83-124: Direct Accounting Income Statement (2025)
Mississippi · Mississippi DOR · Used for tax years 2025
Mississippi Form 83-124 is the 2025 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 for entry on Form 83-
Who files this form
The 2025 Mississippi Direct Accounting Income Statement identifies two groups that complete it:
- Producers of mineral or natural resource products should complete lines 1 through 31.
- Multistate construction contractors complete lines 32 through 46. The form says only these contractors complete those lines.
What you'll need
Have your federal employer identification number (FEIN) and the income, deduction, sales, and cost figures needed for your part of the form.
For lines 1 through 31, the form calls for attached schedules for:
- Cost of goods sold and/or operations.
- Dividends.
- Allocable capital gain and allocable net gain or loss.
- Other income or loss.
- Taxes.
- Other deductions.
- Non-allocable business income or loss.
- Non-allocable general and administrative expenses.
For multistate construction contractors completing lines 32 through 46, the form calls for attached schedules for adjustments, total company non-allocable business income, and total company non-allocable general and administrative expenses.
Common mistakes
- Do not enter cents. The form says to round to the nearest dollar.
- Do not complete the wrong set of lines. Producers of mineral or natural resource products complete lines 1 through 31; only multistate construction contractors complete lines 32 through 46.
- Do not leave out schedules where the form says “attach schedule.”
- Remember to enter the net income or loss from line 31 or line 46, whichever section you complete, on Form 83-122, line 23.
Questions people ask
How should I round amounts?
Round to the nearest dollar.
How is net direct income or loss calculated?
Line 28 is total income on line 11 minus total deductions on line 27.
How do producers calculate the net income or loss on line 31?
Add net direct income or loss on line 28 to non-allocable business income or loss on line 29, then subtract non-allocable general and administrative expenses on line 30.
How do multistate construction contractors calculate the net income or loss on line 46?
Add Mississippi gross profit on line 35 to Mississippi non-allocable business income on line 40, then subtract Mississippi non-allocable general and administrative expenses on line 45.
Where does the final net income or loss go?
The form directs you to enter the result from line 31 or line 46 on Form 83-122, line 23.