does not create a separate legal entity for tax purposes. ESBT (S Portion Only): The S portion of an ESBT is the portion of the trust that consists of S corporation stock and that is not treated as owned by the grantor or another person. ELECTRONIC FILING Users of TAP are able to: Pooled Income Fund: • • • • A pooled income fund is a split-interest trust with a remainder interest for a public charity and a life income interest retained by the donor or for another person. The property is held in a pool with other pooled income fund property and does not include any tax-exempt securities. The income for a retained life interest is figured using the yearly rate of return earned by the trust. See section 642(c) and the related regulations for more information. make electronic payments view recent account activity and history view tax correspondence make address changes Third Party Access for Tax Practitioners: Tax practitioners can have TAP access to account information for each of your clients from one login. First, create your own TAP account (only one per FEIN). Once you are registered in TAP, select "Add Access to Existing Account". Your client (taxpayer) must provide you the Letter ID and Account ID in order for you to have access to their accounts. All accounts you set up for third party access are found under the "Other Taxpayers' Accounts" tab in TAP. For more information on TAP, visit our website at www.dor.ms.gov. Bankruptcy Estate: A chapter 7 or 11 bankruptcy estate is a separate and distinct taxable entity from the individual debtor for income tax purposes. WHO MUST FILE? 4 Check or Money Order Payments: To pay by check or money order, complete the payment voucher (Form 80106), make the check or money order payable to the Department of Revenue and mail both to P.O. Box 23075, Jackson, MS 39225-3075. Write your identification number on the check or money order. DO NOT send cash through the mail. WHEN AND WHERE SHOULD I FILE? Calendar year returns must be filed no later than April 15th annually. Fiscal year returns must be filed no later than the 15th day of the 4th month following the end of the fiscal year. A fiduciary’s taxable year and its method of accounting are required to be the same for Mississippi income tax purposes as determined for federal income tax purposes. INTEREST AND PENALTY PROVISIONS Need more time to file your return? If you will receive a refund or will not owe any additional tax, Mississippi will allow you the same time to file your return as allowed by federal. However, if you owe additional taxes, you must remit the tax due with Form 80-106 on or before the due date of the return. The authorized extension of time to file does not extend the time for payment of tax due. Interest and penalty will apply on any underpayment of tax. See the “Interest and Penalty Provisions” section of this booklet for more information. • Late Payment: Interest and penalty are charged on taxes paid late even if an extension of time to file is granted. The interest is at the rate1/2% per month from the due date until paid. The penalty imposed for failure to pay the tax when due is 1/2% per month not to exceed 25% in the aggregate. Late payment interest and penalty apply to any unpaid tax after April 15th. • Failure to File: The penalty for failure to file a return is imposed after September 30th. The penalty is 5% per month not to exceed 25% in the aggregate. The penalty imposed for failure to file is based on the amount of net tax (balance due) on the return. Such failure to file a return penalty shall not be less than $100. The return should be mailed to: Additional Tax Due or No Tax Due: Department of Revenue P.O. Box 23050 Jackson, MS 39225-3050 Refund Request: Department of Revenue P.O. Box 23058 Jackson, MS 39225-3058 TAX PAYMENTS The total tax due on the return must be paid in full no later than the 15th day of the 4th month after the end of the tax year. Payment options are as followed: • Online Payments: To pay online, go to www.dor.ms.gov, click on Taxpayer Access Point (TAP) and follow the instructions. Users are able to make estimated payments on-line without a DOR account or a TAP login. LINE ITEM INSTRUCTIONS Bankruptcy Estates FORM 81-110 (FIDUCIARY RETURN) If bankruptcy estate is checked, enter the bankruptcy debtor’s SSN in the “Decedent / Debtor SSN” field. If there is a joint debtor, a separate Fiduciary