Enlarge image | Form 80-160-23-3-1-000 (Rev. 10/23) 0606 0707 080 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38Mississippi39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 808 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 0404 Tax Credit For Income Tax Paid 0404 0505 0505 To One Or More Other States 0606 0606 0707Name XXXXXXXXXXXXXXXXXXXXXXXXX SSN 999999999 0707 0808 0808 0909Tax credit, as determined below, is allowed only to LEGAL RESIDENTS of Mississippi who pay an income tax imposed by another state on income 0909 1010earned therein and taxed by Mississippi. If a credit is claimed for tax paid to another state, there must be attached to the Mississippi income tax 1010 1111return a copy of the income tax return filed with the other state and proof of payment of tax. A copy of the Wage and Tax Statement indicating 1111 1212tax withheld is not considered proof of payment of the liability to another state. 1212 1313 1313 1414 INCOME SUMMARY 1414 1515 1515 1616 TOTAL INCOME EARNED INCOME EARNED INCOME EARNED INCOME EARNED TOTAL 1616 1717 EVERYWHERE IN STATE OF IN STATE OF IN STATE OF OUT OF STATE 1717 INCOME XX XX XX (line 4, column 3 plus 1919 Joint or Single 1919 1818 Taxpayer Spouse (Name of State) (Name of State) (Name of State) column 4 and column 5) 1818 2020 Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 2020 2121 1 Total Income 2121 2222 9999999999 9999999999 9999999999 9999999999 9999999999 2222 2323 2 Standard or Itemized 2323 2424 Deduction(s) 99999999999999999999999999999999999999999999999999 2424 2525 3 Exemption 2525 2626 9999999999 9999999999 9999999999 9999999999 9999999999 2626 2727 4 Taxable Income 2727 2828 (line 1 minus line 2 and line 3) 2828 999999999999999999999999999999999999999999999999999999999999 2929 2929 3030 COMPUTATION OF TAX CREDIT 3030 3131 3131 3232 Column 3 Column 4 Column 5 3232 3333 5 Ratio (divide amounts on line 4, columns 3, 4 and 5 by the amount 3333 3434 on line 4, column 6) 999.99 99.99 99.99 3434 3535 OTHER STATES INCOME AT MISSISSIPPI RATES TOTAL 3535 3636 MULTIPLY TAX COMPUTED AT LEFT BY RATIO ABOVE Column 6 3636 Enter amount from line 4, Total Income Tax 3737 column 6 Line 5, column 3 Line 5, column 4 Line 5, column 5 Line 10, column 3 plus 3737 3838 Column A Rates Column B multiplied by column B multiplied by column B multiplied by column B column 4 and column 5 3838 3939 6 First $10,000 or part X 0 % = 00 0 0 3939 4040 999999 4040 4141 7 Remaining Balance X 5 % = 4141 4242 999999 9999999 9999999999 9999999999 9999999999 4242 4343 8 Tax credit computed (add lines 6 through 7 in columns 3, 4 and 5) 4343 4444 9999999999 9999999999 9999999999 4444 4545 9 Income tax due to other states (from other states return(s), 4545 4646 attach other states return(s)) 999999999999999999999999999999 4646 4747 10 Enter the lesser of line 8 or line 9 (column 3 through column 5) 4747 4848 9999999999 9999999999 9999999999 4848 4949 4949 5050 11 Enter amount of income tax due (from Form 80-105, page 1, line 17 5050 5151 or Form 81-110, page 1, line 2) 11 9999999999 5151 5252 12 Allowable tax credit for tax paid to other states (the lesser of line 10, column 6 or line 11; 5252 5353 enter here and on Form 80-105, page 1, line 18 or on Form 81-110, page 1, line 3) 12 9999999999 5353 5454 5454 5555 5555 5656 5656 5757 5757 5858 5858 5959 5959 6060 6060 6161 6161 6262 6262 6363 6363 0606 0707 008 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34Duplex35 36 37 38and39 40Photocopies41 42 43 44 45 46 47NOT48 49Acceptable50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 808 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 |
Enlarge image | Form 80-160-23-3-2-000 (Rev. 10/23) 0606 0707 08009 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 808 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 0404 Mississippi 0404 0505 Tax Credit For Income Tax Paid 0505 0606 To One Or More Other States 0606 0707 0707 0808If 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 0808 0909take 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 0909 1010withholding 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 1010 1111sufficient 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 1111 state returns along with this Form 80-160 to your Mississippi return. 1212 1212 1313 1313 1414Limitations 1414 1515Miss. Code Ann. Section 27-7-77 provides for the following three limitations: 1515 1616 (1) The credit may not exceed the amount of income tax due the State of Mississippi, indicated on line 17; 1616 1717 (2) The credit may not exceed the amount of income tax actually paid to the other state; and 1717 1818 (3) The credit may not exceed an amount computed by applying the highest applicable Mississippi rates to the net taxable income reported to the other1818 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. 1919 1919 2020Specific Line Instructions 2020 2121 2121 2222 Income Summary 2222 2323Line 1 Enter the total income earned everywhere in column 1 and column 2, if applicable. Enter the income earned in other states separately in 2323 2424 columns 3, 4 and 5. The name of each state should be entered above columns 3, 4 and 5. 2424 2525Line 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 2525 2626 itemized deduction(s) claimed on your other state return(s) in columns 3, 4 and 5. 2626 2727Line 3 Enter the exemption amount claimed on your Mississippi return in column 1 and column 2, if applicable. Enter the exemption amount claimed 2727 2828 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 2828 2929 as state return(s). 2929 3030Line 4 Enter the taxable income in columns 1 through 5 by subtracting line 2 and line 3 from line 1. Enter the total out of state taxable income in 3030 3131 column 6 by adding columns 3, 4 and 5. 3131 3232 3232 3333Computation of Tax Credit 3333 3434 3434 3535Line 5 Enter the ratio by dividing amounts on line 4, columns 3, 4 and 5 by the amount on line 4, column 6. 3535 3636 3636 3737Line 6 Enter the first $10,000 of taxable income or part ($0 - $10,000) of amount in line 4, column 6 on line 6, column A. Enter $0 in column B (by 3737 3838 multiplying column A by 0%) and in columns 3, 4 and 5. 3838 3939Line 7 Enter the remaining balance of taxable income ($10,001 and above) of amount in line 4, column 6 on line 7, column A. Enter the total 3939 4040 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 4040 4141 amounts in line 5, columns 3, 4 and 5. 4141 4242Line 8 Enter the computed tax credit by adding lines 6 through 7 in columns 3, 4 and 5. 4242 4343 4343 4444Line 9 Enter the income tax due to other states (from other state return(s) and attach a copy of the other state return(s).) 4444 4545 4545 4646Line 10 Enter the lesser of line 8 or line 9, columns 3, 4 and 5. Enter in column 6 the total of columns 3 through 5. 4646 4747 4747 4848Line 11 Enter the amount of income tax due on Form 80-105, page 1, line 17 or Form 81-110, page 1, line 2. 4848 4949 4949 5050Line 12 Enter the amount of allowable tax credit for tax paid to other states (the lesser of line 10, column 6 or line 11; enter here and on Form 80-105, 5050 5151 page 1, line 18 or on Form 81-110, page 1, line 3.) 5151 5252 5252 5353 5353 5454 5454 5555 5555 5656 5656 5757 5757 5858 5858 5959 5959 6060 6060 6161 6161 6262 6262 6363 6363 0606 0707 08009 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 808 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 |