Supported Forms

The following Mississippi forms are supported in Drake Tax 2023. Forms denoted with can be e-signed.

Form	Description	IND	CRP	SCRP	PTR	FID
	Federal/State Depreciation Difference Worksheets	P	P	P	P	P
21-002	MS Power of Attorney	P	P	P	P	P
73-033	Personal Property Rendition	P
80-105	Resident Individual Income Tax Return	P
80-106	Individual/Fiduciary Income Tax Voucher	P				P
80-107	W-2 Income/Withholding Tax Schedule	P				P
80-108	Schedules A, B, and N	P
80-115 (MS8453-IIT)	Declaration for Electronic Filing	P
80-115OL	Online Electronic Filing Declaration	P
80-155	Net Operating Loss Schedule	P
80-160	Tax Credit for Income Tax Paid to Other States	P				P
80-161	Tax Credit for Tax Paid by an Electing Pass-Through Entity	P				P
80-205	Nonresident/Part-Year Resident Income Tax Return	P
80-315	Reforestation Tax Credit	P	P	P	P	P
80-320	Interest and Penalty Worksheet	P
80-340	Affidavit for Reservation Indian Income Exclusion	P
80-401	Tax Credit Summary Schedule	P				P
80-491	Additional Dependents	P
81-110	Fiduciary Income Tax Return					P
81-115 (MS8453-F)	Fiduciary Declaration for Electronic Filing					P
81-131	Fiduciary Schedule K Beneficiaries’ Share of Income					P
81-132	Fiduciary Schedule K-1					P
83-105	Corporation Income and Franchise Tax Return		P
83-110	Corporation Franchise Tax Schedule		P
83-115 (MS8453-C)	Corporation EF Declaration		P
83-120	MS Balance Sheet		P	P
83-122	Computation of Net Taxable Income Schedule		P
83-124	Direct Accounting Income Worksheet		P
83-125	Business Income Apportionment Schedule		P
83-150	Nonbusiness Income Schedule		P
83-155	Net Operating Loss & Capital Loss Schedule		P
83-180	Application for Automatic Six-Month Extension		P	P	P
83-300	Corporate Income Tax Voucher		P
83-305	Underestimate of Corporate Income Tax Worksheet		P	P
83-310	Summary of Net Income of Corporations		P
83-401	Income Tax Credit Summary		P
83-450	New Jobs Credit		P	P	P
84-105	Pass-Through Entity Tax Return			P	P
84-110	S Corporation Franchise Tax Schedule			P
84-115 (MS8453-PTE)	Pass-Through Entity EF Declaration			P	P
84-122	Net Taxable Income Schedule			P	P
84-124	Direct Accounting Income Statement			P	P
84-125	Business Income Apportionment			P	P
84-131	Schedule K			P	P
84-132	Schedule K-1			P	P
84-150	Nonbusiness Income Worksheet			P	P
84-155	Net Operating Loss Schedule			P	P
84-161	Tax Credit for Income Tax Paid by Electing Pass-Through Entity		P	P	P
84-300	Pass-Through Entity Income Tax Voucher			P	P
84-380 (S Corporation)	Non-Resident Income Tax Agreement			P
84-381	Pass-Through Entity Election			P	P
84-401	Tax Credit Summary Schedule			P	P
710661	Installment Agreement	P
MS4562	Depreciation and Amortization	P	P	P	P	P

New Form

Form 84-161, Tax Credit For Income Tax Paid By Electing Pass-Through Entity, has been added for tax year 2023.

Modified Forms

• Credit for Taxes Paid on an Electing Pass-Through Entity – Moved to the following lines:

  • Form 80-105, Resident Individual Income Tax Return – Line 26

  • Form 80-205, Nonresident/Part-Year Resident Individual Income Tax Return – Line 28

  • Form 81-110, Fiduciary Income Tax Return – Line 8

  • Form 83-105, Corporate Income and Franchise Tax Return – Line 12

  • Form 84-105, Pass-Through Entity Tax Return – Line 12

• Form 80-160 (Tax Credit for Income Tax Paid to One or More Other States) – Changed line 6 so that the first $10,000 is now taxed at 0%

• New tax credits – Added the following credits to the Tax Credit Summary Schedule (Forms 80-401, 83-401, and 84-401:

  • Dependent Care Credit

  • Food Bank Charitable Contribution Credit

  • Low-Income Health Care Services Charitable Contribution Credit

  • Transitional Home Charitable Contribution Credit

Tax Law Changes

• House Bill 531 – Taxable income up to and including $10,000 is now excluded from individual income tax.

• House Bill 1733 – For tax years beginning after December 31, 2022, a taxpayer may elect to take a full and immediate deduction for certain specified research or experimental expenditures, or 100% bonus depreciation for expenditures of certain qualified business property.

• Senate Bill 2696 – An individual income tax credit is available for up to $5,000 per dependent child residing outside of Mississippi before adoption and up to $10,000 per dependent child residing in Mississippi before adoption.

• The franchise tax rate has been reduced from $1.50 à $1.25 per $1,000 of capital in excess of $100,000.