Income Tax Return must be filed using the instructions (Form 80-100) and tax table for a married person filing separately. The estate of the joint debtor is a separate taxable entity unless the court has substantively consolidated the estates of the debtor and joint debtor. A copy of the U.S. Income Tax Return for Estates and Trusts, Form 1041, filed for the bankruptcy estate must be attached to the state return. Form 81-110, Mississippi Fiduciary Income Tax Return for Estates and Trusts is a reconciliation type return which uses the income from the U. S. Income Tax Return for Estates and Trusts, Form 1041, as a starting point. Accordingly, a complete copy of the federal return must be attached to this return, as well as a copy of all Mississippi Schedule K-1s. Generally, federal rules and regulations relating to estates and trusts will be followed for state purposes to the extent they are not deemed contrary to the context and intent of Mississippi law. If you had income not directly included on your federal income tax return, such as income as a Qualified Subchapter "S" Trust (QSST), include such amounts on page 2, lines 18f, 18g, 18h and 18i as needed along with supporting details. • 5 Amended Return: If a bankruptcy case begins and is later dismissed by the bankruptcy court, the estate is not treated as a separate taxable entity. If Mississippi Fiduciary Income Tax Returns have been filed for the estate, amended returns must be filed to move income applicable Mississippi rates to the net taxable income reported to the other state. Highest rates are meant to mean the highest rates at which the net taxable income reported to the other state is taxable by the State of Mississippi. and deductions from the estate returns to the debtor Mississippi Individual Income Tax Returns. If no Fiduciary Income Tax Returns have been filed, all income and deductions must be reported on the debtor returns. • Line 4: Final Return: When the bankruptcy has ended, a final Mississippi Fiduciary Income Tax Return must be filed. The date of the bankruptcy confirmation and the estate closure date must be provided. The estate or trust share of allowable credit(s) should be combined, and the total entered on this line. For each type of credit taken, enter the applicable two digit code on Form 80-401 as provided in the Appendix. Form 80-401 must be attached. MISSISSIPPI INCOME TAX Please provide the information of the estate or trust. Enter the county code corresponding to the estate or trust (see Appendix for a list of the codes). For an estate, enter the date of decedent’s death and for a trust, enter the date the trust was established. Enter the number of Mississippi Schedule K-1(s) included with the return and attach a copy of the K-1(s) to the return. Line 1: Line 5: PAYMENTS Taxable Income or Loss for Mississippi Purposes Line 6: Total Income Tax Due Include readable copies of your Form 1099 with your return. Copies of your Form 1099 are available only from your employer. The withholding credit may be disallowed if 1099s are not attached to the return. These items should be listed on Form 80-107, Income/Withholding Tax Schedule, which must be attached to your return. Credit for Tax Paid to Another State Individual resident, trust or estate that has taxable income or gain derived from Mississippi sources and is required to pay an income tax to another state is allowed to take a credit against its Mississippi tax due in the same year for the amount of total income tax due to the other state (subject to certain limitations). Non-residents are not allowed this credit. Line 7: Line 8: Form 80-160 must be attached. Copies of withholding statements are not sufficient to establish the credit. The credit may not exceed the amount of income tax due the State of Mississippi indicated on line 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 Credit for Tax Paid on an Electing Pass- Through Entity Tax Return Enter on line 8 the amount of taxes paid on your behalf by electing pass-through entities, from Form 80-161, line 3D. The Mississippi K-1s you received from electing pass-through entities must be attached to the return. Miss. Code Ann. Section 27-7-77 provides for three limitations which are: 2) Estimated Tax Payments, Overpayment from Prior Year and Amount Paid with Extension Enter the total estimated tax payments the estate or trust made before filing the 2023 Mississippi tax return plus any amount credited from the 2022 tax return. Any amount paid with a request for extension of time to file should also be included in this amount. In order to be allowed this credit, you MUST file a return with the other state and attach a copy of the return to your Mississippi return. The withholding amounts shown on your W-2 forms are NOT the same as actual tax paid to the other state. 