84-122: Net Taxable Income Schedule (2025)
Mississippi · Mississippi DOR · Used for tax years 2025
Mississippi Form 84-122 is the 2025 Net Taxable Income Schedule for S corporations and partnerships. It reports federal business income, state additions and deductions, and income apportioned or allocated to Mississippi. It also calculates net taxable income for composite filings
Who files this form
The 2025 Net Taxable Income Schedule includes income entries from federal Form 1120S or Form 1065 and separate sections 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 requirement for who must file this schedule.
What you'll need
Have your FEIN and the records needed for the lines that apply to you:
- Federal Form 1120S or Form 1065: Ordinary business income or loss and Schedule K income and deductions.
- Form 84-125, Part II: Apportionment ratio and the box to check on line 21.
- Form 84-150: Nonbusiness income or loss for lines 19 and 23.
- Mississippi K-1s, Form 84-132: Attach these for Mississippi income or loss from a partnership, S corporation, or trust on line 24.
- Form 84-124: Construction contracting or natural mineral resource products income or loss for line 25.
- Form 84-131: Mississippi composite net income or loss for line 29.
- Form 84-155: Net operating loss deduction for line 31 or line 34.
Attach schedules for other additions on line 9, additional depreciation on line 15, other deductions on line 16, other adjustments on line 26, an income exemption on line 27, and a 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 multistate direct accounting instruction: Enter zero on line 1 and skip to line 25 if using multistate direct accounting.
- Missing the 100% Mississippi shortcut: Complete line 18, then skip to page 2, line 22. Enter the line 18 amount on line 22.
- Leaving line 27 blank when the exemption does not apply: Enter zero instead.
- Forgetting required attachments: Attach the schedules and Mississippi K-1s requested for the applicable lines.
- 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.
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 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 Mississippi K-1s, Form 84-132.
How do composite filers calculate net taxable income?
Complete lines 29 through 32. On line 32, subtract the filing adjustment on line 30 and the net operating loss deduction on line 31 from line 29. Transfer the result to Form 84-105, line 5, but enter zero there if the result is negative.
How do electing pass-through entities calculate net taxable income?
Complete lines 33 through 35. Enter the line 28 amount on line 33, then subtract the net operating loss deduction on line 34. Transfer the line 35 result to Form 84-105, line 5, but enter zero there if the result is negative.