84-122: Net Taxable Income Schedule (2024)
Mississippi · Mississippi DOR · Used for tax years 2024
Mississippi Form 84-122 is the 2024 Net Taxable Income Schedule for reporting federal business income, state additions and deductions, and income apportioned or allocated to Mississippi. It also calculates Mississippi net taxable income for composite filers and electing pass-thro
Who files this form
The 2024 schedule gives specific completion instructions for these filers:
- Composite filers: Complete lines 29 through 32.
- Electing pass-through entities: Complete lines 33 through 35.
The form does not state a general rule for who must file this schedule.
What you'll need
Have the following forms and schedules available for the lines that apply to you:
- Federal Form 1120S or Form 1065, including Schedule K, for ordinary business income, pass-through income and deductions.
- Form 84-125, Part II, for the apportionment ratio and the box to check on line 21.
- Form 84-150, for nonbusiness income adjustments and income allocated to Mississippi.
- Mississippi K-1s, Form 84-132, which must be attached for income or loss reported on line 24.
- Form 84-124, for Mississippi income or loss from construction contracting or production of natural mineral resource products.
- Form 84-131, for composite net income or loss on line 29.
- Form 84-155, for the net operating loss deduction on line 31 or line 34.
Attach supporting schedules for other additions on line 9, additional depreciation on line 15, other deductions on line 16, other adjustments on line 26, the income exemption on line 27 and the composite return filing adjustment on line 30, as applicable.
Common mistakes
- Not rounding amounts: The form says to round to the nearest dollar.
- Missing the 100% Mississippi shortcut: Complete line 18, then skip to page 2, line 22. Enter the line 18 amount on line 22.
- Missing the multistate direct accounting instruction: Enter zero on line 1 and skip to line 25.
- Leaving line 27 blank when the exemption does not apply: Enter zero instead.
- Transferring a negative taxable income amount to Form 84-105: If line 32 or line 35 is negative, enter zero on Form 84-105, line 5.
- Completing the wrong final section: Composite filers complete lines 29 through 32. Electing pass-through entities complete lines 33 through 35.
Questions people ask
How do I calculate adjusted federal income or loss?
On line 18, add total federal business income or loss from line 4 to total additions from line 10, then subtract total deductions from line 17.
How do I calculate Mississippi apportioned income?
If you are 100% Mississippi, enter line 18 on line 22. Otherwise, multiply apportionable business income or loss on line 20 by the apportionment ratio on line 21.
Where do I report Mississippi income from a partnership, S corporation or trust?
Report it on line 24 and attach the Mississippi K-1s, Form 84-132.
Where does the final taxable income amount go?
Composite filers transfer line 32 to Form 84-105, line 5. Electing pass-through entities transfer line 35 to Form 84-105, line 5. If the amount is negative, enter zero on Form 84-105, line 5.