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FULL AMOUNT of your income tax due when you file

Line 38: Business Income or Loss

your return (or before the due date of April 15).

Payments can be made by check or money order

Enter your profit or loss if you owned a business or

payable to the Department of Revenue. Do not send

practiced a profession. If you had more than one

cash by mail. BE SURE TO ENCLOSE PAYMENT

business, or if you and your spouse had separate

VOUCHER,

FORM

80-106,

WITH

YOUR

businesses, complete a Schedule C for each

PAYMENT. You may pay your tax in person at any

business. If the Mississippi net profit or loss amount

of the Department of Revenue District Service

varies from the Federal Schedule C net profit or loss,

Offices or through Taxpayer Access Point (TAP) on

then provide reconciliation. If you enter the federal

our website. Balances due of less than $1.00 need

amount on this line, but there is a difference between

not be paid.

Mississippi

and

federal

amounts,

enter

the

adjustment on Form 80-108, Schedule N.

The

Federal Schedule C must be attached to your return.

INCOME

If some of your expenses are part business and part

Line 37: Wages, Salaries, Tips, Etc.

personal, you can only deduct the business part as a

business expense.

Show the total of all wages, salaries, fees,

compensation, commissions, tips, bonuses, and

Line 39: Capital Gain or Loss

other amounts your employers paid you before they

deducted taxes, insurance, etc. Include in this total:

Enter the amount of capital gain or loss. Mississippi

 The amount shown on your Wage and Tax

generally follows IRS rules concerning computation

of capital gains and losses. Capital loss deductions

Statement (Form W-2) in the box "State wages,

are subject to the same limitations as federal.

tips, etc."

However, Mississippi does not have different tax

 Wages you received but for which you do not have

rates for capital gains. All income is taxed at the

same rate.

Gains from the sales of ownership

a Wage and Tax Statement.

interests must first be reduced by the amount of any

 Tips you did not report to your employer.

losses determined from sales or transactions

described in Miss. Code Ann. § 27-7-9(f) (10). If the

amount reported on this line is different than the

 Fair market value of meals and living quarters if

amount reported for federal purposes, reconciliation

given by your employer as a matter of your choice

should be attached. If you enter the federal amount

and not for your employer's convenience.

on this line, but there is a difference between

Mississippi

and

federal

amounts,

enter

the

 Strike and lockout benefits paid by a union from

adjustment on Form 80-108, Schedule N.

union dues, including both cash and the fair market

applicable, the Federal Schedule D must be

value of goods received, unless the facts clearly

attached to your return.

show that such benefits were intended as a gift.

Line 40: Rental Real Estates, Royalties, Partnerships, S

Include all W-2’s with your return.

Also, you must

Corporations, Trusts, etc.

complete the Income/Withholding Tax Schedule (Form

80-107) and submit it with your return.

Enter the income or loss from activities reported on

Federal Schedule E on this line.

If the amount

Differences may exist between the amount of state taxable

reported is different than the amount reported for

income entered on this form (line 37 through line 47) and the

federal purposes then attach reconciliation. If you

amount of federal taxable income entered on Form 1040,

enter the federal amount on this line, but there is a

1040A, etc. In such cases, reconciliation must be provided.

difference between Mississippi and federal amounts,

This can be accomplished in one of two ways. The first

enter the adjustment on Form 80-108, Schedule N.

method is to enter the amount per the federal return for the

The Federal Schedule E must be attached to your

corresponding line item (e.g. line 38 - Schedule C income) on

return.

the Mississippi return. A separate adjustment is recorded on

Schedule N identifying the difference(s) between federal and

Line 41: Farm Income or Loss

state reportable income (e.g. Bonus Depreciation Adj. -

Schedule C - 1). The alternative is to enter the amount of

Enter the net farm income or loss on this line. If you

Mississippi reportable income on the appropriate line (e.g. line

are a farmer or rent your farm on shares, attach

41 - Farm Income) and attach a separate schedule reconciling

Federal Schedule F to your tax return.

the federal amount, the item(s) of difference, and the state

amount reported on page 2 of Form 80-105.

If the amount reported is different than the amount

reported

for

federal

purposes

then

attach

Non-Resident Return: On Form 80-205, married individuals

reconciliation. If you enter the federal amount on this

with separate incomes electing to file a combined return (both

line, but there is a difference between Mississippi

spouses having earned incomes) should combine their

and federal amounts, enter the adjustment on Form

incomes beginning with line 38, and throughout the schedule

80-108, Schedule N.

to determine Total Income from All Sources and Income(s)

Earned in Mississippi Only.

Farm losses claimed by persons who do not devote

full time to farming will not be allowed unless such

Form 80-100-16-8-1-000 - Income Tax Instructions - Resident, Non-Resident And Part-Year Resident Page 10

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