84-161: Tax Credit For Income Tax Paid By Electing Pass-Through Entity (2024)
Mississippi · Mississippi DOR · Used for tax years 2024
Mississippi Form 84-161 reports Mississippi taxable income and taxes paid on your behalf by electing pass-through entities. It calculates the credit claimed against net income tax due and any excess credit.
Who files this form
Complete Form 84-161 if you are filing a composite or electing pass-through entity return and received credit for taxes paid on your behalf by another electing pass-through entity in which you are an owner, member, shareholder or partner.
What you'll need
Have the following ready:
- The Mississippi K-1s you received from electing pass-through entities. These must be attached to the return.
- Each entity’s name, FEIN, Mississippi taxable income and amount of taxes paid on your behalf.
- Your net income tax due from Form 83-105 or Form 84-105, page 1, line 8.
Common mistakes
- Leaving out the Mississippi K-1s received from electing pass-through entities. The form requires you to attach them to the return.
Questions people ask
How much credit do I claim on line 5?
Enter the lesser of line 3D, the total taxes paid on pass-through entity returns, or line 4, your net income tax due.
How do I calculate excess credit?
Subtract line 5 from line 3D and enter the result on line 6.
Where do I report the total taxes paid on my behalf?
Include the amount from line 3D on Form 83-105, page 1, line 12, or Form 84-105, page 1, line 12.
What if I need more space to list entities?
Use the supplemental page. Total columns C and D on the additional pages and enter those totals on page 1, line 2, in the corresponding columns.