81-131: Fiduciary Beneficiaries Shares of Income (2024)
Mississippi · Mississippi DOR · Used for tax years 2024
Mississippi Form 81-131, Fiduciary Schedule K, reports beneficiaries’ shares of estate or trust income for 2024. It lists each beneficiary’s identifying information, state of residence, ownership percentage, income taxable to Mississippi, and non-Mississippi income for nonresiden
Who files this form
Form 81-131 is Mississippi’s 2024 Fiduciary Schedule K for reporting beneficiaries’ shares of estate or trust income.
Each beneficiary must report the amount taxable to them as Mississippi income:
- Resident beneficiaries must use Mississippi Resident Individual Income Tax Form 80-105.
- Nonresident beneficiaries must report their distributive share on Mississippi Nonresident or Part-year Individual Income Tax Form 80-205.
What you'll need
Have the following information ready:
- The fiduciary’s name, address and FEIN.
- Each beneficiary’s name, address, SSN or FEIN, and state of residence.
- Each beneficiary’s ownership percentage.
- Income taxable to Mississippi for resident and nonresident beneficiaries.
- Non-Mississippi income for nonresident beneficiaries only.
A Mississippi Fiduciary Schedule K-1, Form 81-132, should be prepared for each beneficiary. Copies of all Mississippi Schedule K-1s should be attached to the fiduciary return.
How to file
List each beneficiary’s information, ownership percentage and income allocations on Schedule K. The form includes supplemental pages for additional entries.
Total the amounts on each supplemental page, then include the supplemental-page totals and page 1 totals in the grand totals. The amount allocated to beneficiaries is the total of columns C and D.
Prepare a Mississippi Fiduciary Schedule K-1, Form 81-132, for each beneficiary and attach copies of all Mississippi Schedule K-1s to the fiduciary return. The supplied form does not provide a mailing address or e-filing directions.
Common mistakes
- Do not use duplex printing or photocopies. The form says these are not acceptable.
- Enter ownership percentages in the printed format: for example, enter 25% as 25.00.
- Use the non-Mississippi income column only for nonresident beneficiaries.
- Remember to prepare Form 81-132 for each beneficiary and attach copies of all Mississippi Schedule K-1s to the fiduciary return.
Questions people ask
Does each beneficiary need a separate Schedule K-1?
Yes. The form says a Mississippi Fiduciary Schedule K-1, Form 81-132, should be prepared for each beneficiary.
Where do resident beneficiaries report their income?
Resident beneficiaries must report the income on Mississippi Resident Individual Income Tax Form 80-105.
Where do nonresident beneficiaries report their distributive share?
Nonresident beneficiaries must use Mississippi Nonresident or Part-year Individual Income Tax Form 80-205.
How is the total amount allocated to beneficiaries calculated?
Add the totals of columns C and D. The form also provides spaces for page 1 totals, supplemental-page totals and grand totals.