84-124: Direct Accounting Income Statement (2025)
Mississippi · Mississippi DOR · Used for tax years 2025
Mississippi Form 84-124 is the 2025 Direct Accounting Income Statement for producers of mineral or natural resource products and multistate construction contractors. It reports income, deductions, and Mississippi allocation calculations to determine net income or loss to enter on
Who files this form
The 2025 Mississippi Direct Accounting Income Statement gives directions for 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 says only these contractors should complete those lines.
What you'll need
The form asks for your FEIN on each page. It also calls for attached schedules for the following entries in the section you complete:
- Lines 1 through 31: Cost of goods sold and/or operations, dividends, allocable capital gain, allocable net gain or loss, other income or loss, taxes, other deductions, non-allocable business income or loss, and non-allocable general and administrative expenses.
- Lines 32 through 46: Adjustments, total company non-allocable business income, and total company non-allocable general and administrative expenses.
Common mistakes
- Not rounding amounts: The form says to round to the nearest dollar.
- Completing the wrong section: 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: Attach schedules where the form requests them.
- Not transferring the result: The form directs you to enter the net income or loss from line 31 or line 46, depending on the section completed, on Form 84-122, line 25.
Questions people ask
How do I calculate net direct income or loss?
Subtract total deductions on line 27 from total income on line 11. Enter the result on line 28.
How is the depreciation balance calculated?
Subtract depreciation claimed on the return, line 20b, from total depreciation, line 20a. Enter the balance on line 21.
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 calculate 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.
Where does the final net income or loss go?
For producers, line 31 is line 28 plus line 29 minus line 30. For multistate construction contractors, line 46 is line 35 plus line 40 minus line 45. Enter the applicable result on Form 84-122, line 25.