If you are filing a part-year or nonresident Mississippi return, or if certain income was not included on your federal return, you must add it to your Mississippi state return. For Mississippi residents, all income reported on your federal return will automatically carry over.
Interest and Dividends
- Report all interest and dividend income received during the year.
- Interest from Mississippi obligations is exempt.
- Interest from outside Mississippi is taxable.
- Dividend income includes both cash and property distributions.
Capital Gain or Loss and Gain or Loss attributable to Mississippi from Form 4797
Generally, Mississippi follows the IRS rules concerning capital gains and losses computation. The same limitations apply to the state capital loss deductions as they do on the federal.
- State capital loss deductions have the same limits as federal.
- Mississippi does not have a separate tax rate for capital gains—these are taxed at the regular income tax rate.
- Gains from the sale of ownership interests must be reduced by any losses from sales or transactions.
- Include any gains or losses from Form 4797 that are attributable to Mississippi property or business.