1. Every individual
taxpayer who does not have at least eighty percent (80%) of his annual tax
liability prepaid through withholding must make estimated tax payments if his
annual tax liability exceeds two hundred dollars ($200). Every estate or trust
with an annual income tax liability in excess of two hundred dollars ($200)
must make estimated tax payments. These estimated tax payments must not be less
than eighty percent (80%) of the annual income tax liability. Any taxpayer who
fails to file the estimated tax return and pay the tax within the time
prescribed or underestimates the required amount shall be liable for interest
of one percent (1%) per month on underpayment of tax from the date payment is
due until paid.
2. The total
estimated tax may be paid on or before the fifteenth day of the fourth month of
the income year of the taxpayer or, at the election of the taxpayer, the
estimated tax may be paid in four equal installments on forms furnished by the
Commissioner. The returns and payments are due on or before:
a. The 15th day of the 4th month of the
income year,
b. The 15th day of
the 6th month of the income year,
c. The 15th day of the 9th month of the
income year,
d. The 15th day of the
1st month after the close of the income year.
3. Exceptions:
No interest will be charged for underpayment of estimated
tax if the estimated tax payments for current year are equal to or more than
the prior year's tax liability provided a return was filed and the return
covered a period of twelve (12) months. If the taxpayer was not required to
file a Mississippi resident return for the prior year, the estimated tax
payments must be equal to or more than the tax liability computed on prior
year's income based on Mississippi current year's rates and
exemption.
