Schedule K (Form 84-131) is the Mississippi Department of Revenue schedule for the Pass-Through Entity Election, printed for tax year 2023. An electing partnership, LLC, LLP or S corporation uses it to list each partner or shareholder with ownership percentage, Mississippi taxable income or loss, tax credits and the tax paid by the electing entity. On this page you can fill out the form online on FillingPDF and download or print the completed PDF; the form itself is published by the Mississippi Department of Revenue at dor.ms.gov.
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What is 84-131?
Schedule K (Form 84-131) is the Mississippi Department of Revenue schedule on which an electing partnership, LLC, LLP or S corporation lists each partner or shareholder with ownership percentage, Mississippi taxable income or loss, credits and tax paid, for tax year 2023.
The printed title is "Schedule K" with the heading "Pass-Through Entity Election" and the entity's FEIN at the top. At the top of page 1 you mark the type of entity: Partnership / LLC / LLP (Federal 1065) or S Corporation (Federal 1120-S).
Each owner is reported in a row with four columns:
- Column A: name, FEIN or SSN, state of residence, and a box to check if the owner is composite.
- Column B: ownership percentage, to the fourth decimal place.
- Column C: Mississippi taxable income (loss), with lines for a credit code and a credit amount.
- Column D: tax paid by the electing pass-through entity.
Page 1 has five owner rows (line 1) and totals on lines 2 through 5. Page 2 is a supplemental page, marked "Supplemental Page of", with five more owner rows and a subtotal that is carried to line 3 of page 1. If an owner is composite, line 4 refers you to Form 84-122, page 2, line 29. This is the Mississippi schedule; the federal forms named on it, 1065 and 1120-S, are separate returns.
Who needs to file 84-131?
Pass-through entities that have made the Mississippi pass-through entity election complete this schedule. The form asks you to mark one of two entity types: a partnership, LLC or LLP that files federal Form 1065, or an S corporation that files federal Form 1120-S.
The schedule reports the entity's owners, so the entity lists every partner or shareholder it has, using a name, a FEIN or SSN, a state of residence and an ownership percentage for each. An owner that is composite is identified by checking the composite box in Column A.
When there are more owners than the five rows on page 1, the form provides a supplemental page 2. Complete as many supplemental pages as the owners require, and carry the subtotals to line 3.
The form itself does not describe who may sign or file on behalf of the entity, and it does not state the conditions of the election. Check with the Mississippi Department of Revenue for those rules.
When to file 84-131
The form prints no due date of its own. It is the 2023 edition of Schedule K (Form 84-131), so it applies to the 2023 tax year, and it is prepared as part of the pass-through entity election rather than as a stand-alone filing. Line 4 refers to Form 84-122, page 2, line 29, which shows that the totals on this schedule feed into other Mississippi forms. Complete it when you prepare those forms. For the deadline that applies to your entity, ask the Mississippi Department of Revenue.
How to fill out 84-131
Enter the FEIN and entity type
At the top of page 1, enter the entity's FEIN and check Partnership / LLC / LLP (Federal 1065) or S Corporation (Federal 1120-S).
Enter each owner's name and ID
On line 1, Column A, enter the partner's or shareholder's name and either a FEIN or an SSN, marking which one it is.
Enter state of residence and composite box
In Column A, enter the owner's state of residence. Check the composite box if the owner is composite.
Enter the ownership percentage
In Column B, enter the owner's ownership percentage to the fourth decimal place.
Enter Mississippi taxable income or loss
In Column C, enter the owner's Mississippi taxable income (loss) on the income line, showing a loss as the form directs.
Enter credit codes and amounts
Still in Column C, use the credit code line and the credit amount line for each tax credit the owner has. Each owner row has more than one credit line.
Enter tax paid by the entity
In Column D, enter the tax paid by the electing pass-through entity for that owner.
Use page 2 for more owners
For owners beyond the five rows on page 1, use the supplemental page 2, entering the FEIN at the top and the page count where it says "Supplemental Page of". Add Columns B, C and D and enter the subtotal as the form directs.
