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Mississippi Free Printable 80320208.pdf for 2021 Mississippi Interest and Penalty Worksheet

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Interest and Penalty Worksheet
80320208.pdf

Form 80-320-20-8-1-000 (Rev. 08/20) Reset Form Mississippi Print Form Individual Income Tax Interest and Penalty Worksheet Taxpayer First Name Initial Last Name SSN Spouse First Name Initial Last Name Spouse SSN Mailing Address (Number and Street, Including Rural Route) City State Farmers or Fishermen (see instructions) Zip Filing Requirements Met After Due Date County Code (see instructions) INTEREST ON UNDERPAYMENT OF ESTIMATED TAX CALCULATION OF ESTIMATE PAYMENT 1 2 2020 Mississippi income tax liability (see instructions) Multiply the amount on line 1 by 80% and enter the result 3 2019 Mississippi income tax liability (see instructions) 3 4 Enter the lesser of line 2 or line 3 (see instructions) 4 INTEREST CALCULATION 5 Required installments Enter 1/4th (.25) of line 4 6 Income tax withheld (column A only) and estimated tax paid (enter total estimated tax paid as of payment due dates) 7 Overpayment (negative) or underpayment (positive) - carryforward (from line 8) from previous column(s) line 8. 8 Underestimate subject to interest (line 5 minus line 6 plus line 7); enter result here and on line 7, columns B through D. 9 Enter percentage of interest (compute interest at 1/2% per month) .00 .00 .00 .00 1 2 A B C D Apr. 15, 2020 June 15, 2020 Sept. 15, 2020 Jan. 15, 2021 10 Interest due (multiply line 8 by line 9; if line 8 is negative, enter zero) 11 .00 12 .00 13 Balance due (from Form 80-105 (Resident), page 1, line 34 or from Form 80-205 (Non-Resident/Part-Year), page 1, line 35) 13 .00 14 Late filing penalty (5% per month not to exceed 25% on amount of tax due, line 13, minimum $100; see instructions) 14 .00 15 Balance due (from Form 80-105 (Resident), page 1, line 34 or from Form 80-205 (Non-Resident/ Part-Year), page 1, line 35) 15 .00 16 Late payment interest (compute interest at 1/2% per month on the amount of tax due, line 15; see instructions) 16 .00 17 Late payment penalty (compute penalty at 1/2% per month not to exceed 25% on the amount of tax due, line 15; see instructions) 17 .00 18 Total late payment interest and penalty (line 16 plus line 17) 18 .00 19 .00 11 Total underestimate interest due (enter the total of line 10, columns A through D) FIRST-TIME HOME BUYER PENALTY 12 First-time Home Buyer Penalty (see instructions) LATE FILING PENALTY LATE PAYMENT INTEREST AND PENALTY TOTAL INTEREST AND PENALTY 19 Total interest and penalty (line 11, plus line 12, plus line 14 and line 18) Enter here and on Form 80-105, line 35 or Form 80-205, line 36. Form 80-320-20-8-2-000 (Rev. 08/20) Mississippi Individual Income Tax Interest and Penalty Worksheet Instructions Use Form 80-320 if your 2020 Mississippi income tax liability exceeds $200 to calculate interest on underpayment of estimated tax. This form is also used to calculate first-time home buyer penalty, late payment interest and penalty, and the late filing penalty for the Resident Individual Income Tax Return (Form 80-105) and the Non-Resident/Part-Year Resident Return (Form 80-205). Specific Line Instructions Exceptions Gross income from farming or fishing is at least two-thirds of total gross income and (a) estimate tax paid by the 15th day of the first month after the close of the income year or (b) income tax return is filed by the first day of the third month following the close of the income year and tax shown due is paid. Filing requirements met after payment due date - compute interest in applicable columns and provide an explanation below. Underestimate Line 1 Enter your 2020 Mississippi net income tax liability from Form 80-105, line 20, (Resident) and Form 80-205, line 22 (Non-Resident/Part Year). If your 2020 Mississippi Income Tax Liability is $200 or less, do not complete the remainder of this form; no interest is due on underestimate of tax. Line 3 Enter your 2019 Mississippi net income tax liability from Form 80-105, line 20, (Resident) and Form 80-205, line 22 (Non-Resident/Part-Year). Line 4 Enter the lesser of line 2 or line 3. If line 3 is zero and your 2020 Mississippi income tax liability (line 2) exceeds $200 and no estimate payments for the 2020 tax year were made, enter the amount from line 2. First-time Home Buyer Penalty Line 12 Enter the first-time home buyer penalty due. Add penalty of 10% for withdrawal of any unqualified expenses, using the amount from Form 80-108, Part V, Schedule N, Line 2. (See Form 80-100, Instruction Booklet for more details). Late Filing Penalty Line 14 Enter late filing penalty due. Add penalty of 5% per month, not to exceed 25% in the aggregate, from the extension due date of the return, October 15th, on the amount of net tax due from Form 80-105, line 34 (Resident) and Form 80-205, line 35 (Non-Resident/Part-Year). The penalty shall not be less than $100. Late Payment Interest and Penalty