35 Miss. Admin. Code Pt. III, Subpt. 4, Ch. 02 — Adjustments to Gross Income-Retirement Plans

100 An adjustment to gross income for contributions to a tax-sheltered annuity may be claimed
for Mississippi income tax purposes only to the extent permitted for Federal Income Tax
purposes. The Commissioner will, therefore, follow the Federal Rules, Regulations and
Revenue Procedure issued under Section 403(b), IRC, and such other Federal Rules and
Regulations relating to contributions to tax-sheltered annuities as are deemed not contrary
to the context and intent of Mississippi Law.
101 Qualified Deferred Compensation Plans. Members of the Mississippi Public Employees
Retirement System may exclude from wages and salaries (gross income) for Mississippi
income tax purposes amounts contributed by the employee to the Mississippi Public
Employees Deferred Compensation Plan, a deferred compensation program authorized by
Mississippi Code Section 25-14-11 et seq.
101.01 Beginning July 1, 1982, amounts withheld from the wages and salaries of members of the
Mississippi Public Employees Retirement System as required contributions to the
retirement fund are excludable from gross income.
101.02 The Commissioner will follow those rules and regulations issued by the Internal Revenue
Service relating to an exclusion for contributions to an authorized and qualified deferred
compensation plan as are deemed not contrary to the context and intent of Mississippi Law.
102 Self-Employed Retirement Plan. A deduction from gross income in determining adjusted
gross income is allowable for amounts contributed by a self -employed individual to a
qualified retirement plan which meets the qualifications and restrictions of a plan
established under Sections 401-405, IRC, and only to the extent that such contributions are
deductible for Federal income tax purposes.
103 Retirement Savings-IRA's. A deduction from gross income in determining adjusted gross
income is allowable for amounts paid during the taxable year of an individual by or on
behalf of such individual for his benefit to an individual retirement account described in
Section 408(b), IRC, or for a retirement bond described in Section 409, IRC, to the extent
that such amounts are deductible for Federal income tax purposes under Section 219, IRC.
Also, a deduction is allowable for amounts paid in cash for a taxable year by or on behalf
of such individual for the benefit of himself and his spouse.
103.01 Any part of a lump -sum distribution from a qualified retirement plan which is rolled over
into an individual retirement account described in Section 408(a), IRC, and an individual
retirement annuity described in Section 409, IRC, may be deducted from gross income for
Mississippi income tax purposes only to the extent that such roll over amounts are
permitted as a deduction or exclusion for Federal income tax purposes.
104 Amounts withheld from wages as required contributions to the Federal Insurance
Contributions Act are not deductible or excludable from gross income.
105 (Reserved)
106 (Reserved)
Subpart 05 Business Deductions General