Listed below is the type of income that you can subtract from your Missouri return:
Qualified Health Insurance Premiums
You may enter the amount that you paid for insurance premiums that do not exceed your federal taxable income. You cannot include any pre-tax premiums paid, premiums excluded for your federal taxable income or any long term insurance premiums.
Exempt Contributions to Missouri Higher Education 529
Missouri allows a subtraction from your federal AGI for the amount of yearly contributions made to MOST or any other qualified 529 plan. The annual maximum amount allowed for single filers is $8,000 and $16,000 for married couples filing a combined return.
Federally Exempt U.S. Obligations
Interest from direct obligations from the United State Government is exempt from state taxation under the laws of the United States.
Agricultural Disaster Relief
You can enter the amount you received for payment from a program that provides compensation to agricultural producers who have suffered a loss as a result from an emergency or disaster. You must include this amount in your federal adjusted gross income.
Depreciation Adjustment
If you elected to use the 30% depreciation on your federal return for assets purchased between July 1, 2002 and June 30, 2003, you may be able to subtract a portion of the depreciation.
Exempt Contribution Made to a Qualified Achieving a Better Life Experience Program (ABLE)
You are allowed to take a subtraction from your federal adjusted gross income for the amount of yearly contributions made to the ABLE program. The maximum exempt contribution for the year is $8,000 for single filers and $16,000 for married couples filing a combined return.
Railroad Retirement Benefits Administered by the Railroad Retirement Board
All Tier I and Tier II benefits and any railroad sick pay, disability and unemployment benefits that are included in your federal adjusted gross income are excluded from state taxes.
Home Energy Audit Expense
Note: This credit is no longer available starting tax year 2021.
You can subtract the amount of costs from a home energy audit and the installation of any energy efficient recommendations to the extent that the amount was not included in your federal adjusted gross income. The subtraction is limited to $1,000 for single filers and $2,000 for married couples filing a combined return.
Other Subtractions:
- Partnership
- Fiduciary
- S Corporation
- Net Operating Loss
- Military Nonresident Income
- Combat Pay Included in Federal AGI
- Build America and Recovery Zone Bond Interest
- Missouri Public-Private Transportation Act
- Business Interest
Program Entry
- State Section
- Subtractions from Income
For more information regarding these subtractions, please click here