Mississippi Schedule K is used by a pass-through entity, such as a partnership, LLC, LLP, or S corporation, to report each owner’s share of Mississippi taxable income or loss, tax credits, and tax paid by the electing pass-through entity. In simple terms, this schedule breaks down how much of the entity’s Mississippi tax items belong to each partner or shareholder. It also identifies each owner by name, state of residence, and taxpayer identification number, while showing ownership percentage to the fourth decimal place. If the entity is filing on a composite basis for certain owners, the schedule also indicates that status. The form can include both page 1 and supplemental pages when the entity has more owners than can fit on the first page.
How To Use This Schedule
Complete one row for each partner or shareholder. Enter the identifying details first, then report that owner’s percentage, Mississippi taxable income or loss, any credit code and credit amount, and the tax paid by the electing pass-through entity for that owner.
If you need more space, use the supplemental page and carry the totals to the main page where required. Review the totals carefully so the amounts on the schedule agree with the related entity return.
How to Complete Mississippi Schedule K
Name: Enter the name of the pass-through entity exactly as it appears on the related Mississippi return.
FEIN: Enter the entity’s federal employer identification number.
SSN: If the form requires an SSN field for identification in a specific filing situation, enter the applicable number in the space provided.
Partnership / LLC / LLP (Federal 1065): Check or complete this section if the entity is taxed federally as a partnership and files federal Form 1065.
S Corporation (Federal 1120-S): Check or complete this section if the entity is taxed federally as an S corporation and files federal Form 1120-S.
Column A, Partner’s / Shareholder’s Name: Enter the full legal name of each partner or shareholder.
Column A, State Of Residence: Enter the owner’s state of residence.
Column A, Composite Checkbox: Mark the composite box if that owner is included in a composite filing.
Column A, FEIN / SSN: Enter the owner’s FEIN or SSN, depending on whether the owner is a business entity or an individual.
Column B, Ownership % (To The Fourth Decimal Place): Enter the owner’s percentage interest in the entity, carried out to four decimal places.
Column C, Mississippi Taxable Income (Loss), a: Enter that owner’s share of Mississippi taxable income or loss.
Column C, Credit Code, b: Enter the correct code for any credit being passed through to that owner.
Column C, Credit Amount, c: Enter the amount of the credit associated with the code shown in the previous field.
Column D, Tax Paid By Electing Pass-Through Entity: Enter the amount of Mississippi tax paid by the electing pass-through entity on behalf of that owner.
Totals On Page 1
Line 2, Total Column B, Column C, And Column D (From Above): Add the amounts from the owner rows on page 1 and enter the totals here for the applicable columns.
Line 3, Totals From Additional Pages (From Form 84-131, Page 2): Enter the combined subtotal from any supplemental pages used for additional owners.
Line 4, Total Mississippi Taxable Income (Loss) And Total Tax Credits: Add the Mississippi taxable income or loss and total credits from lines 2 and 3. If the filing is composite, enter the total composite income or loss from the related composite return line referenced on the form.
Line 5, Total Tax Paid By Electing Pass-Through Entity: Add the tax paid amounts from line 2 and line 3, then enter the total here.
Supplemental Page Instructions
Use the supplemental page when page 1 does not provide enough owner lines. Complete the same owner information and columns on each added page.
Supplemental Page, Partner’s / Shareholder’s Name: Enter the owner’s full name.
Supplemental Page, State Of Residence: Enter the owner’s state of residence.
Supplemental Page, Composite Checkbox: Mark this box if the owner is part of the composite filing.
Supplemental Page, FEIN / SSN: Enter the owner’s taxpayer identification number.
Supplemental Page, Ownership %: Enter the ownership percentage to the fourth decimal place.
Supplemental Page, Mississippi Taxable Income (Loss), a: Enter the owner’s share of Mississippi taxable income or loss.
Supplemental Page, Credit Code, b: Enter the applicable credit code.
Supplemental Page, Credit Amount, c: Enter the related credit amount.
Supplemental Page, Tax Paid By Electing Pass-Through Entity: Enter the amount of tax paid on behalf of that owner.
Supplemental Page, Subtotal: Add the amounts in Columns B, C, and D for that supplemental page and enter the subtotal. Then carry that subtotal to the main return line indicated.
Tips For Completing The Form Correctly
- Use one line per owner.
- Make sure names and identification numbers match the entity’s records.
- Report ownership percentages to four decimal places.
- Double-check whether any owner should be marked as composite.
- Reconcile page 1 totals with any supplemental page subtotals before filing.
What This Article Covers
This article explains how to complete Mississippi Schedule K for each owner of a pass-through entity, including identification details, ownership percentages, income or loss, credits, and entity-paid tax.