Mississippi Schedule K-1, Form 84-132-25-8-1-000, is the informational statement that pass-through entities like partnerships and S corporations issue to each partner or shareholder to report that individual’s share of the entity’s Mississippi income, losses, deductions, credits, and other tax items for the year. The form allows recipients to properly report their portion of Mississippi-source income on their personal or composite tax returns while ensuring the entity meets its reporting requirements under Mississippi tax law. It covers ordinary business income, rental income, guaranteed payments, interest, dividends, capital gains, deductions like charitable contributions and Section 179, tax credits, capital account changes, ownership percentages, and pass-through entity tax payments if the entity elected that status. Pass-through entities prepare a separate K-1 for each partner or shareholder, and the aggregate information flows to the entity’s main return, Form 84-110 for partnerships or the appropriate S corporation form. The schedule also captures Mississippi-specific details like apportionment ratios, composite filing indicators, and payments made on behalf of nonresident owners, making it essential for accurate tax compliance at both entity and owner levels. Owners use their K-1 to claim credits, report income, calculate basis, and determine if they owe tax on Mississippi-source distributive shares.
How To File Mississippi Schedule K-1
The pass-through entity prepares a Schedule K-1 for each partner or shareholder and provides a copy to the recipient by the entity’s federal K-1 due date. Attach a copy of each Schedule K-1 to the entity’s Mississippi partnership or S corporation return, Form 84-110 or the equivalent. Owners use their K-1 to complete their individual Mississippi income tax return or composite return. File the entity’s return with all K-1s by the due date, including extensions if applicable.
How To Complete Mississippi Schedule K-1
Part I, Information About The Entity
A Entity FEIN
Enter the entity’s Federal Employer Identification Number.
Tax Year Beginning
Enter the beginning date of the entity’s tax year in MM/DD/YYYY format.
Tax Year Ending
Enter the ending date of the entity’s tax year in MM/DD/YYYY format.
Partnership
Check this box if the entity is a partnership.
S Corporation
Check this box if the entity is an S corporation.
Final K-1
Check this box if this is the final K-1 for a terminating entity.
Amended K-1
Check this box if this is an amended K-1.
B Entity’s name, address, city, state and zip code
Enter the full legal name, street address, city, state, and ZIP code of the pass-through entity.
Part II, Information About The Partner Shareholder
C Partner’s Shareholder’s SSN or FEIN
Enter the partner’s or shareholder’s Social Security Number or FEIN.
D Partner’s Shareholder’s name, address, city, state and zip code
Enter the full name, street address, city, state, and ZIP code of the partner or shareholder.
E General partner or LLC member-manager
Check this box if the recipient is a general partner or LLC member-manager.
Limited partner or other LLC member
Check this box if the recipient is a limited partner or other LLC member.
F If the partner is a disregarded entity (DE), enter the partner’s:
If the partner is a disregarded entity, enter the name and TIN of the owner of the disregarded entity.
G Check box if 5% of the net gain profit was remitted as an estimated tax payment for the partner on Form 84-387
Check this box if the entity remitted 5 percent of the partner’s share of net gain or profit as estimated tax on Form 84-387.
Composite
Check this box if the partner is included in a composite return.
H Partner’s share of profit, loss and capital:
Enter the partner’s percentage share of profits, losses, and capital.
Profit
Enter the percentage share of profits.
Loss
Enter the percentage share of losses.
Capital
Enter the percentage share of capital.
I Shareholder’s percentage of stock ownership for tax year
For S corporations, enter the shareholder’s percentage ownership of stock.
J Partner’s Mississippi Capital Account Analysis
Complete the partner’s capital account analysis for Mississippi purposes.
Beginning capital account
Enter the capital account balance at the start of the tax year.
Capital contributed during the year
Enter amounts the partner contributed to capital during the year.
Current year net income (loss)
Enter the partner’s share of current year net income or loss.
Other increase (decrease)
Enter any other increases or decreases to the capital account.
Withdrawals and distributions
Enter amounts withdrawn or distributed to the partner.
Ending capital account
Calculate the ending capital account balance.
K Mississippi apportionment ratio for tax year
Enter the entity’s Mississippi apportionment ratio.
Part III, Partner’s Shareholder’s Share Of Current Year Income And Deductions
Line 1 Ordinary business income (loss)
Enter the partner’s share of ordinary business income or loss.
Line 2 Net rental real estate income (loss)
Enter the partner’s share of net rental real estate income or loss.
Line 3 Other net rental income (loss)
Enter the partner’s share of other net rental income or loss.
Line 4a Guaranteed payments for services
Enter guaranteed payments for services.
Line 4b Guaranteed payments for capital
Enter guaranteed payments for use of capital.
Line 4c Total guaranteed payments
Add lines 4a and 4b.
Line 5 Interest income
Enter the partner’s share of interest income.
Line 6a Ordinary dividends
Enter ordinary dividends.
Line 6b Qualified dividends
Enter qualified dividends.
Line 6c Dividend equivalents
Enter dividend equivalents.
Line 7 Royalties
Enter the partner’s share of royalties.
Line 8 Net short-term capital gain (loss)
Enter net short-term capital gain or loss.
Line 9a Net long-term capital gain (loss)
Enter net long-term capital gain or loss.
Line 9b Collectibles (28%) gain (loss)
Enter collectibles gain or loss subject to 28 percent tax rate.
Line 9c Unrecaptured section 1250 gain
Enter unrecaptured section 1250 gain.
Line 10 Net section 1231 gain (loss)
Enter net section 1231 gain or loss.
Line 11 Other income (loss)
Enter other income or loss items.
Line 12 Charitable contributions
Enter the partner’s share of charitable contributions.
Line 13 Section 179 deduction
Enter the partner’s share of section 179 deduction.
Line 14 Other deductions
Enter other deduction amounts.
Part IV, Mississippi Tax Credits
Credit Name Credit Code Amount
List each Mississippi tax credit, its code, and the partner’s share amount. Enter the partner’s share of credit from Form 84-401.
Part V, Partner’s Pass-Through Entity Tax Paid
Electing Pass-Through Entity
If the entity elected pass-through entity tax status, enter the electing pass-through entity name.
Enter amount of tax paid by the electing pass-through entity on the partner’s share of income
Enter the tax paid by the entity on behalf of the partner.
Enter amount of payment remitted
Enter the amount remitted as payment.