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The following state composite partnership returns are offered in Lacerte: AL, CO, CT, DE, GA, ID, IN, KY, LA, MA, MN, MT, ND, OH, OK, VT, WV.

Yes, Mississippi requires an addback of federal bonus depreciation deductions taken under Internal Revenue Code (IRC) Sec. 168(k). An adjustment must be made each year to reflect the depreciation amount that would have otherwise been allowed using federal depreciation guidelines without regard to bonus depreciation.

Income Tax Brackets The standard deduction in Mississippi is $2,300 for single filers and married individuals filing separately, $4,600 for married individuals filing jointly and $3,400 for heads of household. If itemized deductions are less than the standard deduction, taxpayers receive the standard deduction.

Mississippi income tax was withheld from your wages (other than Mississippi gambling income). You are a part-year or nonresident taxpayer with income taxed by Mississippi (other than gambling income). Resident taxpayers who are single and have gross income that exceed $8,300 plus $1,500 for each dependent.

A composite return is a return in which a partnership pays the income tax due for some, or all, of its partners. The only partners who are eligible to be included in the composite return are nonresident partners without any activity in Mississippi other than that from the partnership.

You can, but your e-filed federal return will need to be accepted before you can e-file your state (or, you can just paper-file your state return later). Here are two ways to skip your state in TurboTax Online: Delete your state return, file your federal return now, and then come back later to re-do your state return.

Mississippi has a flat 4.70 percent individual income tax rate. Mississippi has a graduated corporate income tax, with rates ranging from 4.0 percent to 5.0 percent.

Gambling winnings reported on a W-2G, 1099, or other informational return from Mississippi s are subject to a three percent (3%) non-refundable income tax. The s withhold the tax at the time of payout. The amount withheld is non-refundable to the taxpayer.

All retirement income is exempt from state income taxes in Mississippi, meaning seniors in the Magnolia State stand to make a significant savings compared to those in other states. Income from retirement savings, including 401(k)s, IRAs, and Social Security, is all exempt from Mississippi's income taxes.