Form 80-161 Mississippi Tax Credit for Income Tax Paid by Electing Pass-Through Entity - Mississippi

What Is Form 80-161?

This is a legal form that was released by the Mississippi Department of Revenue - a government authority operating within Mississippi. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 80-161?A: Form 80-161 is the Mississippi Tax Credit for Income Tax Paid by Electing Pass-Through Entity form.

Q: What is the purpose of Form 80-161?A: The purpose of Form 80-161 is to claim a tax credit for income taxes paid by an electing pass-through entity.

Q: Who is eligible to file Form 80-161?A: Only electing pass-through entities are eligible to file Form 80-161.

Q: What is an electing pass-through entity?A: An electing pass-through entity is a business entity that elects to pay Mississippi income tax on behalf of its owners.

Q: What is the benefit of filing Form 80-161?A: Filing Form 80-161 allows electing pass-through entities to pass on the tax credit to their owners.

Q: Are there any limitations on the tax credit?A: Yes, the tax credit cannot exceed the amount of income tax paid by the electing pass-through entity.

Q: How do I file Form 80-161?A: Form 80-161 should be filed with the Mississippi Department of Revenue.

Q: Are there any deadlines for filing Form 80-161?A: Yes, Form 80-161 must be filed on or before the due date of the electing pass-through entity's Mississippi income tax return.