Mississippi Income Tax Guide for 2024
Overview
Mississippi uses a progressive income tax system with rates ranging from 0% to 4.7%. Capital gains are taxed as ordinary income. The state offers a standard deduction of $2,300 for single filers, personal exemptions of $6,000, and dependent exemptions of $1,500.
Income Tax Rates
Single Filers
| Income Range | Tax Rate |
|---|---|
| Up to $9,999 | 0% |
| $10,000+ | 4.7% |
Married Filing Jointly
| Income Range | Tax Rate |
|---|---|
| Up to $9,999 | 0% |
| $10,000+ | 4.7% |
Capital Gains Tax
Capital gains are taxed at the same rates as ordinary income.
Deductions & Exemptions
| Type | Amount |
|---|---|
| Standard Deduction (Single) | $2,300 |
| Standard Deduction (Married Filing Jointly) | $4,600 |
| Personal Exemption (Single) | $6,000 |
| Personal Exemption (Married) | $12,000 |
| Dependent Exemption | $1,500 |
Additional Information
- Retirement benefits tax-free if requirements met
- 0% on the first $10,000 of taxable income; 4.7% on taxable income over $10,000 for 2024 (falls to 4.4% in 2025 and 4.0% in 2026 under House Bill 531 of 2022)
- The $6,000 / $12,000 personal exemption is separate from and in addition to the standard deduction
- No preferential capital gains rate - all income is taxed at the same rate
Charts
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Sources
The 2024 figures for Mississippi on this page were compiled from the following official government publications:
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