How do I elect Mississippi Form 84-105 pass-through entity tax with a 1065 return using interview forms in CCH® ProSystem fx® Tax?

  • Article Type:
  • How To
  • Last Modified:
  • 05/11/2023

Objectives

  • Form 84-105, p1 checkbox for Electing Pass-Through Entity.
  • Form 84-105 lines 5, 7, and 9 will calculate tax and net with taxes paid.
  • Form 84-122, lines 33-35 will net the Mississippi net income with available PTET Net Operating Loss deduction.

Environment

  • CCH® ProSystem fx® Tax
  • Partnership - 1065
  • Mississippi - MS
  • Interview Forms – IVF
  • Pass-through Entity Tax – PTET

Procedure

Election
  1. Go to Interview Form PTE-ST1, box 138.
Or
  1. Go to Mississippi > MS1, box 31.
84-105, line 7 - Credit for tax paid at lower-tier
  1. Go to Mississippi > MS15, box 30, input applicable entity number from Interview O-1, IRS-K1P, IRS-K1F.
  2. Go to Mississippi > MS16, box 80, enter the amount received with the lower-tier K-1.
  3. (Optional) If additional Mississippi K-1(s) received with taxes paid, go to MS15, and navigate to the toolbar New Entity button  , then image.png, and image.png.
  4. Repeat steps 1-3 as needed.
84-105, line 11 - Overpayments from prior year
  1. Go to Mississippi > MS10, box 38, Prior year overpayment credited to current year, input amount as applicable.
84-105, line 12 - Estimated and Extension Payments 
  1. Go to Mississippi MS10,
  2. In boxes 30-33 - Amount paid, input amount(s) to populate 84-105, line 12.
    • Or in box 39 - Total estimated tax payments if equal and timely, this field is only used if detail payments are not entered in boxes 30-33.
  3. In box 40 - Extension payments - override, input an amount if applicable.
    • Or prepare MS 83-180 Application for Automatic Extension, line 1, which may calculate a tax due
    • Or the extension payment amount can carry to the 84-105 return with a government form override to 83-180, line 1.
Net Operating Loss - 84-122, line 34 / 84-155
  1. Go to Mississippi > MS14.
  2. In box 34 - Loss Year, populate with year end an NOL originated.
  3. In box 35 - Loss amount, populate with original loss amount related to year end date in step 2 above.
  4. In box 30 and 36, if applicable, input year end date used, input year end date and amounts when each NOL was previously utilized according to the loss year entered in step 2 above.

  
 

Additional Information

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