DaveF1006
Expert Alumni

Investors & landlords

Mississippi generally follows federal tax treatment for capital gains but has state-specific exemptions, such as the Sec 1202 Qualified Small Business Stock (QSBS) sale exemption. Since Mississippi does not tax the gain from the sale of stock in a Mississippi-based C corporation, you correctly made the adjustment.

 

However, TurboTax does not support filing the filing of the reconciliations page thus you will need to manually attach a statement explaining the adjustment.  You will then need to mail the return to Mississippi, as TurboTax won't allow electronic filing when statements are attached.

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