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Mississippi Standard/Itemized Deductions

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Should I use Mississippi standard or itemized deductions?


Itemized Deductions

State income taxes or any other taxes allowed for federal purposes in lieu of state income tax are not deductible on your itemized deductions schedule. This also includes the non-refundable income tax withheld on gaming winnings. See instructions for Schedule A (Itemized Deductions). Married individuals having separate income and filing a combined return may divide their itemized deductions in any manner they choose for column A and column B. Mississippi Gaming Losses are not deductible on Mississippi itemized deductions.


Mississippi will follow the federal TCJA changes listed below:


• Moving expenses will no longer be deductible except for active duty members of the military based on military orders. Miss. Code Ann. §27-7-18 (2) provided the deduction from Mississippi income taxes in accordance with federal provisions.


• Medical expenses that exceed 7.5% of federal adjusted gross income (AGI) are allowable as an itemized deduction.


• State and local tax deduction is limited to $10,000


• The mortgage interest deduction is limited to the interest on loans up to $750,000 of acquisition indebtedness. Interest on home equity loans are deductible if used for home improvements only.


• The limitation on the amount of cash contributions allowable as a charitable contribution has increased from 50% to 60%. Seating for college athletic events is no longer allowable as charitable contribution.


Casualty and theft losses are only deductible for losses attributable to federally declared disaster areas.


• Miscellaneous itemized deductions subject to 2% of federal AGI are suspended for tax years 2018 through 2025.


• The overall limitation on itemized deductions (the Pease Limitation) is suspended until 2025.


Standard Deduction

Filing Status                        Exemption               Standard Deduction

Married – Filing Joint or Combined Return

                                           $12,000                 $4,600

Married – Spouse Died 2018

                                          $12,000                 $4,600

Married – Filing Separate Returns

                                         $6,000                   $2,300

Head of Family

                                        $8,000*                 $3,400


                                       $6,000                   $2,300


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Views: 1607 Created on: Jun 15, 2013
Date updated: Jan 10, 2019
Posted in: States, Mississippi

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