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Category: Mississippi

Mississippi Subtractions from Income

Pension Income Exempt from Mississippi Tax

Social Security benefits, Railroad Retirement benefits, and retirement income from federal, state, and private retirement systems are exempt in total.


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). 


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

Enter the prepaid tuition contract (MPACT) costs you paid during 2015 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.


Self-Employed Health Insurance Deduction
Enter the amount of the Self-Employed Health Insurance Deduction you claimed on your federal income tax return.


Catastrophe Savings Account Deductions
Enter the amount deposited into a catastrophe savings account plus any accrued interest as defined in the Catastrophe Savings Account Act. Any amounts withdrawn other than for the purpose of paying qualified catastrophe expenses shall be included in gross income.


Alimony and Separate Maintenance Paid
Alimony payments you made are deductible to the extent allowable for federal income tax purposes. Include the name, social security number and state of residency of the individual to whom the alimony was paid.

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