84-124: Direct Accounting Income Statement (2024)
Mississippi · Mississippi DOR · Used for tax years 2024
Mississippi Form 84-124 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 84-12
Who files this form
The form identifies two groups and the lines they should complete:
- Producers of mineral or natural resource products: lines 1 through 31.
- Multistate construction contractors: lines 32 through 46. These lines are only for multistate construction contractors.
What you'll need
The form asks for your FEIN and schedules supporting the following entries, as applicable.
For producers completing lines 1 through 31:
- 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 completing lines 32 through 46:
- Adjustments, line 33.
- Total company non-allocable business income, line 36.
- Total company non-allocable general and administrative expenses, line 41.
Common mistakes
- Not rounding amounts to the nearest dollar, as the form directs.
- Completing the wrong set of lines. Producers of mineral or natural resource products should complete lines 1 through 31; only multistate construction contractors complete lines 32 through 46.
- Leaving out schedules where the form says to attach them.
- Not carrying the net income or loss from line 31 or line 46, as applicable, to Form 84-122, line 25.
Questions people ask
Should I round the amounts?
Yes. The form directs you to round to the nearest dollar.
How do I calculate the depreciation balance claimed?
On line 21, subtract depreciation claimed on the return, line 20b, from total depreciation, line 20a.
How do producers calculate net income or loss?
On line 31, add net direct income or loss from line 28 to non-allocable business income or loss from line 29, then subtract non-allocable general and administrative expenses from line 30.
How do multistate construction contractors calculate net income or loss?
On line 46, add Mississippi gross profit from line 35 to Mississippi non-allocable business income from line 40, then subtract Mississippi non-allocable general and administrative expenses from line 45.
Where does the final net income or loss go?
Enter the amount from line 31 or line 46, as applicable, on Form 84-122, line 25.