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Get Form 86-387-07-1 (rev
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How to fill out the Form 86-387-07-1 (Rev) online
This guide provides clear instructions on how to complete the Form 86-387-07-1 (Rev) for Mississippi withholding on partnership income. Whether you are a seasoned professional or a first-time user, these steps will assist you in filling out the form accurately and effectively.
Follow the steps to complete the form successfully.
- Press the ‘Get Form’ button to access the form and open it in your preferred editor.
- In the first section, enter the amount of the partnership's net gain or profit in the designated field. Use the format of dollars and cents to ensure clarity.
- Next, fill in the amount of state tax withheld and remitted with this voucher. Again, ensure you use the correct dollar and cent formatting.
- Indicate the partner's percentage of ownership. This should be expressed as a percentage.
- Enter the tax year for which you are filing the form in the specified field.
- Provide the Federal Employer Identification Number (EIN) for the partnership. This is a critical identifier for tax purposes.
- Input the partner's Social Security number in the appropriate section to link the filing to the individual partner.
- Fill in the name of the partnership as it is officially recognized.
- Enter the name of the partner submitting the form.
- Complete the mailing address fields, ensuring to include the number and street, along with any relevant rural route information.
- Input the city, state, and zip code where the partnership is located.
- If returning the form, specify where to mail the check, including the required city, state, and zip code.
- Review all entered information for accuracy before saving your changes.
- Once confirmed, you can save the document, download it, print it, or share it as necessary.
Complete your Form 86-387-07-1 (Rev) online to ensure timely and accurate filing.
If you structure your business as a pass-through entity—such as a sole proprietorship, partnership, or limited liability company (LLC)—the business itself doesn't pay income taxes. Instead, those taxes are passed on to your personal tax returns. In the state of Mississippi, the personal income tax rate in 2023 is 5%.
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