Mississippi Schedule K-1 (Form 84-132) is the 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 for tax year 2024. It is organized in five parts, from entity and partner information to the share of income and deductions, credits and tax paid by an electing pass-through 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.
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What is 84-132?
Mississippi Schedule K-1 (Form 84-132) is the Mississippi Department of Revenue schedule on which an entity reports one partner's or shareholder's share of its income and deductions, Mississippi tax credits and pass-through entity tax paid for tax year 2024.
The printed form number is 84-132-24-8-1-000 (Rev 10/24). At the top, boxes mark the kind of entity and the kind of schedule: Partnership, Electing Pass-Through Entity, S Corporation or Composite, and Final K-1 or Amended K-1.
The schedule has five parts:
- Part I: information about the entity (FEIN, name and address).
- Part II: information about the partner or shareholder (lines C to K), including the share of profit, loss and capital, the Mississippi capital account analysis and the Mississippi apportionment ratio.
- Part III: the partner's or shareholder's share of current year income and deductions (lines 1 to 14).
- Part IV: Mississippi tax credits, entered from Form 84-401.
- Part V: tax paid by an electing pass-through entity on the partner's share of income.
The Mississippi Department of Revenue lists a different schedule, Fiduciary Schedule K-1 (Form 81-132), among its Individual Income Tax Forms. That is a separate form; this page covers Form 84-132 only.
Who needs to file 84-132?
The form is built for entities that report income to owners and for the owners who receive that income. The boxes at the top identify the entities it covers: a Partnership, an Electing Pass-Through Entity, an S Corporation or a Composite. The entity completes Part I and the owner-specific parts for each partner or shareholder.
Recipients are identified in Part II. Line C asks for the partner's or shareholder's SSN or FEIN. Line E separates a general partner or LLC member-manager from a limited partner or other LLC member. Line F applies only when the partner is a disregarded entity (DE), which is identified by its TIN and name. Line J applies to shareholders and asks for the percentage of stock ownership.
Partners with Mississippi credits use Part IV, which takes the partner's share of credit from Form 84-401. Partners of an entity that elected to be taxed as an electing pass-through entity use Part V to show the tax the entity paid on their share of income.
The form prints no rule about who may sign or file for someone else. Fiduciary beneficiaries use the separate Fiduciary Schedule K-1 (Form 81-132) listed by the agency.
When to file 84-132
This schedule is for tax year 2024: the form prints 2024 and has fields for Tax Year Beginning and Tax Year Ending, so fiscal-year entities enter their own dates. It prints no due date or filing window of its own.
Two boxes at the top mark special cases: Final K-1 and Amended K-1. Check the one that applies when the schedule is final for the partner or shareholder, or when it corrects a schedule issued earlier. For deadlines that apply to the entity's return, check the Mississippi Department of Revenue's form search page at https://www.dor.ms.gov/forms-resources/form-search.
How to fill out 84-132
Enter the tax year and form type
Fill in Tax Year Beginning and Tax Year Ending for 2024. Check the box that describes the entity (Partnership, Electing Pass-Through Entity, S Corporation or Composite) and, if it applies, Final K-1 or Amended K-1.
Complete Part I, entity information
Line A: the entity's FEIN. Line B: the entity's name, address, city, state and ZIP code.
Complete Part II, partner details
Line C: the partner's or shareholder's SSN or FEIN. Line D: name, address, city, state and ZIP code.
Identify the partner type
On line E, mark General partner or LLC member-manager, or Limited partner or other LLC member. On line F, enter the TIN and name only if the partner is a disregarded entity (DE).
Report any estimated tax payment
On line G, check the box if 5% of the net gain/profit was remitted as an estimated tax payment for the partner on Form 84-387, and enter the amount remitted.
Enter profit, loss and capital shares
On line H, enter the partner's beginning and ending percentage for Profit, Loss and Capital.
Complete the capital account analysis
On line I, enter the beginning capital account, capital contributed, current year net income (loss), other increase (decrease), withdrawals and distributions in parentheses, and the ending capital account.
