Mississippi State Tax Form 80-105

What Is Form 80 105

The Mississippi State Tax form 80 105 is vital for residents to comprehend when dealing with their state income tax. It serves as the Resident Individual Income Tax Return, utilized by residents to report their income, calculate their tax liability, and claim any deductions or credits to which they are entitled.

When to Use Ms Tax Form 80 105

There are several situations in which the MS Tax form 80 105 should be utilized:

• Permanent residents of Mississippi who need to file an annual income tax return
• Individuals who have lived in Mississippi for the entire tax year
• Taxpayers who have earned income from Mississippi sources and are required to report it
• Residents who are eligible for state tax deductions or credits and need to claim them
• Anyone amending a previous Mississippi state tax return

How To Fill Out Mississippi Tax Form 80 105 Instruction

How to Fill Out Mississippi State Tax form 80-105

Step 1: Personal Information

Start by providing your first, middle, initial, and last names in the designated fields.

If applicable, do the same for your spouse.

Enter your mailing address, including the rural route if necessary.

Include your city, state, zip code, and county code.

Fill in your Social Security Number (SSN) and your spouse’s SSN if married filing jointly.

Step 2: Filing Status

Select your filing status based on your situation (e.g., Single, Married Filing Jointly, etc.).

Step 3: Exemptions

List dependents’ names and identify each dependent's relationship to you using “C” for a child, “P” for a parent, or “R” for other relatives, along with their SSN.

Calculate the total number of dependents and exemptions and enter the value.

Step 4: Mississippi Income Tax

Compute exemptions for dependents and enter the filing status exemption.

Add the two to get the total exemptions.

On Page 2, report all forms of income (wages, business income, capital gains, etc.) in the corresponding fields for both you and your spouse if applicable.

Deduct any adjustments to income, such as IRA payments or self-employed SEP contributions, to arrive at your Mississippi adjusted gross income (AGI).

Calculate your Mississippi taxable income by subtracting deductions and exemptions from your AGI.

Enter any credits for taxes paid to other states or other allowed credits.

Calculate your total Mississippi income tax due.

Step 5: Refund or Balance Due

Determine if there is an overpayment or a balance due.

If there is an overpayment, you may apply it to next year’s estimated tax, make voluntary contributions, or receive a refund.

Calculate any interest and penalties due and indicate the total amount if you owe.

Step 6: Signatures

Sign and date the tax return. If you are married and filing a joint return, your spouse must sign and date it.

If a paid preparer is involved, they must also sign and include their details.

When to File Ms Form 80 105

Ms Form 80 105 should be filed by the tax deadline, typically April 15th, unless an extension is filed. If April 15th falls on a weekend or holiday, the deadline will be the next business day. Filing on time is essential to avoid late penalties and interest charges. Taxpayers expecting refunds are encouraged to file early, while those who owe may wait until the deadline.