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Mississippi Free Printable 80320168 for 2017 Mississippi Interest and Penalty Worksheet

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 2017, so this is the latest version of Form 80-320, fully updated for tax year 2016. 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.

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Interest and Penalty Worksheet
80320168

Reset Form Mississippi Form 80-320-16-8-1-000 (Rev. 4/16) 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 County Code Filing Requirements Met After Due Date (see instructions) INTEREST ON UNDERPAYMENT OF ESTIMATED TAX CALCULATION OF ESTIMATE PAYMENT 1 2 2016 Mississippi income tax liability (see instructions) Multiply the amount on line 1 by 80% and enter the result 3 2015 Mississippi income tax liability 4 Enter the lesser of line 2 or line 3 (see instructions) 2 (see instructions) INTEREST CALCULATION 5 Required installements Enter 1/4th (.25) of line 4 in columns A through D) 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. Income tax withheld is entered in column A only. 7 Overpayment (negative) or underpayment (positive) - carryforward (from line 8) any overpayment or underpayment 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 7/10 of 1% per month from payment due date until paid or next payment due date, whichever is earlier) .00 .00 .00 .00 1 3 4 A B C D Apr. 15, 2016 June 15, 2016 Sept. 15, 2016 Jan. 15, 2017 10 Interest due (multiply line 8 by line 9; if line 8 is negative, enter zero) 11 .00 12 Balance due (from Form 80-105 (Resident), page 1, line 34 or from Form 80-205 (Non-Resident/Part-Year), page 1, line 35 or Form 80-110 (EZ), line 18) 12 .00 13 Late filing penalty (5% per month not to exceed 25% on amount of tax due, line 12, minimum $100; see instructions) 13 .00 14 Balance due (from Form 80-105 (Resident), page 1, line 34 or from Form 80-205 (Non-Resident/ Part-Year), page 1, line 35 or Form 80-110 (EZ), line 18)) 14 .00 15 Late payment interest (compute interest at 7/10 of 1% per month on the amount of tax due, line 14; see instructions) 15 .00 16 Late payment penalty (compute penalty at 1/2% per month not to exceed 25% on the amount of tax due, line 14; see instructions) 16 .00 17 Total late payment interest and penalty (line 15 plus line 16) 17 .00 18 .00 11 Total underestimate interest due (enter the total of line 10, columns A through D) LATE FILING PENALTY LATE PAYMENT INTEREST AND PENALTY TOTAL LATE PAYMENT INTEREST AND PENALTY 18 Total interest and penalty (line 11 plus line 13 and line 17) Enter here and on Form 80-105, line 35, Form 80-205, line 36 or Form 80-110, line 19. Form 80-320-16-8-2-000 (Rev. 4/16) Mississippi Individual Income Tax Interest and Penalty Worksheet Instructions Use Form 80-320 if your 2016 Mississippi income tax liability exceeds $200 to calculate interest on underpayment of estimated tax. This form is also used to calculate late payment interest and penalty, and the late filing penalty for the Resident Individual Income Tax Return (Form 80-105), the Non-Resident/Part-Year Resident Return (Form 80-205) and EZ Individual Income Tax Return (Form 80-110). 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 2016 Mississippi net income tax liability from Form 80-105, line 20, (Resident), Form 80-205, line 22 (Non-Resident/Part Year) or Form 80-110, line 6 (EZ). If your 2016 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 2015 Mississippi net income tax liability from Form 80-105, line 20, (Resident), Form 80-205, line 22 (Non-Resident/Part-Year) or Form 80-110, line 6 (EZ). Line 4 Enter the lesser of line 2 or line 3. If line 3 is zero and your 2016 Mississippi income tax liability (line 2) exceeds $200 and no estimate payments for the 2016 tax year were made, enter the amount from line 2. Late Filing Penalty Line 13 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) or Form 80-205, line 35 (Non-Resident/Part-Year) or Form 80-110, line 18 (EZ). The penalty shall not be less than $100. Late Payment Interest and Penalty Line 14 Enter balance due. From Form 80-105, line 34 (Resident) or Form 80-205, line 35 (Non-resident/Part-Year) or Form 80-110, line 18 (EZ). Line 15 Enter late payment interest due. Add interest of 7/10 of 1% per month from the original due date of the return, April 15th, on the amount of tax due from line 14. Line 16 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 14. Line 17 Enter the total late payment interest and penalty by adding line 15 and line 16. Total Interest and Penalty Line 18 Enter the total interest and penalty by adding line 11 plus line 13 and line 17. Enter here and on Form 80-105, line 35 (Resident), or Form 80-205, line 36 (Non-Resident/Part-Year) or Form 80-110, line 19 (EZ). Form 80-320-16-8-3-000 (Rev. 4/16) 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 7/10 of 1% 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-D) If an overpayment is due, enter here and on Form 80-105, line 29, Form 80-205, line 31 or Form 80-110, line 14. Example: INTEREST ON UNDERPAYMENT OF ESTIMATED TAX CALCULATION OF ESTIMATE PAYMENT 1 2 2016 Mississippi income tax liability (see instructions) Multiply the amount on line 1 by 80% and enter the result 3 2015 Mississippi income tax liability 4 Enter the lesser of line 2 or line 3 (see instructions) 5 2 (see instructions) INTEREST CALCULATION 6520.00 5216.00 4510.00 4510.00 1 3 4 A B C D Apr-15-2016 Jun-15-2016 Sept-15-2016 Jan-15-2017 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. Income tax withheld is entered in column A only. 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 7/10 of 1% per month from payment due date until paid or next payment due date, whichever is earlier) 0.014 0.021 0.028 0.021 0.00 0.00 10.71 31.71 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 42.42
Extracted from PDF file 2016-mississippi-form-80-320.pdf, last modified September 2016

More about the Mississippi Form 80-320 Individual Income Tax TY 2016


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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 80-107 Income and Withholding Tax Schedule
Form 80-315 Re-forestation Tax Credit
Form 80-106 Payment Voucher and Estimated Tax Voucher
Form 80-205 Non-Resident and Part-Year Resident Return

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 2017.

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 five 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:


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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