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Mississippi Free Printable 80160198.pdf for 2020 Mississippi Credit for Tax Paid Another State

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Credit for Tax Paid Another State
80160198.pdf

Reset Form Form 80-160-19-8-1-000 (Rev. 09/19) Mississippi Print Form Tax Credit For Income Tax Paid To One Or More Other States Name SSN Tax credit, as determined below, is allowed only to LEGAL RESIDENTS of Mississippi who pay an income tax imposed by another state on income earned 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 return 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 tax withheld is not considered proof of payment of the liability to another state. INCOME SUMMARY TOTAL INCOME EARNED EVERYWHERE Taxpayer Joint or Single Spouse Column 1 Column 2 INCOME EARNED INCOME EARNED INCOME EARNED IN STATE OF IN STATE OF IN STATE OF TOTAL OUT OF STATE INCOME (Name of State) (Name of State) (Name of State) (line 4, column 3 plus column 4 and column 5) Column 3 Column 4 Column 5 Column 6 Column 3 Column 4 Column 5 1 Total Income 2 Standard or Itemized Deduction(s) 3 Exemption 4 Taxable Income (line 1 minus line 2 and line 3) COMPUTATION OF TAX CREDIT 5 Ratio (divide amounts on line 4, columns 3, 4 and 5 by the amount on line 4, column 6) % % % OTHER STATES INCOME AT MISSISSIPPI RATES Enter amount from line 4, column 6 6 First $2,000 or part 7 Next $3,000 or part 8 Next $5,000 or part 9 Remaining Balance TOTAL MULTIPLY TAX COMPUTED AT LEFT BY RATIO ABOVE Total Income Tax Column A Rates Column B X0% = X3% = X4% = X5% = 0 Line 5, column 3 multiplied by column B Line 5, column 4 multiplied by column B Line 5, column 5 multiplied by column B 0 0 0 Column 6 Line 12, column 3 plus column 4 and column 5 10 Tax credit computed (add lines 6 through 9 in columns 3, 4 and 5) 11 Income tax due to other states (from other states return(s), attach other states return(s)) 12 Enter the lesser of line 10 or line 11 (column 3 through column 5) 13 Enter amount of income tax due (from Form 80-105, page 1, line 17 or Form 81-110, page 1, line 2) 13 14 Allowable tax credit for tax paid to other states (the lesser of line 12, column 6 or line 13; enter here and on Form 80-105, page 1, line 18 or on Form 81-110, page 1, line 3) .00 14 .00 Duplex and Photocopies NOT Acceptable Form 80-160-19-8-2-000 (Rev. 09/19) Mississippi Tax Credit For Income Tax Paid To One Or More Other States If 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 take 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 withholding 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 sufficient 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 state returns along with this Form 80-160 to your Mississippi return. Limitations Miss. Code Ann. Section 27-7-77 provides for the following three limitations: (1) The credit may not exceed the amount of income tax due the State of Mississippi, indicated on line 17; (2) The credit may not exceed the amount of income tax actually paid to the other state; and (3) The credit may not exceed an amount computed by applying the highest applicable Mississippi rates to the net taxable income reported to the other 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. Specific Line Instructions Income Summary Line 1 Enter the total income earned everywhere in column 1 and column 2, if applicable. Enter the income earned in other states separately in columns 3, 4 and 5. The name of each state should be entered above columns 3, 4 and 5. Line 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 itemized deduction(s) claimed on your other state return(s) in columns 3, 4 and 5. Line 3 Enter the exemption amount claimed on your Mississippi return in column 1 and column 2, if applicable. Enter the exemption amount claimed 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 as state return(s). Line 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 column 6 by adding columns 3, 4 and 5. Computation of Tax Credit Line 5 Enter the ratio by dividing amounts on line 4, columns 3, 4 and 5 by the amount on line 4, column 6. Line 6 Enter the first $2,000 of taxable income or part ($0 - $2,000) of amount in line 4, column 6 on line 6, column A. Enter $0 in column B (by multiplying column A by 0%) and in columns 3, 4 and 5. Line 7 Enter the next $3,000 of taxable income or part ($2,001 - $5,000) of amount in line 4, column 6 on line 7, column A. Enter the total income tax in column B by multiplying column A by 3%. Enter the percentage of tax due by multiplying the amount in Column B by the ratio amounts in line 5, columns 3, 4 and 5. Line 8 Enter the next $5,000 of taxable income or part ($5,001 - $10,000) of amount in line 4, column 6 on line 7, column A. Enter the total income tax in column B by multiplying column A by 4%. Enter the percentage of tax due by multiplying the amount in Column B by the ratio amounts in line 5, columns 3, 4 and 5. Line 9 Enter the remaining balance of taxable income ($10,001 and above) of amount in line 4, column 6 on line 8, column A. Enter the total 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 amounts in line 5, columns 3, 4 and 5. Line 10 Enter the computed tax credit by adding lines 6 through 9 in columns 3, 4 and 5. Line 11 Enter the income tax due to other states (from other state return(s) and attach a copy of the other state return(s).) Line 12 Enter the lesser of line 10 or line 11, columns 3, 4 and 5. Enter in column 6 the total of columns 3 through 5. Line 13 Enter the amount of income tax due on Form 80-105, page 1, line 17 or Form 81-110, page 1, line 2. Line 14 Enter the amount of allowable tax credit for tax paid to other states (the lesser of line 12, column 6 or line 13; enter here and on Form 80-105, page 1, line 18 or on Form 81-110, page 1, line 3.)
Extracted from PDF file 2019-mississippi-form-80-160.pdf, last modified October 2019

More about the Mississippi Form 80-160 Individual Income Tax Tax Credit TY 2019

We last updated the Credit for Tax Paid Another State in February 2020, so this is the latest version of Form 80-160, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 80-160 directly from TaxFormFinder. You can print other Mississippi tax forms here.

Other Mississippi Individual Income Tax Forms:

TaxFormFinder has an additional 36 Mississippi income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 80-105 Resident Tax Return
Form 80-106 Payment Voucher and Estimated Tax Voucher
Form 80-107 Income and Withholding Tax Schedule
Form 80-205 Non-Resident and Part-Year Resident Return
Form 80-108 Itemized Deductions Schedule

Download all MS tax forms View all 37 Mississippi Income Tax Forms


Form Sources:

Mississippi usually releases forms for the current tax year between January and April. We last updated Mississippi Form 80-160 from the Department of Revenue in February 2020.

Show Sources >

Form 80-160 is a Mississippi Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Mississippi Form 80-160

We have a total of eight past-year versions of Form 80-160 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form 80-160

80160198.pdf

2018 Form 80-160

80160188.pdf

2017 Form 80-160

80160178.pdf

2015 Form 80-160

JetForm:80160118.IFD

Credit for Tax Paid Another State 2014 Form 80-160

JetForm:80160118.IFD

2012 Form 80-160

JetForm:80160118.IFD

2011 Form 80-160

JetForm:80160118.IFD


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While we do our best to keep our list of Mississippi Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.

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Source: http://www.taxformfinder.org/mississippi/form-80-160