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Experience with the MS charitable contribution as a tax payment?

Does anyone have experience with the MS S corp charitable contribution that is a tax credit on the state side?  How does it get entered to flow through from the K-1 to the state K-1 and on to the individual's state return?

Thanks,

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1 Reply
RobertB4444
Employee Tax Expert

Experience with the MS charitable contribution as a tax payment?

When you enter the federal K1 into your federal return then any amount that is in box 12 (charitable contributions) of your federal K1 will carry onto your schedule A for your federal return.  

 

It will also carry over onto your Mississippi return although pass-through donations on a Mississippi return are only deductible up to 20% of Mississippi income as opposed to 60% of federal income and have to be to an approved charity.  

 

But inside TurboTax all of the carry through of the numbers should be automatic.

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