Mississippi Schedule K-1 (Form 84-132) is the Mississippi Department of Revenue schedule that shows one partner's or shareholder's share of an entity's income, deductions, Mississippi tax credits and pass-through entity (PTE) tax paid for the tax year. The printed form has boxes for a partnership, an electing pass-through entity, an S corporation and a composite return, plus Final K-1 and Amended K-1. 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 84-132-23-8-1-000?
Mississippi Schedule K-1, Form 84-132-23-8-1-000 (Rev 11/23), is the Mississippi Department of Revenue schedule on which a partnership, electing pass-through entity or S corporation reports a partner's or shareholder's share of income, deductions, credits and tax paid for the tax year.
This edition is for tax year 2023. At the top you enter the tax year beginning and ending dates and check the type of K-1: Partnership, Electing Pass-Through Entity, S Corporation or Composite, and whether it is a Final K-1 or an Amended K-1.
The schedule has five parts:
- Part I: information about the entity, including its FEIN, name and address.
- Part II: information about the partner or shareholder (lines C through K), including SSN or FEIN, type of partner, share of profit, loss and capital, a Mississippi capital account analysis, stock ownership percentage and the Mississippi apportionment ratio.
- Part III: the partner's or shareholder's share of current year income and deductions, lines 1 through 14.
- Part IV: Mississippi tax credits, entered from Form 84-401.
- Part V: the partner's pass-through entity tax paid, when the entity elected to be taxed as an electing pass-through entity.
Line G refers to estimated tax remitted for the partner on Form 84-387. This is a different document from the Fiduciary Schedule K-1 (Form 81-132), which the Department lists among its Fiduciary forms and which covers beneficiaries' shares of income.
Who needs to file 84-132-23-8-1-000?
The form is prepared for a partner or shareholder whose share of an entity's income must be reported for Mississippi. Its check boxes name the entities it serves: a partnership, an electing pass-through entity, an S corporation or a composite return.
How the printed form sorts its users:
- Entities: Part I asks for the entity's FEIN, name and address, so the entity completes that part for each K-1 it issues.
- Partners and shareholders: Part II asks for the recipient's SSN or FEIN, name and address. Line E separates a general partner or LLC member-manager from a limited partner or other LLC member. Line J applies to a shareholder's percentage of stock ownership.
- Disregarded entities: if the partner is a disregarded entity (DE), line F asks for the partner's TIN and name.
- Electing pass-through entities: Part V is for the tax paid by the entity on the partner's share when the election was made.
The form does not describe who may sign for someone else. Beneficiaries of estates and trusts are covered by the separate Fiduciary Schedule K-1 (Form 81-132), not by this schedule.
When to file 84-132-23-8-1-000
The form prints no due date of its own. It covers the tax year entered at the top, and this edition is labeled 2023, with boxes for the tax year beginning and ending dates.
Use the Final K-1 box and the Amended K-1 box to mark the schedule when it is a final one or when it corrects an earlier K-1. Filing deadlines for the entity's return and for the partner's or shareholder's return are not printed on the schedule, so confirm them with the Mississippi Department of Revenue.
How to fill out 84-132-23-8-1-000
Enter the tax year and K-1 type
At the top, enter the tax year beginning and ending dates for 2023. Check the entity type (Partnership, Electing Pass-Through Entity, S Corporation or Composite) and check Final K-1 or Amended K-1 if either applies.
Complete Part I entity information
Line A: the entity's FEIN. Line B: the entity's name, address, city, state and ZIP code.
Enter the partner or shareholder
Line C: the partner's or shareholder's SSN or FEIN. Line D: name, address, city, state and ZIP code.
Mark the partner type on line E
Check General partner or LLC member-manager, or Limited partner or other LLC member. If the partner is a disregarded entity (DE), enter its TIN and name on line F.
Complete line G if tax was remitted
Check the box if estimated tax was remitted for the partner on Form 84-387, and enter the amount remitted.
Enter profit, loss and capital shares
Line H: enter the partner's share of profit, loss and capital as beginning and ending percentages.
Complete the capital account analysis
Line I: enter the beginning capital account, capital contributed during the year, current year net income (loss), other increase (decrease), withdrawals and distributions, and the ending capital account.
