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Category: Mississippi

Mississippi Income Subject to Tax

Interest Income

Enter interest received or credited to your account during the tax year on bank deposits, notes, mortgages and corporation bonds. Interest on bonds is considered income when received or credited. Interest income from obligations of the U.S. Government, the State of Mississippi and subdivisions thereof, is exempt. Interest on obligations of other countries, states, cities, or political subdivisions outside Mississippi is taxable.

Capital Gain or Loss

Enter the amount of capital gain or loss. Mississippi generally follows IRS rules concerning computation of capital gains and losses. Capital loss deductions are subject to the same limitations as federal. However, Mississippi does not have different tax rates for capital gains. All income is taxed at the same rate. Gains from the sales of ownership interests must first be reduced by the amount of any losses determined from sales or transactions described in Miss Code Ann. 27-7-9(f)(10)(A). If the amount reported on this line is different than the amount reported for federal purposes, a reconciliation should be attached. If you enter the federal amount on this line, but there is a difference between Mississippi and federal amounts, enter the adjustment on Form 80-108, Schedule N.