1) Mississippi Income Tax Withheld Add the amounts shown as “MS Income Tax” withheld on Federal Forms 1099 and/or 1099R. Enter the total amount withheld on line 7. You must complete Form 80-107, Income Tax/ Withholding Tax Schedule. Use the tax computation schedule, as provided in the Appendix to determine the total amount of income tax due and enter the results on this line. Line 3: Net Income Tax Due Subtract line 3 and line 4 from line 2 and enter the result here. Enter the amount of Mississippi Taxable Income or Loss from page 2, line 26. Line 2: Other Credits Line 9: Refund Received and/or Amount Carried Forward From Original Return Enter the amount of refund received and/or carried forward from the original return. This line only applies to amended returns. 6 REFUND OR BALANCE DUE COMPUTATION OF TAXABLE INCOME Line 11: Overpayment Line 17: If line 10 is larger than line 5, subtract line 5 from line 10 and enter the overpayment of tax on line 11. Enter the amount of federal adjusted total income or (loss) from federal Form 1041, page 1, line 17. Amount of Overpayment to be Applied to Next Year Tax Account ADDITIONS Line 12: Line 18a: State Income Tax Adjustment Enter on this line the amount of your overpayment from line 11 you wish to be credited to your 2024 estimated tax account. Line 13: Taxes based on income are not deductible. Enter the amount of state, local and foreign government income taxes claimed as a deduction on Form 1041. Amount of Overpayment to be Refunded Subtract line 12 from line 11 and enter the amount to be refunded on this line. Line 14: Line 18b: Depletion Adjustment Balance Due No deduction is allowed for depletion in excess of the cost basis of the depletable asset. Enter the amount of depletion claimed on Form 1041 in excess of the cost basis of the asset on which the depletion is claimed. If line 5 is larger than line 10, subtract line 10 from line 5 and enter the balance due on this line. Line 15: Interest and Penalty Line 18c: Interest Adjustment • Late Payment Interest and Penalty: An extension of time only extends the time for filing a return, not payment of the tax. If the income tax is not paid by the original due date of the return, then interest is due at the rate of 1/2% per month. The penalty imposed for failure to pay the tax when due is 1/2% per month not to exceed 25% in the aggregate. The penalty is based on the balance due (line 5 minus line 10). Interest and penalty for late payment is not charged on late file penalty. Interest on obligations of states and political subdivisions thereof outside Mississippi is taxable for Mississippi purposes. Enter the amount of interest on obligations of states and political subdivisions thereof (other than from Mississippi) received by the fiduciary. Line 18d: Expenses of Earning Exempt Income Interest received on U.S. Government obligations is not taxable for Mississippi purposes and expenses incurred in earning the tax exempt income are not deductible. Enter the amount of expenses directly applicable to earning interest on U.S. Government obligations claimed on federal Form 1041. • Late Filing Penalty: The penalty imposed for failure to file a return is 5% per month not to exceed 25% in the aggregate. The failure to file penalty is based on the amount of net tax (balance due, page 1, line 14). Such failure to file penalty shall not be less than $100 and will be applied to all returns filed after the due date as well as any extensions. Line 16: Federal Adjusted Total Income or (Loss) Line 18e: Itemized Deductions Adjustment If you elect to claim the standard deduction on the Mississippi Fiduciary Income Tax Return (Form 81110, page 2, line 21e), enter the amount of itemized deductions claimed on the fiduciary return in arriving at the amount shown on line 17 of federal Form 1041. Attach a schedule of the deductions added back. Total Due Add lines 14 and 15 and enter the amount on this line. The amount due must be paid in