state tax on mississippi gambling winnings

Specific assets may be excluded from the bonus calculation entirely by making an entry on the Federal Depreciation and Amortization worksheet, Depreciation section. Qualifying assets placed in service after Septemautomatically calculate the federal bonus depreciation in accordance with JCWA/JGTRRA, as well as the corresponding adjustment for the state disallowed portion of the bonus depreciation.

Mississippi bonus depreciation adjustments can be overridden on the Mississippi Income and Deductions worksheet, Adjustments section. The Mississippi bonus depreciation adjustment is made automatically. Mississippi does not allow bonus depreciation. If the state basis for an asset is different than federal due to the adjustment for investment tax credit, enter the state basis on the Federal Depreciation and Amortization worksheet, Depreciation section. The federal depreciation is calculated based on entries on federal depreciation form(s).

Do not make entries to include or exclude these deviations from the Mississippi income tax return. The following differences between the Mississippi income tax return and the federal income tax return are handled without the need for additional entries.

State tax on mississippi gambling winnings