Enter ownership and apportionment
On line J, enter the shareholder's percentage of stock ownership. On line K, enter the Mississippi apportionment ratio for the tax year.
Report income in Part III, lines 1 to 8
Enter ordinary business income (line 1), rental income (lines 2 and 3), guaranteed payments (lines 4a to 4c), interest (5), dividends (6a to 6c), royalties (7) and net short-term capital gain (8). Show losses as the form directs.
Report gains and deductions, lines 9a to 14
Enter long-term capital gain (9a), collectibles gain (9b), unrecaptured section 1250 gain (9c), section 1231 gain (10), other income (11), charitable contributions (12), the section 179 deduction (13) and other deductions (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 election was made to be taxed as an electing pass-through entity, enter the amount of tax the entity paid on the partner's share of income for the tax year.
Review and download the completed PDF
Check that every applicable line is complete and that the entity and partner identifiers are correct. Download or print the completed PDF from FillingPDF.
How to submit 84-132
The form prints no mailing address, portal or appointment rule of its own, so it has no channel of its own to list here.
- Agency source: the Mississippi Department of Revenue publishes its business and individual forms through its form search page at https://www.dor.ms.gov/forms-resources/form-search. Check there, or with the Department, for how the schedule is delivered with the entity's return.
- Related forms: if line G applies, the payment is referenced to Form 84-387; Part IV credits are taken from Form 84-401. Prepare those forms through the Department's channels.
- Keep a copy: the PDF has Reset Form and Print Form buttons, so you can print the completed schedule.
FillingPDF lets you fill out and download the PDF; submission follows the channels the agency sets.
Common mistakes to avoid
- Leaving the Final K-1 or Amended K-1 box unmarked when the schedule is the last one for the partner or corrects an earlier schedule.
- Completing line F for a partner that is not a disregarded entity; line F asks for the TIN and name only if the partner is a DE.
- Checking the box on line G without entering the amount remitted, or using it for a payment not made on Form 84-387.
- Entering a Part IV credit without its Credit Code and Credit Name; the amount must be 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.
- Entering withdrawals and distributions in the capital account analysis as a positive number; the line is printed with parentheses.
- Omitting the entity FEIN on line A or the partner's or shareholder's SSN or FEIN on line C.
- Entering percentages on line H without both a beginning and an ending figure for profit, loss and capital.
Frequently asked questions
What is Mississippi Schedule K-1 (Form 84-132)?
It is the Mississippi Department of Revenue schedule that reports a partner's or shareholder's share of an entity's income, deductions, Mississippi tax credits and electing pass-through entity tax. This edition is for tax year 2024 and is revision Rev 10/24.
Is this the same as the federal Schedule K-1?
No. This page covers the Mississippi Department of Revenue's Form 84-132. It has Mississippi-specific items, including the Mississippi capital account analysis on line I, the Mississippi apportionment ratio on line K, and Part IV for Mississippi tax credits.
Which entities can use Form 84-132?
The boxes at the top name a Partnership, an Electing Pass-Through Entity, an S Corporation and a Composite. A separate box marks a Final K-1 or an Amended K-1, so the same form handles final and corrected schedules.
What goes on line G of Schedule K-1 (Form 84-132)?
Check the box if 5% of the net gain/profit was remitted as an estimated tax payment for the partner on Form 84-387, and enter the amount remitted. Leave it blank if no such payment was made.
What do I enter in Part IV, Mississippi Tax Credits?
Enter the partner's share of credit from Form 84-401. For each credit, list the Credit Code, the Credit Name and the Amount.
When do I complete Part V of Form 84-132?
Only if the election was made to be taxed as an electing pass-through entity. Part V then shows the amount of tax paid by the electing pass-through entity on the partner's share of income for the tax year.
How is Form 84-132 different from the Fiduciary Schedule K-1?
The Mississippi Department of Revenue lists Fiduciary Schedule K-1 as a separate form, number 81-132, in its Individual Income Tax Forms. Form 84-132 is the schedule with partnership, S corporation, composite and electing pass-through entity boxes.
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 independent of the Mississippi Department of Revenue and does not file the schedule; delivery follows the agency's channels.
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