84-132: Schedule K-1 (2024)
Mississippi · Mississippi DOR · Used for tax years 2024
Mississippi Schedule K-1 (Form 84-132) reports a partner's or S corporation shareholder's share of current-year income, deductions and Mississippi tax credits. It also includes ownership information and, if applicable, pass-through entity tax paid on the partner's share of income
What you'll need
To complete the 2024 Schedule K-1, gather the information requested on the form:
- The entity's FEIN, name and address, and tax year beginning and ending dates.
- The partner's or shareholder's SSN or FEIN, name and address. If the partner is a disregarded entity, the form also asks for its name and TIN.
- The partner's profit, loss and capital percentages and Mississippi capital account details, or the shareholder's stock ownership percentage.
- The Mississippi apportionment ratio and the partner's or shareholder's share of income, losses and deductions.
- Form 84-401 for the partner's share of Mississippi tax credits, including credit names, codes and amounts.
- Any estimated tax payment remitted for the partner on Form 84-387 and any electing pass-through entity tax paid on the partner's share of income.
Questions people ask
What does the 2024 Mississippi Schedule K-1 report?
It reports information about the entity and the partner or shareholder, along with the partner's or shareholder's share of current-year income and deductions. It also includes sections for Mississippi tax credits and pass-through entity tax paid.
Can the form identify a final or amended K-1?
Yes. The form has separate boxes for “Final K-1” and “Amended K-1.”
Where do Mississippi tax credits go?
Part IV asks for the credit name, credit code and amount. It directs you to enter the partner's share of credit from Form 84-401.
What is the estimated tax payment box for?
Item G says to check the box if 5% of the net gain or profit was remitted as an estimated tax payment for the partner on Form 84-387. The form also asks for the amount remitted.
What goes in Part V?
If the election was made to be taxed as an electing pass-through entity, enter the amount of tax the electing pass-through entity paid on the partner's share of income.