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Screen MSK1-5 - Mississippi Schedule K-1, 1065/1041 - Credits (1120)

Income Tax Credits

Use this section to enter Mississippi income tax credit information. Amounts entered for Mississippi credits received from a pass-through entity transfer to the appropriate lines of Form 84-132. Amounts entered in the
Used This Year
 fields also transfer to Form 83-401. S Corporations which are not filing a composite return need only enter amounts in the
Received from Pass-Through
 column, as income tax credits are passed through to shareholders in the year during which they are earned. S Corporations which are filing a composite return, however, must also enter in the
Used This Year
 column the amount of the credit which is currently being used against income tax on the composite return.

Franchise Tax Credits

Use this section to enter Mississippi franchise tax credit information. Amounts entered for Mississippi franchise credits received from pass-throughs transfer to the appropriate lines of Form 84-132, MS Schedule K-1 from pass through entity. Amounts entered in the fields for Mississippi credits used this year also transfer to Form 83-401.

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