full when you file your return (or before the due date). Payments can be made by check or money order payable to the Department of Revenue. Do not send cash by mail. BE SURE TO ENCLOSE PAYMENT VOUCHER, FORM 80-106, WITH YOUR PAYMENT. You may pay your tax in person at any of the Department of Revenue District Service Offices or through Taxpayer Access Point (TAP) on our website. Balances due of less than $1.00 need not be paid. Line 18f – 18i: Other Additions Add back any other item which is treated differently for Mississippi income tax purposes than was treated for federal income tax purposes. Itemize here and attach a schedule if needed. Include any income not included as a part of Federal Form 1041, line 17. Line 19: Total Additions Add lines 18a through 18i. 7 Line 20: Total Income TAXABLE INCOME Enter the total of lines 17 and 19. Line 23: DEDUCTIONS Subtract line 22 from line 20. Line 21a: Exempt Interest Line 24: Interest received on U.S. Government obligations is not taxable to Mississippi. Enter the amount of such interest reported as income on federal Form 1041. Amount Distributed to Beneficiaries Complete Schedule K, Form 81-131, and deduct (1) any income of the estate or trust for its taxable year which is distributable currently by the fiduciary to a beneficiary, whether or not such income is actually distributed, or (2) any income of the estate or trust for its taxable year which is properly paid or credited during such year to a beneficiary if there was vested in the fiduciary a discretion either to distribute or to accumulate such income. Income distributed to non-residents of this state from investments in intangibles (dividends, interest, etc.) having a situs in Mississippi may be excluded from the non-resident's Mississippi taxable income. Income from other sources distributed or distributable to non-residents shall be included in gross income and reflected in the return filed by such non-resident with this state. Line 21b: Wages Adjustment Federal income tax laws allow certain tax credits based on wages paid to employees, and a portion of the wages on which the credit was based is not allowed as a deduction. Mississippi does not allow these credits. Enter the amount by which wages on the Form 1041 were reduced by employment tax credits (such as the Targeted Jobs Credit). Line 21c: Capital Gains Adjustment Enter the amount of capital gains on the sale of authorized shares in financial institutions domiciled in Mississippi and domestic corporations, or partnership interests in domestic limited partnerships and domestic limited liability companies exempt from Mississippi tax by Miss. Code Ann. Section 27-7-9(f)(10). Line 25: Exemption Estates and trusts are allowed the same exemptions that are allowed for federal purposes. Line 21d: Expenses of Earning Interest Income Enter the amount of expenses directly applicable to earning the interest income shown on Form 81110, page 2, line 18c. Such expenses would not have been deductible on Form 1041 since they relate to tax-exempt income. Line 26: Estates…………………………………… $600 Trusts required to distribute all income currently………………………………….. $300 Trusts permitted to accumulate income $100 Taxable Income or Loss for Mississippi Purposes Subtract line 24 and line 25 from line 23 and enter the result here and on page 1, line 1 of this form. Line 21e: Standard Deduction A standard deduction of $2,300 is allowed to fiduciaries in lieu of itemized fiduciary expenses. If the standard deduction is claimed, see Form 81110, page 2, line 18e. FORM 81-131 (BENEFICIARIES SHARES OF INCOME) Column A: Enter the name, complete current address, and Employer Identification Number (FEIN) or Social Security Number (SSN) of each beneficiary having a beneficial interest in the estate or trust. Line 21f: Non-resident Fiduciary Returns Only Enter the amount of income from Non-Mississippi sources, net of expenses and attach a schedule. This adjustment is necessary to determine taxable income or loss for Mississippi purposes. Column B: Enter the percentage of beneficial interest owned by each beneficiary. You must account for 100% of the ownership. Also, enter the state of residency of each beneficiary. Line 21g – 20i: Other Deductions Deduct any other item which is treated differently for Mississippi income tax purposes than was treated for federal income tax purposes. Itemize here and attach schedule