83-122: Net Taxable Income Schedule (2024)
Mississippi · Mississippi DOR · Used for tax years 2024
Mississippi Form 83-122 calculates Mississippi net taxable income or loss for 2024. It reports adjustments to federal taxable income, income apportioned or allocated to Mississippi, and Mississippi deductions and exemptions.
What you'll need
Depending on which lines apply, have these forms and schedules ready:
- Federal Form 1120, page 1, line 28, for federal taxable income before net operating loss deductions and special deductions.
- Form 83-150 for nonbusiness income adjustments and income allocated to Mississippi.
- Form 83-125, Part II, for the apportionment ratio and checkbox selection.
- Mississippi K-1s, Form 84-132, attached for Mississippi income or loss from a partnership, S corporation or trust on line 22.
- Form 83-124 for Mississippi income or loss from construction contracting or production of natural mineral resource products.
- Form 83-155 for Mississippi capital loss and net operating loss deductions.
Attach schedules for other additions on line 7, additional depreciation on line 13, other deductions on line 14, other adjustments on line 26 and any income exemption on line 29.
Common mistakes
- Not rounding amounts. The form says to round to the nearest dollar.
- Missing the multistate direct accounting instruction. If using multistate direct accounting, enter zero on line 1 and skip to line 23.
- Completing unnecessary apportionment lines. If 100% Mississippi, complete line 16, then skip to page 2, line 20 and enter the line 16 amount there.
- Leaving line 29 blank when no exemption applies. Enter zero if the income exemption is not applicable.
- Transferring a negative amount to Form 83-105, line 5. If line 30 is negative, enter zero on Form 83-105, line 5.
Questions people ask
How do I calculate adjusted federal income or loss?
On line 16, add line 1 and line 8, then subtract line 15. Line 8 totals additions from lines 2 through 7, and line 15 totals deductions from lines 9 through 14.
How do I calculate Mississippi apportioned income or loss?
If 100% Mississippi, enter line 16 on line 20. Otherwise, multiply line 18 by the apportionment ratio on line 19.
How do I calculate Mississippi net taxable income or loss?
First, add lines 20 through 26 to get line 27. Then subtract the Mississippi net operating loss deduction on line 28 and the income exemption on line 29. Enter the result on line 30.
Where does the line 30 result go?
Enter it on Form 83-105, line 5. If the result is negative, enter zero there. If filing combined, enter the income or loss on Form 83-310.