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Category: Mississippi

Mississippi Subtractions from Income

National Guard and Reserve Pay

Enter the lesser of the National Guard or Reserve pay or the $15,000 Statutory Exclusion per taxpayer. Compensation which qualifies for exclusion is that received for inactive duty training (monthly or special drills or meetings), active duty training (summer camps, special schools, cruises) and for state active duty (emergency duty). Full-time National Guard pay is not allowed an exclusion.

MPACT - MS Prepaid Affordable College Tuition Program and/or MACS - MS Affordable College Savings

Enter the prepaid tuition contract (MPACT) costs you paid during 2014 to the Mississippi Treasury Department on behalf of a student beneficiary and/or the amount contributed to a MACS Program account on behalf of a qualified beneficiary. Under the MACS Program, the maximum annual contribution deductions are $20,000 for joint filers and $10,000 for single and other filers. Contributions must be made on or before the deadline for making contributions to an IRA under federal law for such years (by the due date of the return, not including extensions.) Only amounts contributed to these programs are excluded from Mississippi income.

For additional information pertaining to Mississippi Subtractions from Income, please refer to Form 80-100 Instructions.