80-401: Tax Credit Summary Schedule (2024)
Mississippi · Mississippi DOR · Used for tax years 2024
Mississippi Form 80-401 summarizes income tax credits for 2024. It reports credits earned, carried over from the prior year, received from pass-through entities, used, expired or allocated, and available to carry over to next year.
What you'll need
Have the following information ready to complete the 2024 schedule:
- Your SSN or FEIN, as applicable.
- The credit codes and amounts for credits earned this year, carried over from the prior year, received from a pass-through entity, used this year, and expired or allocated this year.
- Adoptee SSN(s) if you select code 25, Child Adoption.
- The charitable organization's name if you select code 34, 35, 36, 39, 42, 43, or 45. Attach a statement if needed.
- A statement for the Historic Structure Rehabilitation credit, which is labeled “Attach Statement.”
Common mistakes
- Using double-sided copies or photocopies. The form states: “Duplex and Photocopies NOT Acceptable.”
- Leaving out adoptee SSN(s) when selecting code 25.
- Omitting the charitable organization's name when selecting code 34, 35, 36, 39, 42, 43, or 45. Attach a statement if needed.
- Forgetting the statement required for the Historic Structure Rehabilitation credit.
Questions people ask
Where do I report the total credit used for 2024?
Add column E and enter the total on line 1. The form directs you to enter this amount on Form 80-105, line 19; Form 80-205, line 21; or Form 81-110, line 4.
How do I calculate the credit carryover available for next year?
Column G uses the formula B + C + D − E − F. Add column G and enter the total on line 2 as the total income tax credit available for next year.
What extra information is needed for the Child Adoption credit?
If you select code 25, enter the adoptee SSN(s) in the space provided at line 3.
When do I need to name a charitable organization?
Enter the charitable organization's name at line 4 if you select code 34, 35, 36, 39, 42, 43, or 45. Attach a statement if needed.