Mississippi Form 80-105 Line by Line Guide
Did you know 9 states do not require residents to pay a personal income tax? Folks that live in Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming, are exempt from this bill. Furthermore, 7 other states simply enforce a flat tax rate. So what's the moral to the story? People who live in these states are able to buy more stuff because they pay less tax.
But for the rest of us, residential income tax is a necessary evil, one that takes a serious bite out of our disposable income. And while the forms are designed to collect the same data, they're all constructed differently. What follows is a breakdown of Form 80-105, the Mississippi individual Income Tax Return. If you don't live in Mississippi, not to worry, we'll be tackling the other 34 states soon enough.
Just a heads up, we're going to move through page 1, before we knock out all the stuff on page 2. But we will need the stuff on page 2 to fill in parts of page 1. But it's important to stay organized, especially true with tax forms, and we need to mitigate the jumping around from page to page.
States like Minnesota have created forms where you don't have to keep flipping pages to be able to move through the form. So this type of return is really unnecessary. Unfortunately, the Mississippi Office of Revenue hasn't yet caught up with the times. Worse yet, this form doesn't give you a space to record your direct deposit information. That means you'll have to wait for snail mail to deliver your return and send you back any refund. UGH!
Therefore, the Mississippi form gets a lowly 4 of 10 on our user friendly meter. Check out the forms from states like Michigan to see how it should be done.
As usual, begin by filling in your name, address, social security number, and resident county code at the top of the form. Then knock out your filing status and all your exemptions on Lines 1 through 6, before moving on to Line 7.
Once there add up the number of dependents, seniors, and blind in your household and put that total on Line 10. Then multiply Line 10 by $1,500 with the total going on Line 11. Then enter $6,000 (as a single filer), $12,000 (as a married joint filer), or $8,000 (as a head of household) on Line 12. Now you can add Lines 11 and 12 with the sum going on Line 13. If you're filing a married but separate return, enter ½ of Line 13 on Line 14.
Enter your salary, wages, and tips from your W-2 on Line 15. If you have any other income, take the amount from Line 46, (that's on page 2) and put it on Line 16. If you need to make any adjustments to your gross income (that's the amount from Line 56 of page2), enter it on Line 17. Then add Line 16 to Line 15 before subtracting Line 17 to get your Mississippi adjusted gross income, which goes on Line 18.
Once you decide whether you're going to use a standard or itemized deduction, enter that amount on Line 19. Just be sure to include a Schedule A, Form 80-108 if you itemize. Then carry forward the amount of your exemptions from Line 13 on Line 20. Just be sure to use Line 14 if you're married filing separately.
On Line 21 enter your Mississippi taxable income, to figure it subtract Lines 18 and 19 from Line 20. Then you'll have to work through the tax computation on page 2 before figuring your total tax, which goes on Line 22. On Line 23, include your Mississippi withholdings and be sure to include your W-2.
On Line 24 record any estimated tax payments and on Line 25, your able to harvest a tax credit if you paid taxes to another state. If you have any other credits coming to you, enter the code for each and their total on Line 26. Now add Lines 23 through 26 to get your total credits, which goes on Line 27.
If Line 27 is larger than Line 22, you've overpaid, and that amount goes on Line 28. If you want a portion of this overpayment to go towards next year, enter it on Line 29. If you feel like donating to a plethora (I love that word) of different causes, enter those amounts on Line 30. Next, subtract Lines 29 and 30 from Line 28 to declare the amount of your refund you want returned to you.
If Line 22 is larger than Line 27, subtract 27 from 22 to get the amount you owe, just put it on Line 32. If you've underpaid your estimated tax payments or if you need to pay interest due to late payments, include those amounts on Lines 33 and 34. Then add Lines 32 through 34 to get your total tax due which gets recorded on Line 35.
As I said, to fill in a few key spots on the front side of the return, we'll need to work through page 2. Start with other income and fill in any of the lines that apply to you. When you're ready add Lines 36 through 45 and put that amount on Line 46 as well as Line 16 on page 1.
If adjustments to your income like; alimony paid (with Schedule P at the bottom of the form), moving expenses, or deductions from a health savings account, apply, work through Lines 47 through 54 before adding them up and putting the total on Line 56. Just be sure to record this amount on Line 17 of page 1.
The way Mississippi figures your taxes is wacky. You're taxed 3% on the first $5,000 you make. Then you're taxed 4% on the next $5,000, and then you taxed 5% on the remaining balance. Just add up all these amounts before you enter the total here and on Line 22 of page 1.
At this point, all that's left is to sign, date, and record your phone number at the bottom of the form. If you've paid a tax pro to help you through this, they'll have to do the same. Whether you have a refund coming or tax due, be sure you send your refund to the right place.
For refunds send your return to:
The Office of Revenue
P.O. Box 23058
Jackson, MS 39225-3058
For all of returns send to:
The Office of Revenue
P.O. Box 23050
Jackson, MS 39225-3050
