A Mississippi insurance company income tax return is the state filing used by insurance companies to report income, deductions, apportionment, and the final amount of Mississippi taxable income for the year. It is designed for insurers that need to show company-wide figures, Mississippi-specific figures, and the calculations used to move from gross income to net taxable income, including premium income, investment income, reserve adjustments, allocated deductions, apportioned deductions, and any retaliatory tax amounts that apply. The return also asks for officer information, preparer details, signatures, and supporting schedules, so it is not just a tax computation page, it is a full compliance filing that ties together the company’s annual statement data and Mississippi tax reporting obligations.
How To File Mississippi Insurance Company Income Tax Return
Prepare the return using the company’s annual statement and supporting schedules, then complete the Mississippi and company-wide columns where required. After the tax computation is finished, sign the return, include preparer information if applicable, attach all supporting schedules, and mail the completed filing to the address listed on the form.
How To Complete Mississippi Insurance Company Income Tax Return
Line 1: Enter the direct premiums amount, excluding accident and health premiums, then subtract return premiums if they apply. Use the Mississippi column for Mississippi business and the company-wide column for total company figures.
Line 2: Enter direct accident and health premiums. This line captures premium income from accident and health coverage separately from other direct premiums.
Line 3: Report reinsurance assumed. Include the amounts the company took on from other insurers.
Line 4: Enter considerations for annuities. Use the same source figures you use in the annual statement.
Line 5: Enter considerations for supplementary contracts. These amounts should match the company’s books and annual statement data.
Line 6: Enter gross investment income. This is the company’s investment income before any deductions.
Line 7: Enter matured endowments. Include the total amount shown for that category.
Line 8: Enter other income not already captured on the earlier lines. Make sure it is income that belongs in the return’s income computation.
Line 9: Add Lines 1 through 8 and enter the total net income.
Line 10: Enter unearned premiums from December 31 of the current year. Use the year-end figure required by the form.
Line 11: Enter reinsurance ceded. This is the amount the company transferred out through reinsurance.
Line 12: Enter dividends to policyholders. Include policyholder dividend amounts as required.
Line 13: Add Lines 10 through 12 and enter total deductions.
Line 14: Subtract Line 13 from Line 9 to arrive at gross income.
Line 15: Enter total deductions allocated and apportioned from the deduction schedule. This amount comes from the later pages of the return.
Line 16: Enter Mississippi net operating loss from the related loss form if you have an allowable loss carryforward.
Line 17: Subtract Lines 15 and 16 from Line 14 to calculate net taxable income or loss. Enter the result in the space directed on the form, or on the related return line if the filing instructions require it.
Part I Expense Ratios
Loss Adjustment Expenses: Enter direct loss adjustment expenses in the Mississippi, company-wide, and ratio columns as required.
Accident And Health Expenses: Report accident and health expense amounts based on direct premiums and reinsurance assumed.
Other Underwriting Expenses: Enter the underwriting expenses tied to direct premiums, return premiums, annuity considerations, and reinsurance assumed.
Investment Expenses: Report expenses connected to gross investment income.
Commissions: Enter commission amounts on the line provided.
Gross Premium Privilege Tax: Include the gross premium privilege tax amount.
Other Allocable Taxes: Report other taxes that can be allocated.
Rent, Allocated: Enter allocated rent expenses.
Medical And Inspection Fees, Allocated: Report these allocated fees on the designated line.
Agency Expense: Enter agency expense amounts and attach a schedule if the form requires detail.
Other Allocable Deductions: Report any additional allocable deductions and attach a schedule.
Applicable Ratios: Compute the Mississippi ratio using the figures shown on the form so the related deduction apportionment can be calculated correctly.
Part II Allocated Deductions
Totals: Enter the totals for allocated deductions using the Mississippi and company-wide columns as needed.
Expense Columns: Make sure each allocated deduction is placed in the correct column before the totals are carried forward.
Supporting Detail: If a deduction needs further explanation, attach a supplementary schedule rather than crowding the main return.
Part III Deductions Apportioned
Line 1: Calculate totals by subtracting total column B from total column A.
Line 2: Enter the applicable expense apportionment ratio from Part I.
Line 3: Multiply Line 1 by Line 2 to find the amount apportioned to Mississippi.
Carryforward: Enter the Mississippi apportioned amount on the line directed by the form for total apportioned expenses.
Part IV Deductions Apportioned From Annual Statement
Separate Apportionment: Expenses in this section must be apportioned separately.
Column Entries: List the amounts by description and taxing authority where requested.
Line 21: Enter non-allocable loss adjustment expenses.
Line 22: Enter total apportioned expenses from the previous part of the return.
Line 23: Add Lines 20, 21, and 22 to calculate total allocated and apportioned deductions, then carry that amount back to the income section.
Part V Retaliatory Taxes Paid
Mississippi Corporations Only: Complete this section only if the filing instructions apply to Mississippi corporations.
Line 1: Enter total retaliatory tax amounts from the column B totals.
Documentation: Attach copies of returns that show the taxes paid to other taxing authorities.
Supporting Pages: Add supplementary pages if the retaliatory tax information does not fit on the form.
Signature And Certification
Officer Signature: An authorized officer must sign and date the return.
Paid Preparer Signature: If a paid preparer assisted with the filing, the preparer must sign and date the return too.
Preparer Details: Include the preparer address, PTIN, phone number, city, state, and ZIP code if applicable.
Declaration: By signing, the filer certifies under penalties of perjury that the return is true, correct, and complete.
Mailing Instructions
Mailing Address: Send the completed return to the Mississippi Department of Revenue at the mailing address printed on the form.
Attachments: Include all required schedules, statements, and supporting documents with the return.
Review: Before mailing, check all calculations, ratios, signatures, and carryforward amounts one more time.