83-124: Direct Accounting Income Statement (2024)
Mississippi · Mississippi DOR · Used for tax years 2024
Mississippi Form 83-124 is the 2024 Direct Accounting Income Statement for producers of mineral or natural resource products and multistate construction contractors. It reports income, costs, deductions, and allocated expenses to calculate net income or loss entered on Form 83-12
Who files this form
The 2024 Mississippi Direct Accounting Income Statement identifies two groups:
- Producers of mineral or natural resource products should complete lines 1 through 31.
- Multistate construction contractors complete lines 32 through 46. The form states that only multistate construction contractors complete these lines.
What you'll need
The form asks for your FEIN and calls for attached schedules for these entries:
- Cost of goods sold and/or operations, line 2.
- Dividends, line 4.
- Allocable capital gain, line 8.
- Allocable net gain or loss, line 9.
- Other income or loss, line 10.
- Taxes, line 17.
- Other deductions, line 26.
- Non-allocable business income or loss, line 29.
- Non-allocable general and administrative expenses, line 30.
For multistate construction contractors, the form also calls for schedules for adjustments on line 33, total company non-allocable business income on line 36, and total company non-allocable general and administrative expenses on line 41.
Common mistakes
- Do not leave amounts unrounded. The form says to round to the nearest dollar.
- Do not complete lines 32 through 46 unless you are a multistate construction contractor.
- Do not omit schedules where the form says to attach them.
- Remember to enter the net income or loss from line 31 or line 46, as applicable, on Form 83-122, line 23.
Questions people ask
How do I calculate the depreciation balance on line 21?
Subtract depreciation claimed on the return, line 20b, from total depreciation, line 20a.
How do I calculate net income or loss on line 31?
Add line 28, net direct income or loss, and line 29, non-allocable business income or loss. Then subtract line 30, non-allocable general and administrative expenses. Enter the result on Form 83-122, line 23.
How do multistate construction contractors calculate Mississippi non-allocable business income?
Divide total Mississippi sales on line 37 by total company sales on line 38 to get the ratio on line 39. Multiply total company non-allocable business income on line 36 by that ratio and enter the result on line 40.
How do multistate construction contractors calculate net income or loss on line 46?
Add Mississippi gross profit on line 35 and Mississippi non-allocable business income on line 40. Subtract Mississippi non-allocable general and administrative expenses on line 45. Enter the result on Form 83-122, line 23.