Form 85 132 02 8 1 000 – Fill Out and Use This PDF

The form 85-132-02-8-1-000, known as the Mississippi S-Corporation Mississippi Schedule K-1, is a comprehensive document designed for reporting a shareholder's distributive share of income, deductions, credits, and other items from an S-Corporation. Aimed at streamlining the process for both shareholders and the corporation, this form plays a crucial role in ensuring accurate tax reporting and compliance with Mississippi tax laws. Get a head start on your tax preparations by filling out the form efficiently with the button below.

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Form 85 132 02 8 1 000 PDF Details

The Form 85-132-02-8-1-000, revised as of December 2002, serves as a critical document for Mississippi S-Corporations, providing a detailed Schedule K-1 for shareholders. This form comprehensively captures the shareholder's Social Security Number (SSN), the S-Corporation's Federal Employer Identification Number (FEIN), the shareholder's FEIN, and their respective names and addresses, alongside the shareholder’s percentage of stock ownership for the tax year. It facilitates the reporting of the Mississippi Distributive Share Items, emphasizing ordinary income or losses from various business activities, portfolio income, including interest and dividends, and specific income or losses such as those under IRS Section 1231 or from charitable contributions. Additionally, it itemizes deductions related to portfolio income, other deductions, and interest expenses on investment debts, presenting a methodology for the calculation of tax credits limited to income from S-Corporation activities. On page 2, the form outlines general restrictions on credits, detailing the utilization and carryforward guidelines for various tax credits available to shareholders, such as the ad valorem tax credit, the jobs tax credit, and the reforestation tax credit. This document not only provides key financial information for the year but also guides shareholders through the proper declaration and maximization of potential tax credits in accordance with Mississippi tax laws, making it an indispensable tool for S-Corporation shareholders within the state.

Question	Answer
Form Name	Form 85 132 02 8 1 000
Form Length	2 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	30 sec
Other names	85132028 mississippi schedule k1 2014 form

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Form 85-132-02-8-1-000 (Rev. 12/02)

Mississippi

S-Corporation

Mississippi Schedule K-1

.. . . . . . . . .. . . . .. . . . . .
.		.	.	.	.	Page 1
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	Year ..	.	.	.	.
		. . . . .. . . . .. . . . .. . . . ..
Shareholder's SSN						S-Corporation's FEIN

Shareholder's FEIN

Shareholder's Name

Street Address

City, State, Zip Code

A. Shareholder's percentage of stock ownership for tax year

S-Corporation Name

Street Address

City, State, Zip Code

........ ... ... ... ........... ... ... ... .......... ... ... ... .................................................. %

B. Check applicable boxes:

.. . ..	Final K-1
. .	Final K-1
. . .

.. . ..	Amended K-1	.. . ..
. .	Amended K-1	. .
. . .		. . .

Included in non-resident composite return

(Investor is not required to report this distubutive share on Mississippi Non-Resident income tax return.)

		Mississippi Distributive Share Item
		Ordinary income (Loss) from trade or business activities
	1.	Ordinary income (Loss) from trade or business activities
	2.	Net income (Loss) from rental real estate activities
	3.	Net income (Loss) from other rental activities
	4.	Portfolio Income:
(Loss)	a. Interest
(Loss)	b. Dividends
	b. Dividends
Income	c. Royalties
Income	d. Net short-term capital gain (Loss)
	d. Net short-term capital gain (Loss)
	e. Net long-term capital gain (Loss)
	f. Other portfolio income (Loss)
	5.	Net gain (Loss) under IRS Section 1231 (Other than due to casualty or theft)
	6.	Other income (Loss)
	7.	Charitable contributions (Attach Schedule)
Deductions	7.	Charitable contributions (Attach Schedule)
Deductions	8.	IRS Section 179 expense deductions
	8.	IRS Section 179 expense deductions
	9.	Deductions related to portfolio income (Attach Schedule)
	10. Other deductions (Attach Schedule)
	11a. Interest expense on investment debts
Interest Expense	11a. Interest expense on investment debts
Interest Expense	11b. (1) Investment income included on lines 4a, 4b, 4c, and 4f above

	11b. (2) Investment expenses included. .in.		line 10 above . . .
		. .		. .
		. .	Paid	. .
	12. Total foreign taxes (Check one): . . .		Paid	. . . Accrued
Other	13a. Total expenditures to which an IRS Section 59(e) election may apply
Other	13b. Type of expenditures:
	_______________________________________________________________________________

Amount

4a.

4b.

4c.

4d.

4e.

4f.

10.

11a 11b(1).

11b(2).

12.

13a

13b.

SHAREHOLDER'S SHARE OF CURRENT YEAR TAX CREDITS

Total credits limited to the income tax from S-Corporation income (See instructions on back of form)

1.Ad Valorem Tax Credit

2.Other credits: (Enter description and code number)

a. ___________________________________________________________________________

b. ___________________________________________________________________________

c.___________________________________________________________________________

d. ___________________________________________________________________________

	Code
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. . . . . .... . . .Credit.. . . . .. .Amount. . ... . . . .. . . . . .. . . ..

.... . . . . .... . . . ..... . . . . ..... . . . .... . . . ..... . . . ..... . . . .....

. . . . . ... . . . . ... . . . .. . . . ... . . . .. . . . . .. . . ..

..... . . . . ...... . . . . ...... . . . ...... . . . ..... . . . ...... . . . . ...... . . ......

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......... .. .. .. .. .......... .. .. .. ............ .. .. .. ........... .. .. .. ......... .. .. .. ........... .. .. .. ............. .. .. ...........

(over)

Form 85-132-02-8-2-000 (Rev. 12/02)

GENERAL RESTRICTIONS ON CREDITS

Mississippi

S-Corporation

Mississippi Schedule K-1

Page 2

Generally, partners share of current year's tax credits may only be used to offset income tax imposed on partnership income. The total of the jobs tax credit, headquarters credit, research and development skills credit, and the basic skills training and retraining credit cannot exceed 50% of the total income tax liability. The child/ dependent care credit can be used against 100% of income tax due. The export port charges credit cannot exceed 50% of the amount of income tax for the taxable year reduced by the sum of all other credits. The reforestation tax credit shall not exceed the lesser of $10,000 or the amount of income tax imposed upon the eligible owner for the taxable year reduced by the sum of all other credits allowable to the eligible owner. The ad valorem tax credit and gambling license fee credit may be claimed only in the year in which the ad valorem taxes and gambling license fees are paid. Any excess and/or unused ad valorem tax credit or gambling license fee credit, cannot be carried forward. Unused portions of the jobs tax credit, headquarters credit, research and development skills credit, child/dependent care credit, job training and retraining, and export port charges credit can be carried forward for up to 5 years. Any unused portion of the reforestation tax credit may be carried forward for succeeding tax years. The maximum reforestation tax credit that an eligible owner may utilize during their lifetime shall be $10,000 in the aggregate.

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Form 85 132 02 8 1 000 – Fill Out and Use This PDF

Form 85 132 02 8 1 000 PDF Details

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