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Form 80-320-22-8-2-000 (Rev. 10/22)
Mississippi
Individual Income Tax
Interest and Penalty Worksheet Instructions
Use Form 80-320 if your 2022 Mississippi income tax liability exceeds $200 to calculate interest on underpayment of estimated tax. This
form is also used to calculate first-time home buyer penalty, late payment interest and penalty, and the late filing penalty for the Resident
Individual Income Tax Return (Form 80-105) and the Non-Resident/Part-Year Resident Return (Form 80-205).
Specific Line Instructions
Exceptions
Gross income from farming or fishing is at least two-thirds of total gross income and (a) estimate tax paid by the 15th day of
the first month after the close of the income year or (b) income tax return is filed by the first day of the third month following
the close of the income year and tax shown due is paid.
Filing requirements met after payment due date - compute interest in applicable columns and provide an explanation below.
Underestimate
Line 1 Enter your 2022 Mississippi net income tax liability from Form 80-105, line 21, (Resident) and Form 80-205, line 23
(Non-Resident/Part Year). If your 2022 Mississippi Income Tax Liability is $200 or less, do not complete the remainder of this
form; no interest is due on underestimate of tax.
Line 3 Enter your 2021 Mississippi net income tax liability from Form 80-105, line 20, (Resident) and Form 80-205, line 22
(Non-Resident/Part-Year).
Line 4 Enter the lesser of line 2 or line 3. If line 3 is zero and your 2022 Mississippi income tax liability (line 2) exceeds $200
and no estimate payments for the 2022 tax year were made, enter the amount from line 2.
First-time Home Buyer Penalty
Line 12 Enter the first-time home buyer penalty due. Add penalty of 10% for withdrawal of any unqualified expenses, using the
amount from Form 80-108, Part V, Schedule N, Line 2. (See Form 80-100, Instruction Booklet for more details).
Late Filing Penalty
Line 14 Enter late filing penalty due. Add penalty of 5% per month, not to exceed 25% in the aggregate, from the extension
due date of the return, October 15th, on the amount of net tax due from Form 80-105, line 35 (Resident) and Form 80-205,
line 36 (Non-Resident/Part-Year). The penalty shall not be less than $100.
Late Payment Interest and Penalty
Line 15 Enter balance due. From Form 80-105, line 35 (Resident) and Form 80-205, line 36 (Non-resident/Part-Year).
Line 16 Enter late payment interest due. Add interest of 1/2% per month from the original due date of the return, April 15th,
on the amount of tax due from line 15.
Line 17 Enter late payment penalty due. Add penalty of 1/2% per month, not to exceed 25% in the aggregate, from the original due
date of the return, April 15th, on the amount of tax due from line 15.
Line 18 Enter the total late payment interest and penalty by adding line 16 and line 17.
Total Interest and Penalty
Line 19 Enter the total interest and penalty by adding line 11, plus line 12, plus line 14 and line 18. Enter here and on Form 80-105,
line 36 (Resident) and Form 80-205, line 37 (Non-Resident/Part-Year).
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