Missouri’s Standard deduction amount is now equal to the Federal Standard deduction amounts.
- Single - $13,850
- Married Filing Separate - $13,850
- Married Filing Combined - $27,700
- Head of Household - $20,800
- Qualified Widow(er) - $27,700
Tax Rate Changes
In 2023, Missouri adjusted their tax rates for inflation. See the new rates below.
|
If the Missouri taxable income is: |
The tax is: |
|
$0 to $1,207 |
$0 |
|
At least $1,207 but not over $2,414 |
2.00% of excess over $1,207 |
|
Over $2,414 but not over $3,621 |
$24 plus 2.50% of excess over $2,414 |
|
Over $3,621 but not over $4,828 |
$54 plus 3.00% of excess over $3,621 |
|
Over $4,828 but not over $6,035 |
$90 plus 3.50% of excess over $4,828 |
| Over $6,035 but not over $7,242 | $132 plus 4.00% of excess over $6,035 |
| Over $7,242 but not over $8,449 | $180 plus 4.50% of excess over $7,242 |
| Over $8,449 | $234 plus 4.95% of excess over $8,449 |
New Income Tax Deductions
Business Income Tax Deduction:
The business income tax deduction has increased to 20%.
Beginning Farmland Sold Deduction:
Farmers can get a deduction for a percentage of capital gains from selling farmland or up to $25,000 from rent, lease, or crop sharing if it involves a beginning farmer.