if needed. Line 22: Adjusted Net Income or (Loss) For Mississippi Purposes Total Deductions Enter the total of lines 21a through 21i. 8 Column C: Enter the total amount distributed to each beneficiary based on their respective and Column D: percentage of beneficial interest in the estate or trust. Column C is used to report to both resident and non-resident beneficiaries, the distributions which are taxable to Mississippi. For resident beneficiaries, the amount of distribution includes income from all sources. For non-resident beneficiaries, the amount of distribution includes only Mississippi sourced income. Column D is used to report to the nonresident beneficiary the amount of the distribution from non-Mississippi sourced income (not taxable to the Non-resident beneficiary on a Mississippi return). Box 4a: Amount Allocated to Beneficiaries (bottom of page 1): Enter the combined totals of Columns C and D. This represents the deduction allowed to the estate or trust for distributions to beneficiaries. The total should be transferred to Form 81-110, page 2, line 24. Box 4b: Enter the beneficiary's share of net long-term capital gain minus allocable deductions. Do not enter a loss on this line. FORM 81-132 (MISSISSIPPI SCHEDULE K-1) Box 4c: Form 81-132, Mississippi Schedule K-1, is used to report the beneficiary's share of income, deductions, and credits from a trust or a decedent's estate. The fiduciary (or one of the joint fiduciaries) must prepare Schedule K-1 for each beneficiary having a beneficial interest in the trust or estate at any time during the taxable year. Copies of the Schedule K-1 are required to be filed with Form 81-110. Box 5: Mississippi law conforms to the Internal Revenue Code with respect to passive activity and rental real estate activity limitations. The amounts shown on the Schedule K-1 reflect Mississippi income or loss and related expenses. Box 6: Ordinary Business Income Enter the beneficiary's share of ordinary business income minus allocable deductions (other than directly apportionable deductions). Box 7: Net Rental Real Estate Income Enter the beneficiary's share of rental real estate income minus allocable deductions (other than directly apportionable deductions). Box 8: Other Rental Income Enter the beneficiary's share of other rental income minus allocable deductions (other than directly apportionable deductions). Interest Income Box 9: Ordinary Dividends Directly Apportioned Deductions Depreciation: Enter the beneficiary's share of the depreciation deductions attributable to each activity reported in Boxes 5 through 8. Follow federal instructions for apportioning depreciation deductions between the beneficiaries and the trust or estate. Enter the beneficiary's share of Mississippi ordinary dividend income minus allocable deductions. Qualified Dividends Depletion: Enter the beneficiary's share of the depletion deduction under IRC Section 611 attributable to each activity reported in Boxes 5 through 8. Follow federal instructions for apportioning depletion deductions between the beneficiaries and the trust or estate. Enter the beneficiary's share of Mississippi qualified dividend income minus allocable deductions. Box 3: Other Portfolio and Nonbusiness Income Enter the beneficiary's share of annuities, royalties, or any other income, minus allocable deductions (other than directly apportionable deductions). Enter the beneficiary's share of the taxable interest income minus allocable deductions. Box 2b: Unrecaptured Section 1250 Gain Enter the beneficiary's share of Mississippi Section 1250 Gain. Mississippi will also follow federal rules relating to character of income and allocation of deductions as shown in the instructions for preparing Schedules K-1 which are included in the federal Form 1041 instructions. Each Schedule K-1 (Form 81-132) must be completed to show (1) the beneficiary's SSN or FEIN; (2) the trust or estate's FEIN; (3) the name of the trust or decedent's estate; (4) the name and address of the beneficiary; (5) the name and address of the fiduciary; and (6) the beneficiary's percentage of interest in the entity for the tax year. Box 2a: 28% Rate Gain A collectible gain (loss) is any long-term gain or deductible long-term loss from the sale or exchange of a collectible that is a capital loss. Mississippi Law does not conform to federal with respect to the tax treatment of