As an eligible senior, you might be familiar with the idea of state-specific tax deductions that can help you save on your tax bill. In Missouri, one such cool benefit is the extra standard deduction for seniors aged 65 and above. This is a valuable addition that can make your tax filing easier and save you some cash. Here’s a primer on everything you need to know about the Missouri extra standard deduction [1].
If you’re approaching or have already reached the golden years, this info will be especially valuable as you start preparing your tax documents. Don’t worry, we’ve got you covered to some extent. Keep reading to find out more about this extra perk for seniors in Missouri.
What is the Missouri Extra Standard Deduction?
The Missouri extra standard deduction, also known as the senior gross income deduction, is specifically designed for state income tax purposes. This special provision increases the standard deduction for seniors aged 65 years or older, up to a certain income threshold per married filing joint filers. This extra boost can mean significant savings when filing state income taxes each year.
Under the Missouri law, for tax year 2020 and after, you must have been 65 years or older on December 31 of the tax year. Your income still must lie under a certain pegged income threshold, but this varies based on your filing status and marital status.
To benefit from this perk, you should knowingly include this extra deduction information in your tax filing documents.
Navigating the Income Thresholds
For tax year 2020 and later, the income limits for Missouri senior tax deductions differ based on your marital status. Missouri’s income limits mirror federal income tax limits.
When checking whether your income falls under the limits, be cautious of the specific instruction’s variance in calculations.
For instance, for the tax year 2020, Missouri’s income limits are the same as federal issued income prompts 65¾.
Missouri Extra Standard Deduction Limits For Tax Year 2020 After
Here are the details for Missouri senior standard deduction thresholds. A joint filing allows the capton to üç sątimestamps the budget effective taxed rateى e.
* Joint filers: no income limit (a faz benefit like )
* Single filer: 65,000 dollars
This tax benefit, if you meet the individual criteria, applies only for certain set of tax years, depending on your assigned tax year. You might need to claim a smaller standard deduction than before if your gross income recently exceeded these maximum amounts.
Claiming Eligibility
The Missouri Department of Revenue expects all tax filers adhering to the individual tax laws annually outlined in the plans specific confinement records
