Find out if you have to file a Mississippi income tax return when you file your federal
As if filing a federal tax return weren’t complicated enough, the states have to go and add their own tax forms on top of it.
Oftentimes the most complicated thing about state taxes is figuring out whether you have to file at all. There are two different types of state tax returns you have to look out for: resident and nonresident returns.
If you are a Mississippi resident, then you have to file a Mississippi return. This return will tax you on all of your income, no matter where it was earned.
If you moved during the year either into or out of Mississippi, you will have to file a part-year resident return that taxes you on all of your income for the portion of the year that you were a Mississippi resident. You will also have to file a part-year resident return in the state that you moved to/from.
If you are not a Mississippi resident but earned income in Mississippi then you have to file a nonresident return. While this return will require you to report your total income, it will only tax you on the income you earned in Mississippi. Do note that if your allowable deductions and exemptions are greater than your Mississippi income, you do not need to file a nonresident return.
If you worked in multiple states during the tax year, your W-2 should tell you how much money you earned in each state.
But sometimes, even if you are not required to file a Mississippi tax return, you could benefit from doing so. For example, if your W-2 states that Mississippi income tax was withheld from your pay over the course of the tax year, you should file a Mississippi return so you can get that money back in the form of an income.
Gambling winnings are an exception to this rule. If you’re a nonresident and the only income you earned in Mississippi was gambling winnings, you don’t need to file a Mississippi state return. Similarly, if you are a Mississippi resident, you don’t need to report gambling winnings as income on your Mississippi state return.
Also note that you cannot get a refund for taxes withheld from gambling winnings by Mississippi casinos.
Tags: state taxesThis entry was posted on Friday, January 4th, 2013 at 4:54 pm and is filed under Tax Tips.
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