80-161: Tax Credit For Income Tax Paid By Electing PTE (2024)
Mississippi · Mississippi DOR · Used for tax years 2024
Mississippi Form 80-161 reports Mississippi taxable income and taxes paid on your behalf by electing pass-through entities. It calculates the credit claimed for those taxes and any excess credit.
Who files this form
Form 80-161 is for taxpayers reporting Mississippi taxable income and income tax paid on their behalf by electing pass-through entities. It calculates the credit for that tax paid.
What you'll need
Have these records and details ready:
- Mississippi K-1s received from electing pass-through entities. You must attach these to your return.
- Each entity’s name, FEIN, Mississippi taxable income, and amount of tax paid on your behalf.
- Your total Mississippi income tax due from Form 80-105, page 1, line 23; Form 80-205, page 1, line 25; or Form 81-110, page 1, line 5.
The form also asks for your name and Social Security number.
Common mistakes
- Do not leave out the Mississippi K-1s you received from electing pass-through entities. The form says they must be attached to the return.
Questions people ask
What information do I enter for each entity?
Enter the entity’s name in column A, FEIN in column B, Mississippi taxable income in column C, and amount of tax paid on your behalf in column D.
What if I need more space to list entities?
Use the supplemental page. Total columns C and D from the additional pages and enter those totals on page 1, line 2.
How do I calculate the credit claimed?
Line 3D totals the taxes paid on pass-through entity returns. Line 4 reports your total Mississippi income tax due. On line 5, enter the smaller of line 3D or line 4.
How do I calculate excess credit?
Subtract line 5 from line 3D and enter the result on line 6.
Where does the form say to report line 3D on my return?
Include line 3D on Form 80-105, page 1, line 26; Form 80-205, page 1, line 28; or Form 81-110, page 1, line 8.