Enter ownership and apportionment
Line J: the shareholder's percentage of stock ownership. Line K: the Mississippi apportionment ratio for the tax year.
Report income in Part III
Enter the partner's or shareholder's share on lines 1 through 11: ordinary business income, rental income, guaranteed payments (4a to 4c), interest, dividends (6a to 6c), royalties, capital gains (8, 9a to 9c), section 1231 gain and other income.
Report deductions in Part III
Enter charitable contributions on line 12, the section 179 deduction on line 13 and other deductions on line 14.
List Mississippi tax credits in Part IV
For each credit, enter the credit code, credit name and amount, using the partner's share of credit from Form 84-401.
Enter pass-through entity tax in Part V
If the entity elected to be taxed as an electing pass-through entity, enter the tax it paid on the partner's share of income for the tax year.
Review and download the completed PDF
Check names, identification numbers, percentages and every amount against the entity's records. Download or print the completed PDF from FillingPDF and deliver it as the Mississippi Department of Revenue directs.
How to submit 84-132-23-8-1-000
The form prints no mailing address, portal or appointment rule, so it names no submission channel of its own. The Mississippi Department of Revenue publishes its business and individual forms at https://www.dor.ms.gov/forms-resources/form-search, and the Department is the place to confirm where a K-1 is delivered with the entity's return and how it reaches each partner or shareholder.
The form refers to other Department forms for some entries: Form 84-401 for the partner's share of Mississippi tax credits in Part IV, and Form 84-387 for estimated tax remitted for the partner (line G).
FillingPDF lets you fill out and download the PDF; submission follows the Mississippi Department of Revenue's channels.
Common mistakes to avoid
- Confusing this schedule with the Fiduciary Schedule K-1 (Form 81-132), which the Mississippi Department of Revenue lists as a separate form.
- Leaving the tax year beginning and ending dates or the K-1 type boxes (Partnership, Electing Pass-Through Entity, S Corporation, Composite) unmarked.
- Checking both options on line E instead of choosing one type of partner or LLC member.
- Entering the entity's total tax credit in Part IV instead of the partner's share of credit from Form 84-401.
- Completing Part V when no election was made to be taxed as an electing pass-through entity; it applies only when the election was made.
- Entering the amount on line G without checking its box, or checking the box without the amount remitted on Form 84-387.
- Mixing up lines 9a, 9b and 9c, which separate net long-term capital gain (loss), collectibles (28%) gain (loss) and unrecaptured section 1250 gain.
- Entering withdrawals and distributions in the capital account analysis as a positive number when the form prints them in parentheses.
Frequently asked questions
What is Mississippi Schedule K-1 (Form 84-132)?
It is a Mississippi Department of Revenue schedule that reports a partner's or shareholder's share of an entity's income, deductions, Mississippi tax credits and pass-through entity tax paid. This edition is for tax year 2023 and is printed as Form 84-132-23-8-1-000 (Rev 11/23).
Which entities use this Schedule K-1?
The form has boxes for a Partnership, an Electing Pass-Through Entity, an S Corporation and a Composite K-1. Part I identifies the entity, and Part II identifies the partner or shareholder who receives the schedule.
Is this the same as the Mississippi Fiduciary Schedule K-1?
No. The Department lists a separate Fiduciary Schedule K-1 as Form 81-132 among its fiduciary forms. Form 84-132 is the schedule with partner and shareholder lines such as line E, line J and Part V.
Can I fill out Schedule K-1 (Form 84-132) online?
Yes. You can fill out the PDF online on FillingPDF and download or print it. FillingPDF is an independent service and does not file or deliver the form; the Mississippi Department of Revenue's channels apply.
What goes in Part IV of the Mississippi Schedule K-1?
Part IV lists Mississippi tax credits. For each credit enter the credit code, credit name and amount, using the partner's share of credit from Form 84-401.
When do I complete Part V on the Schedule K-1?
Part V applies when the election was made to be taxed as an electing pass-through entity. Enter the amount of tax the electing entity paid on the partner's share of income for the tax year.
How do I mark a corrected or final Schedule K-1?
Check the Amended K-1 box for a corrected schedule or the Final K-1 box for a final one. Both boxes are printed at the top of the form, next to the entity type boxes.
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