Line 15 Enter balance due. From Form 80-105, line 34 (Resident) and Form 80-205, line 35 (Non-resident/Part-Year). Line 16 Enter late payment interest due. Add interest of 1/2% per month from the original due date of the return, April 15th, on the amount of tax due from line 15. Line 17 Enter late payment penalty due. Add penalty of 1/2% per month, not to exceed 25% in the aggregate, from the original due date of the return, April 15th, on the amount of tax due from line 15. Line 18 Enter the total late payment interest and penalty by adding line 16 and line 17. Total Interest and Penalty Line 19 Enter the total interest and penalty by adding line 11, plus line 12, plus line 14 and line 18. Enter here and on Form 80-105, line 35 (Resident) and Form 80-205, line 36 (Non-Resident/Part-Year). Form 80-320-20-8-3-000 (Rev. 08/20) Mississippi Individual Income Tax Underestimate Computation Example Line 5 Required installments. Enter 1/4th (.25) of line 4 in each columns A through D. Divide the amount on Line 4 by (4) four and enter in each column A through D. Line 6 Income tax withheld (column A only) and estimated tax paid. For column (A) only, enter the total overpayment from prior year, estimated tax paid and/or withholding as of payment due date. In remaining columns B through D enter estimated tax paid as of payment due dates on line 6. If line 6 is equal to or more than line 4 for all payment periods, stop here; you do not owe the penalty. Line 7 Overpayment (negative) or underpayment (positive) - carryforward (from line 8) any overpayment or underpayment from previous column(s) line 8. Line 8 Underestimate subject to interest (line 5 minus line 6 plus line 7); enter result here and on line 7, columns B through D. Line 9 Enter percentage of interest (compute interest at 1/2% per month from payment due date until paid or next payment due date, whichever is earlier). Line 10 Interest due (multiply line 9 by line 10); if line 8 is negative enter zero on line 10. Line 11 Total underestimate interest due (enter the total of line 10, columns A through D); If an overpayment is due, enter here and on Form 80-105, line 29 and Form 80-205, line 31. Example: INTEREST ON UNDERPAYMENT OF ESTIMATED TAX CALCULATION OF ESTIMATE PAYMENT 1 2 2020 Mississippi income tax liability (see instructions) Multiply the amount on line 1 by 80% and enter the result 3 2019 Mississippi income tax liability (see instructions) 3 4 Enter the lesser of line 2 or line 3 (see instructions) 4 INTEREST CALCULATION 5 6520.00 5216.00 4510.00 4510.00 1 2 A B C D Apr-15-2020 Jun-15-2020 Sept-15-2020 Jan-15-2021 Required installements Enter 1/4th (.25) of line 4 in columns A through D) 1127.50 1127.50 1127.50 1127.50 6 Income tax withheld (column A only) and estimated tax paid (enter total estimated tax paid as of payment due dates in columns A through D). 1500.00 1000.00 500.00 0.00 7 Overpayment (negative) or underpayment (positive) - carryforward (from line 8) any overpayment or underpayment from previous column(s) line 8. (372.50) (245.00) 382.50 8 Underestimate subject to interest (line 5 minus line 6 plus line 7); enter result here and on line 7, columns B through D. (372.50) (245.00) 382.50 1510.00 9 Enter percentage of interest (compute interest at 1/2% per month from payment due date until paid or next payment due date, whichever is earlier) 0.010 0.015 0.020 0.015 0.00 0.00 7.65 22.65 10 Interest due (multiply line 8 by line 9; if line 8 is negative, enter zero) 11 Total underestimate interest due (enter the total of line 10, columns A through D) 11 30.30
Extracted from PDF file 2020-mississippi-form-80-320.pdf, last modified August 2020

More about the Mississippi Form 80-320 Individual Income Tax TY 2020

If you underpaid or failed to pay your estimated income tax for the previous tax year, you must file form 80-320 to calculate and pay any interest or penalties due.

We last updated the Interest and Penalty Worksheet in February 2021, so this is the latest version of Form 80-320, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form 80-320 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 80-106 Payment Voucher and Estimated Tax Voucher
Form 80-107 Income and Withholding Tax Schedule
Form 80-105 Resident Tax Return
Form 80-100 Individual Income Tax Instructions
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 80-320 from the Department of Revenue in February 2021.

Show Sources >

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 80-320

We have a total of nine past-year versions of Form 80-320 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Form 80-320

80320208.pdf

2019 Form 80-320

80320198.pdf

2018 Form 80-320

80320188.pdf

2017 Form 80-320

80320171.pdf

2015 Form 80-320

INT & PEN CALCULATION WORKSHEET_1.xlsx

Interest and Penalty Worksheet 2014 Form 80-320

INT & PEN CALCULATION WORKSHEET_1.xlsx

2012 Form 80-320

INT & PEN CALCULATION WORKSHEET_1.xlsx

2011 Form 80-320

JetForm:80320118.IFD


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