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Screen MSAdj - Mississippi Income and Adjustments (1040)
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Overview
Use this screen to complete Forms 80-105 Resident Individual Income Tax Return and 80-205 Non-Resident or Part-Year Resident Individual Income Tax Return.
Other Income and Adjustments
Use this section to enter other income and other adjustments. UltraTax CS uses this information to complete Schedule N, Forms 80-105 and 80-205, the Mississippi AGI Worksheet, and the Mississippi Schedule of Other Income.
Depletion excess of basis (Force)
Mississippi depletion in excess of cost basis of the property, is an addback on Form 80-108, Part 4. For people who have purchased the UltraTax/Oil & Gas module, the depletion in excess of cost basis adjustment calculates automatically from information entered in the federal
OGCost
and OGWell
screens, and a Mississippi Depletion Adjustment Worksheet is printed. If you haven’t purchased the UltraTax/Oil & Gas module, enter the depletion adjustment in this field.note
If you're using the UltraTax/Oil & Gas module, and enter a forced amount in the respective taxpayer / spouse fields, amounts transferred from UltraTax/Oil & Gas module in UltraTax CS are overridden.
Other income
Information in the statement windows attached to these fields transfers from the
Other Income
statement window attached to the federal Income
screen. Part-year / nonresident amounts are only transferred for items with postal code MS
in the data entry at the federal level.note
UltraTax CS enters the gambling income items from the federal
Inc
screen with type code 1
and from the federal W2G
screen in line 2 of Schedule N on MS 80-108. If you have MS excludable gambling winnings, use state use code 1
in the federal Inc
and W2G
screens.MACS (Force)
UltraTax CS automatically completes the data for the MPACT and MACS contributions with amounts entered in the federal
1099Q
screen. Use state use code 1
in the statement window for MPACT contributions and state use code 2
for MACS contributions. Use these fields to force the MACS contributions.UltraTax CS defaults the calculation for MACS by determining the data entry entered in the federal
Educ
screen. If a joint code was used, the amounts are divided equally between taxpayer and spouse up to the enabled amount. If a joint and either a taxpayer or spouse code was used simultaneously for the MACS contribution, UltraTax CS would divide the joint amount between taxpayer and spouse and add to either the taxpayer or spouse code not to exceed the limit. Any remaining would be applied to the other so that the combined amount between taxpayer and spouse wouldn’t exceed the limit.Other adjustments
Information in the statement windows attached to these fields transfers from the
Other adjustments
statement window attached to the federal OtherAdj
screen. Part-year / nonresident amounts are only transferred for items with postal code MS
or blank in the data entry at the federal level.Txbl pension / IRA adjustment
Taxable pensions / IRAs are entered on the federal
1099R
screen. These amounts are reported on Form 80-105 and Form 80-205, Page 2, Other Income. Use this field to adjust those amounts. UltraTax CS uses information from the federal 1099R
screen with state postal code MS
and state use code 75
to automatically calculate excludable pensions.Publicly traded partnership adjustment
Use these fields to allocate instate Publicly Traded Partnership adjustments between taxpayer and spouse.
Prior year at-risk adjustment
Use these fields to allocate instate prior-year at risk adjustments between taxpayer and spouse.
At-risk adjustment
Use these fields to allocate instate at-risk adjustments between taxpayer and spouse.
Passive activity limitation adjustment
Use these fields to allocate instate passive activity limitation adjustments between taxpayer and spouse.
IRA contribution (Force)
UltraTax CS automatically calculates IRA contribution based upon entries in the federal
IRA
screen. Use this field to change the calculated amount. This is for part-year residents only.National Guard or Reserve pay exclusion (Force)
UltraTax CS automatically calculates this exclusion based upon entries in the federal
W2
screen with Wage code 4
. The exclusion is reported on Form 80-105 and Form 80-205, Page 2, Adjustments To Gross Income. Use this field to change the calculated amount. Enter the amount as a positive.Net Operating Loss
Use this section to complete Form 80-155 Mississippi Net Operating Loss Schedule. These fields are intended for use
only
when a Net Operating Loss is being utilized in the current year.Forgo current year net operating loss carryback
Mark this checkbox to indicate that the current year net operating loss will be carried forward.
Net operating loss activity from prior years
Enter data in this statement to calculate Form 80-155. The available net operating loss amount entered here will need to be greater than or equal to the current year's net operating loss amount used. Don’t enter the current year net operating loss amount generated or used; this information will transfer to the form automatically. Enter amounts as positive numbers. This information doesn’t proforma.
Net operating loss (Force)
For Mississippi residents, net operating loss carryover as entered in the federal
NOLCO
screen is treated as belonging to the taxpayer and originating from Mississippi sources, for Mississippi purposes. Use these fields to force the amount of carryover if different due to Mississippi law, or to allocate differently between taxpayer and spouse. Enter the amount as a positive.Net operating loss in state (PY/NR only)
UltraTax CS doesn’t calculate a Mississippi-specific net operating loss amount for part-year / nonresidents. Use these fields to enter the portion of a net operating loss carryover used which originated from Mississippi sources, for Mississippi purposes. Enter amounts as positive numbers.
Adjustments to Capital Gains and Losses
Use this section to calculate the Mississippi Capital Gain / Loss Reconciliation Worksheet.
UltraTax CS automatically defaults combined federal short-term and long-term capital losses to the taxpayer and treated as Mississippi capital loss carryover amounts on the Mississippi Capital Gain / Loss Reconciliation Worksheet. The capital gain adjustment from Mississippi Form 4797 is treated for taxpayer amounts only. Use these fields to change amounts for different components of calculating capital gains. These amounts print on the Mississippi Capital Gain / Loss Reconciliation Worksheet. UltraTax CS defaults to utilizing Spouse capital losses first before using Taxpayer capital loss amounts. Use the
Other adjustments
fields to enter other adjustments such as rounding. Mississippi statutes don’t let section 1244 stock loss to be treated as ordinary losses up to its limit; rather it is treated as long-term capital losses. Use the fields to allocate between taxpayer and spouse for capital gains reported on Mississippi Form 4797.Itemized Deductions
Use this section to adjust itemized deductions.
Medical expenses (Force) / ... / Other miscellaneous deductions; include non-MS gambling losses and expenses (Force))
UltraTax CS automatically calculates each specific itemized deduction amount based on entries in the federal
A
screen. The amounts are reported on Form 80-108, Part I - Schedule A - Itemized Deductions. Use this field to change the calculated amount.Excludable gambling losses from Mississippi gaming establishments (Force)
UltraTax CS defaults to excluding only MS gaming losses on the Form 80-108, Schedule A, line 7b, less gambling losses, for residents and all gaming losses for part year non residents. Use this field to change the amount of gambling losses on the Form 80-108.