Form 80-320-19-8-1-000 (Rev. 07/19)
Mississippi
Individual Income Tax
Interest and Penalty Worksheet
INTEREST ON UNDERPAYMENT OF ESTIMATED TAX
CALCULATION OF ESTIMATE PAYMENT
1 2019 Mississippi income tax liability
(see instructions)
2 Multiply the amount on line 1 by 80% and enter the result
3 2018 Mississippi income tax liability
(see instructions)
4 Enter the lesser of line 2 or line 3 (see instructions)
INTEREST CALCULATION
A
Apr. 15, 2019
B
June 15, 2019
C
Sept. 15, 2019
D
Jan. 15, 2020
6 Income tax withheld (column A only) and estimated tax paid
(enter total estimated tax paid as of payment due dates)
9 Enter percentage of interest (compute interest at 1/2% per month)
11 Total underestimate interest due (enter the total of line 10, columns A through D)
LATE FILING PENALTY
LATE PAYMENT INTEREST AND PENALTY
14 Late filing penalty (5% per month not to exceed 25% on amount of tax due, line 13,
minimum $100; see instructions)
13 Balance due (from Form 80-105 (Resident), page 1, line 34 or from Form 80-205
(Non-Resident/Part-Year), page 1, line 35)
7 Overpayment (negative) or underpayment (positive) - carryforward
(from line 8) from previous column(s) line 8.
8 Underestimate subject to interest (line 5 minus line 6 plus line 7);
enter result here and on line 7, columns B through D.
18 Total late payment interest and penalty (line 16 plus line 17)
17 Late payment penalty (compute penalty at 1/2% per month not to exceed 25% on the amount
of tax due, line 15; see instructions)
16 Late payment interest (compute interest at 1/2% per month on the amount of tax due,
line 15; see instructions)
15 Balance due (from Form 80-105 (Resident), page 1, line 34 or from Form 80-205 (Non-Resident/
Part-Year), page 1, line 35)
5 Required installments Enter 1/4th (.25) of line 4
Spouse SSN
SSN
Farmers or Fishermen (see instructions)
Filing Requirements Met After Due Date
(see instructions)
1
.00
.00
.00
2
3
4
.00
11
.00
13
.00
14
.00
17
.00
18
.00
15
.00
16
.00
TOTAL INTEREST AND PENALTY
County Code
ZipCity
Taxpayer First Name
Spouse First Name
Initial
Mailing Address (Number and Street, Including Rural Route)
State
Last Name
Initial Last Name
10 Interest due (multiply line 8 by line 9; if line 8 is negative, enter
zero)
19
.00
19 Total interest and penalty (line 11, plus line 12, plus line 14 and line 18) Enter here and on
Form 80-105, line 35 or Form 80-205, line 36.
12 First-time Home Buyer Penalty (see instructions)
12
.00
FIRST-TIME HOME BUYER PENALTY
Reset Form
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Specific Line Instructions
Underestimate
Enter your 2019 Mississippi net income tax liability from Form 80-105, line 20, (Resident) and Form 80-205, line 22
(Non-Resident/Part Year). If your 2019 Mississippi Income Tax Liability is $200 or less, do not complete the remainder of this
form; no interest is due on underestimate of tax.
Enter your 2018 Mississippi net income tax liability from Form 80-105, line 20, (Resident) and Form 80-205, line 22
(Non-Resident/Part-Year).
Enter the lesser of line 2 or line 3. If line 3 is zero and your 2019 Mississippi income tax liability (line 2) exceeds $200
and no estimate payments for the 2019 tax year were made, enter the amount from line 2.
Late Filing Penalty
Use Form 80-320 if your 2019 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).
Enter the total late payment interest and penalty by adding line 16 and line 17.
Form 80-320-19-8-2-000 (Rev. 07/19)
Mississippi
Individual Income Tax
Interest and Penalty Worksheet Instructions
Enter balance due. From Form 80-105, line 34 (Resident) and Form 80-205, line 35 (Non-resident/Part-Year).
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.
Line 1
Line 3
Line 4
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 34 (Resident) and Form 80-205,
line 35 (Non-Resident/Part-Year). The penalty shall not be less than $100.
Late Payment Interest and Penalty
Line 15
Line 16
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.
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
Line 18
Total Interest and Penalty
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 35 (Resident) and Form 80-205, line 36 (Non-Resident/Part-Year).
Line 19
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).
Line 12
First-time Home Buyer Penalty
Form 80-320-19-8-3-000 (Rev. 07/19)
Mississippi
Individual Income Tax
Underestimate Computation Example
INTEREST ON UNDERPAYMENT OF ESTIMATED TAX
CALCULATION OF ESTIMATE PAYMENT
1 2019 Mississippi income tax liability
(see instructions)
2 Multiply the amount on line 1 by 80% and enter the result
3 2018 Mississippi income tax liability
(see instructions)
4 Enter the lesser of line 2 or line 3 (see instructions)
INTEREST CALCULATION
A
Apr-15-2019
B
Jun-15-2019
C
Sept-15-2019
D
Jan-15-2020
1
.00
.00
.00
2
3
4
.00
11
Required installments. Enter 1/4th (.25) of line 4 in each columns A through D. Divide the amount on Line 4 by (4) four and
enter in each column A through D.
Income tax withheld (column A only) and estimated tax paid. For column (A) only, enter the total overpayment from prior
year, estimated tax paid and/or withholding as of payment due date. In remaining columns B through D enter estimated
tax paid as of payment due dates on line 6. If line 6 is equal to or more than line 4 for all payment periods, stop here; you do
not owe the penalty.
Line 5
Line 6
Line 7
Overpayment (negative) or underpayment (positive) - carryforward (from line 8) any overpayment or underpayment from
previous column(s) line 8.
Example:
6520
5216
4510
4510
1127.50 1127.50 1127.50 1127.50
1500.00 1000.00 500.00
(372.50)
(372.50)
(245.00)
(245.00)
382.50
382.50
1510.00
0.010 0.015 0.020 0.015
30.30
Line 9
Line 10
Line 11
Enter percentage of interest (compute interest at 1/2% per month from payment due date until paid or next payment due
date, whichever is earlier).
Interest due (multiply line 9 by line 10); if line 8 is negative enter zero on line 10.
Total underestimate interest due (enter the total of line 10, columns A through D); If an overpayment is due, enter here and on
Form 80-105, line 29 and Form 80-205, line 31.
11 Total underestimate interest due (enter the total of line 10, columns A through D)
10 Interest due (multiply line 8 by line 9; if line 8 is negative, enter
zero)
9 Enter percentage of interest (compute interest at 1/2% per
month from payment due date until paid or next payment due
date, whichever is earlier)
8 Underestimate subject to interest (line 5 minus line 6 plus line 7);
enter result here and on line 7, columns B through D.
7 Overpayment (negative) or underpayment (positive) - carryforward
(from line 8) any overpayment or underpayment from previous
column(s) line 8.
6 Income tax withheld (column A only) and estimated tax paid
(enter total estimated tax paid as of payment due dates in columns
A through D).
5 Required installements Enter 1/4th (.25) of line 4 in columns A
through D)
0.00 0.00 7.65 22.65
0.00
Line 8
Underestimate subject to interest (line 5 minus line 6 plus line 7); enter result here and on line 7, columns B through D.