Missouri Income Tax Forms: Everything You Need to Know

As the second most populous state in the Midwest, Missouri has a lot to offer its residents. From outdoor activities like hiking and boating to bustling cities and cultural events, Missouri provides a high quality of life for its citizens. However, taxes are a necessary part of life, and Missouri is no exception. In this article, we’ll explore the Missouri income tax forms and requirements that apply to Missouri residents.

Missouri Income Tax Rates

The state of Missouri has a progressive income tax system, meaning that the percentage of income that is taken as tax increases as income increases. For tax year 2020, Missouri has the following tax rates:

– 1.5% on the first $1,058 of taxable income
– 2% on taxable income between $1,059 and $2,117
– 2.5% on taxable income between $2,118 and $3,176
– 3% on taxable income between $3,177 and $4,235
– 3.5% on taxable income between $4,236 and $5,293
– 4% on taxable income between $5,294 and $7,057
– 5.4% on taxable income between $7,058 and $8,299
– 5.8% on taxable income between $8,300 and $8,584
– 5.9% on taxable income between $8,585 and $8,968
– 6% on taxable income over $8,968

You should also note that Missouri does not have a standard deduction or personal exemption. However, taxpayers who are 62 or older or who are blind or disabled may be eligible for an additional exemption. This exemption is equal to $2,100 for individuals who are 62 or older or who are blind or disabled; $4,200 for individuals who are married and both are 62 or older or are blind or disabled; and $6,300 for individuals who are married and both are 62 or older or blind or disabled and who have dependents.

Filing Missouri Income Tax Forms

For Missouri residents, income taxes are due by April 15th of each year, the same as the federal income tax filing deadline. If you cannot file your taxes by April 15th, you can request an automatic six-month extension by filing Form MO-60. This form does not grant an extension of time to pay any taxes due, so if you are unable to pay your taxes in full by April 15th, you must still pay as much as you can to avoid penalties and interest.

There are a few different ways to file your Missouri income tax return. The most popular option is to file online using Department of Revenue’s website. If you use this system, you will need to create a username and password, which will allow you to securely submit your personal information and tax return. You can also file your return by mail using the paper forms provided by the Missouri Department of Revenue. You can find these forms online or at local libraries and post offices.

If you need assistance with preparing and filing your taxes, the Missouri Department of Revenue offers free tax assistance at several locations across the state. You can find a list of these locations on their website. Additionally, taxpayer assistance is available by phone and email.

Missouri Income Tax Forms to Know

As you prepare to file your Missouri income taxes, there are several forms and schedules you’ll need to be familiar with. These forms and schedules help you report your income, deductions, and tax credits accurately and correctly. Here are some of the most important Missouri income tax forms to know:

– Form MO-1040: This is the main income tax form that all Missouri residents who have taxable income must file. Use this form to report your income, deductions, and tax credits. Make sure to use the correct form for the year you’re filing, as the form changes from year to year.

– Schedule A: This form allows you to itemize your deductions, such as charitable contributions, medical expenses, and mortgage interest. If you choose to take the standard deduction, you do not need to file this form.

– Schedule B: Use this form to report interest and dividend income that you received during the tax year.

– Schedule C: This form is for businesses and self-employed individuals to report their business income and expenses.

– Schedule E: This form is for rental income and expenses, including income from rental properties and expenses related to owning and managing rental properties.

– Schedule F: This form is for farmers to report their income and expenses related to farming.

– Form MO-CR: This form is for certain tax credits, such as the food pantry, property tax credit, and homeowners’ energy efficiency credit.

Missouri Income Tax Tips

Here are a few tips to keep in mind as you prepare to file your Missouri income taxes:

1. Don’t wait until the last minute to file your taxes. By filing early, you can avoid the stress and rush of waiting until the deadline approaches.

2. Double-check your math and calculations, as errors can delay your refund or cause you to pay more taxes than you owe.

3. Keep accurate and organized records of your income, expenses, and deductions throughout the year to make tax time easier.

4. Take advantage of any tax credits or deductions for which you qualify, such as the Missouri property tax credit or the homeowners’ energy efficiency credit.

Conclusion

Filing your income taxes can be a daunting task, but with the right knowledge and preparation, it doesn’t have to be. As a Missouri resident, it’s important to understand the state’s income tax rates, forms, and filing requirements to ensure that you’re submitting an accurate and complete tax return. With the help of this guide, you should be well on your way to filing your Missouri income taxes with confidence and ease.