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Mississippi Adjustments

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Mississippi Adjustments

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The Following (applicable) adjustments need to be taken on your tax return.  The line numbers are subject to change according to the Mississippi form updates.

Line 47 - Payments to an IRA (Line 46 on NR Return)
You may deduct payments to an IRA to the extent that such payments are deductible for federal income tax purposes. Use the worksheet in your federal income tax instructions to figure your deduction for payments to an IRA. See Note above concerning proration.

Line 48 - Payments to self-employed SEP, SIMPLE, and Qualified Plans. (Line 47 on NR Return)
You may deduct contributions to Self-Employed Retirement Plans to the extent that such contributions are deductible for federal income tax purposes. If the contributions, or any part thereof, are not deductible for federal income tax purposes, they are not deductible for Mississippi income tax purposes. See Note above concerning proration.

Line 49 - Interest Penalty on Early Withdrawal of Savings (Line 48 on NR Return)
Federal Form 1099-INT given to you by your bank or savings and loan association will show the amount of any interest penalty you were charged because you withdrew funds from your time savings deposit before its maturity. The amount of such penalty is deductible.

Line 50 - Alimony and Separate Maintenance Paid (Line 49 on NR Return)
Alimony payments you made are deductible to the extent allowable for federal income tax purposes. You must complete Schedule P, Page 2 of your return. Include the name, social security number and state of residency of the individual to whom the alimony was paid. See Note above concerning proration.

Line 51 - Moving Expense (Line 50 on NR Return)
You may deduct moving expense(s) as an adjustment to gross income to the extent allowable for federal income tax purposes. Attach a copy of Federal Form 3903. If your move was interstate, then a prorated amount of moving expense is deductible on the non-resident/part-year return form For an example, see general instructions for lines 46 -54 at top of the page.

Line 52 - National Guard and Reserve Pay (Line 51 on NR Return)
Enter the lesser of the National Guard or Reserve pay or the $15,000 Statutory Exclusion per taxpayer. Report National Guard or Reserve pay on Line 15.

Line 53 - MPACT - MS Prepaid Affordable College Tuition Program and/or (Line 54) MACS -MS Affordable College Savings (Line 52 on NR Return)
Enter the prepaid tuition contract (MPACT) costs you paid during 2009 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.

Line 55 - Self-Employed Health Insurance Deduction (Line 53 on NR Return)
Enter the amount of the Self-Employed Health Insurance Deduction you claimed on your Federal income tax return. See Note above concerning proration.

Line 56 Health Savings Account Deductions (Line 54 on NR Return)
Enter the amount deposited into a health savings account plus any accrued interest as defined in the Health Savings Account Act. Any amounts withdrawn other than for the purpose of paying qualified medical expenses or to procure health coverage shall be included in gross income.

 


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Views: 367 Created on: Jun 15, 2013
Date updated: Oct 06, 2014

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