capital gains; therefore, the gain is taxed as ordinary income. If additional space is needed, use another Form 81-131. Box 1: Net Long-Term Capital Gain Net Short-Term Capital Gain Amortization: Itemize the beneficiary's share of the amortization deductions attributable to each activity reported in Boxes 5 through 8. Apportion the amortization deductions between the trust or Enter the beneficiary's share of net short-term capital gain minus allocable deductions. Do not enter a loss on this line. 9 estate and the beneficiaries in the same way the depreciation and depletion deductions are divided. Box 10: Final Year Deductions Excess Deduction on Termination: Mississippi will follow the federal treatment as it relates to excess deductions on termination (see Federal Schedule K-1 instructions). Short-Term Capital Loss Carryover and LongTerm Capital Loss Carryover: Upon termination of the trust or decedent's estate, the beneficiary succeeding to the property is allowed to deduct any unused capital loss carryover under IRC Section 1212. Net Operating Loss (NOL) Carryover: Upon termination of a trust or decedent's estate, a beneficiary succeeding to its property is allowed to deduct any unused NOL carryover if the carryover would be allowable to the estate or trust in a later tax year but for thetermination. Part IV: Mississippi Tax Credits On the appropriate lines, enter the beneficiary's share of Ad Valorem Tax Credit or other credits earned by the trust or estate. Enter the code number, type of credit and credit amount as reflected on Form 80-401. Part V: Partner's Pass-Through Entity Tax Credit Enter the amount of electing pass-through entity credit being passed from the fiduciary to the beneficiary on the beneficiary's share of income. The Mississippi K-1 received by the fiduciary from an electing pass-through entity must be attached to the return. 10 APPENDIX COUNTY CODES COUNTY CODE COUNTY CODE COUNTY CODE Alcorn 02 Jackson 30 Pontotoc 58 Amite 03 Jasper 31 Prentiss 59 Attala 04 Jefferson 32 Quitman 60 Benton 05 Jefferson-Davis 33 Rankin 61 Bolivar 06 Jones 34 Scott 62 Calhoun 07 Kemper 35 Sharkey 63 Carroll 08 Lafayette 36 Simpson 64 Chickasaw 09 Lamar 37 Smith 65 Choctaw 10 Lauderdale 38 Stone 66 Claiborne 11 Lawrence 39 Sunflower 67 Clarke 12 Leake 40 Tallahatchie 68 Clay 13 Lee 41 Tate 69 Coahoma 14 Leflore 42 Tippah 70 Copiah 15 Lincoln 43 Tishomingo 71 Covington 16 Lowndes 44 Tunica 72 Desoto 17 Madison 45 Union 73 Forrest 18 Marion 46 Walthall 74 Franklin 19 Marshall 47 Warren 75 George 20 Monroe 48 Washington 76 Greene 21 Montgomery 49 Wayne 77 Grenada 22 Neshoba 50 Webster 78 Hancock 23 Newton 51 Wilkinson 79 Harrison 24 Noxubee 52 Winston 80 Hinds 25 Oktibbeha 53 Yalobusha 81 Holmes 26 Panola 54 Yazoo 82 Humphreys 27 Pearl River 55 Non-Resident 83 Issaquena 28 Perry 56 Resident Living Out of State 90 Adams 01 Itawamba 29 SCHEDULE OF TAX COMPUTATION TAX RATE(S) TAXABLE INCOME TAX RATE a. First $10,000 x 0% = b. Remaining balance x 5% = INCOME TAX Total Income Tax – Add lines “a” through “b”. Enter on page 1, line 2. 11 Pike 57
Extracted from PDF file 2023-mississippi-form-81-100.pdf, last modified August 2023

More about the Mississippi Form 81-100 Individual Income Tax TY 2023

We last updated the Fiduciary Return Instructions in February 2024, so this is the latest version of Form 81-100, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 81-100 directly from TaxFormFinder. You can print other Mississippi tax forms here.

Other Mississippi Individual Income Tax Forms:

TaxFormFinder has an additional 36 Mississippi income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 80-105 Resident Tax Return
Form 80-107 Income and Withholding Tax Schedule
Form 80-106 Payment Voucher and Estimated Tax Voucher
Form 80-205 Non-Resident and Part-Year Resident Return
Form 80-100 Individual Income Tax Instructions

Download all MS tax forms View all 37 Mississippi Income Tax Forms


Form Sources:

Mississippi usually releases forms for the current tax year between January and April. We last updated Mississippi Form 81-100 from the Department of Revenue in February 2024.

Show Sources >

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Mississippi Form 81-100

We have a total of three past-year versions of Form 81-100 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



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