The Mississippi Summary of Net Income Schedule, also known as Form 83-310, is used to summarize each company’s Mississippi income tax credits and net taxable income or loss for the tax year. It is mainly designed for a reporting company and its subsidiary companies when more than one company’s information must be listed together. The schedule separates the information into three main parts: company identification, credit information, and net taxable income or loss. Column A identifies each company by name and FEIN. Column B reports each credit code and the related credit amount. Column C reports each company’s net taxable income or loss. After each company is listed, the schedule totals the credit amounts and the net taxable income or loss amounts. The final totals are then carried to the proper Mississippi return, either Form 83-105 or Form 83-391, depending on which return the taxpayer is filing. In simple terms, this schedule works as a summary page that gathers all company-level credit and income figures in one place so the Mississippi return can show the correct combined credit amount and the correct total net taxable income or loss.
How To File The Mississippi Summary Of Net Income Schedule
Complete this schedule before finalizing the Mississippi return if the taxpayer needs to report a reporting company and subsidiary company information together.
Enter all amounts rounded to the nearest dollar. Do not use cents unless the form field requires a decimal display.
Start with the FEIN at the top of the schedule. Then complete Column A, Column B, and Column C for the reporting company and each subsidiary company.
Use page 2 if there are more companies than can fit on page 1. Add the page 2 totals and carry them back to page 1, line 4.
After page 1 is complete, transfer the final totals from line 5 to the proper Mississippi return. The total credit amount from Column B goes to Form 83-105, page 1, line 7, or Form 83-391, page 1, line 4. The total net taxable income or loss from Column C goes to Form 83-105, page 1, line 5, or Form 83-391, page 1, line 1. If the total in Column C is negative, enter zero on the return line for net taxable income.
How To Complete The Mississippi Summary Of Net Income Schedule
Top Of The Schedule
FEIN: Enter the Federal Employer Identification Number for the taxpayer filing the schedule. Make sure it matches the FEIN used on the related Mississippi return.
Round To The Nearest Dollar: Report all amounts as whole dollars. Round amounts of 50 cents or more up to the next dollar, and round amounts under 50 cents down.
Column Instructions
Column A: Name Of Company And FEIN: Enter the legal name of each company and its FEIN. Use this column to identify the reporting company first, then each subsidiary company.
Column B: Credit Code And Credit Amount: Enter the correct credit code for each income tax credit claimed by the company. Then enter the dollar amount for that credit. If one company has more than one credit, list each credit on a separate credit line within that company’s section.
Column C: Net Taxable Income Or Loss: Enter the net taxable income or loss for each company. Use a loss figure when the company has a net taxable loss.
Page 1
Line 1: Reporting Company: Enter the reporting company’s name and FEIN in Column A. In Column B, enter each applicable credit code and credit amount for the reporting company. In Column C, enter the reporting company’s net taxable income or loss.
Line 2: Subsidiary Companies: Enter each subsidiary company’s name and FEIN in Column A. For each subsidiary, enter any credit codes and credit amounts in Column B. Then enter that subsidiary’s net taxable income or loss in Column C.
Line 2 Additional Company Row: Use the next available company row for another subsidiary. Enter the subsidiary name, FEIN, credit information, and net taxable income or loss.
Line 2 Additional Company Row: Use this row for the next subsidiary company. Complete Column A for the company name and FEIN, Column B for credits, and Column C for net taxable income or loss.
Line 2 Additional Company Row: Use this row for another subsidiary company if needed. Enter the same type of information: company name, FEIN, credit codes, credit amounts, and net taxable income or loss.
Line 3: Total Column B And Column C From Lines 1 And 2: Add all credit amounts reported on page 1 for the reporting company and subsidiary companies. Enter that total in Column B. Then add all net taxable income or loss amounts reported on page 1 and enter that total in Column C.
Line 4: Totals From Page 2: If page 2 is used, enter the page 2 total credit amount in Column B and the page 2 total net taxable income or loss in Column C. If page 2 is not used, leave this line blank or enter zero if required by the filing method.
Line 5: Total Income Tax Credits And Net Taxable Income Or Loss: Add line 3 and line 4. Enter the total income tax credits in Column B. Enter the total net taxable income or loss in Column C. Carry the Column B total to Form 83-105, page 1, line 7, or Form 83-391, page 1, line 4. Carry the Column C total to Form 83-105, page 1, line 5, or Form 83-391, page 1, line 1. If Column C is negative, enter zero on the related return line for net taxable income.
Page 2
Use page 2 only when page 1 does not provide enough room for all companies.
FEIN: Enter the same FEIN used on page 1 so the continuation page matches the main schedule.
Page 2 Company Row 1: Enter the company name and FEIN in Column A. Enter any credit codes and credit amounts in Column B. Enter the company’s net taxable income or loss in Column C.
Page 2 Company Row 2: Use this row for the next company. Complete the company name, FEIN, credit code, credit amount, and net taxable income or loss.
Page 2 Company Row 3: Use this row for another company if needed. Make sure the credit lines in Column B match the company listed in Column A.
Page 2 Company Row 4: Enter the next company’s information. Include all applicable credit codes, credit amounts, and the correct net taxable income or loss.
Page 2 Company Row 5: Use this row for the final company listed on page 2. Complete Columns A, B, and C in the same way as the earlier rows.
Page 2 Totals: Add all credit amounts listed in Column B on page 2 and enter the total in Column B. Add all net taxable income or loss amounts listed in Column C on page 2 and enter the total in Column C. Transfer these page 2 totals to page 1, line 4.