Screen MSCr - Mississippi Credits (1040)

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Overview

Use this screen to complete Form 80-401 Mississippi Tax Credit Summary Schedule.

Other Credits

UltraTax CS uses the information in this section to complete Form 80-401 Mississippi Tax Credit Summary Schedule.
Tax Credits
These code options are as listed on the Schedule of Credits Codes on the Mississippi Tax Credit Summary Schedule. Enter the code corresponding to the type of credit or select it from the dropdown.
Enter the amounts in the fields provided for each credit being claimed. Any remaining credit can be carried forward to the next year.
Code 25 Child Adoption credit - adoptee social security number(s)
If code 25, the Child Adoption credit, is selected, the SSN of the person who was adopted needs to be entered.
Code 26 Historic Structure Rehabilitation credit refund request
If the amount of the credit exceeds $250,000, the taxpayer may elect to claim a refund in the amount of 75 percent of the excess credit in lieu of the 10-year carryforward. The refund will be paid in equal installments over a 2-year period.

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