Total the owner rows on line 2
On line 2, total column B, column C and column D from the rows above, using the entries printed on that line.
Add additional pages on line 3
On line 3, enter the totals from additional pages, taken from page 2 of Form 84-131.
Complete lines 4 and 5
Line 4: total Mississippi taxable income (loss) and total tax credits, column C, line 2 plus line 3. If composite, enter the total composite income (loss) from line 4a on Form 84-122, page 2, line 29. Line 5: total tax paid by the electing pass-through entity, column D, line 2 plus line 3.
Review and download the completed PDF
Check names, IDs, percentages and totals on both pages, then download or print the completed PDF from FillingPDF and submit it as the Mississippi Department of Revenue directs.
How to submit 84-131
The form prints no mailing address, portal or other filing channel. It is a schedule: the page 1 totals connect to Form 84-122, page 2, line 29 when an owner is composite, and the page 2 subtotal connects to line 3 of Form 84-131, page 1.
Ask the Mississippi Department of Revenue, which publishes the form at dor.ms.gov, how and where to submit it with your election. FillingPDF lets you fill out and download the PDF; submission follows the Department's channels.
Common mistakes to avoid
- Leaving unmarked the entity type box at the top of page 1, Partnership / LLC / LLP (Federal 1065) or S Corporation (Federal 1120-S).
- Entering an ownership percentage in Column B without carrying it to the fourth decimal place, as the form requires.
- Omitting the FEIN at the top of page 1 or page 2, or an owner's FEIN or SSN in Column A.
- Forgetting to check the composite box in Column A for an owner that is composite.
- Carrying a page 2 subtotal to the wrong place: it belongs on line 3 of Form 84-131, page 1.
- Adding line 2 and line 3 inconsistently on lines 4 and 5, which use column C and column D totals from both lines.
- Leaving out the composite income entry on Form 84-122, page 2, line 29 when line 4 shows composite income (loss).
- Listing more owners than the five rows on page 1 without using the supplemental page 2.
Frequently asked questions
What is Mississippi Schedule K (Form 84-131)?
It is the Mississippi Department of Revenue schedule, headed Pass-Through Entity Election, that lists each partner or shareholder of an electing partnership, LLC, LLP or S corporation with ownership percentage, Mississippi taxable income or loss, credits and the tax paid by the entity. This page covers the 2023 edition.
Is this the same as the federal Schedule K?
No. This page covers Schedule K (Form 84-131), a Mississippi Department of Revenue form. The federal forms it names, Form 1065 and Form 1120-S, are separate returns, and the schedule asks you to mark which of them the entity files.
Who fills out Schedule K (Form 84-131)?
An electing pass-through entity: a partnership, LLC or LLP that files federal Form 1065, or an S corporation that files federal Form 1120-S. You mark the entity type at the top of page 1 and then list each partner or shareholder.
What if I have more than five owners?
Use the supplemental page 2 of Form 84-131, which has five more owner rows and a subtotal line. Add columns B, C and D on that page and enter the total on line 3 of page 1, "Totals from additional pages".
How do I report an owner that is composite?
Check the composite box in Column A for that owner. On line 4, if the entity has composite income, the form directs you to enter the total composite income (loss) from line 4a on Form 84-122, page 2, line 29.
How precise must the ownership percentage be?
Column B asks for ownership percentage to the fourth decimal place. Enter it that way for every partner or shareholder, on page 1 and on any supplemental page.
Where do I send Schedule K (Form 84-131) and when is it due?
The form prints no address, portal or due date. Contact the Mississippi Department of Revenue, which publishes the form at dor.ms.gov, for where to send it and the deadline that applies to your entity's election.
Can I fill out Schedule K (Form 84-131) online on FillingPDF?
Yes. You can fill out the PDF online on FillingPDF and download or print it. FillingPDF is an independent service, not the Mississippi Department of Revenue, and it does not file the form; you submit it through the Department's channels.
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