What Are the Missouri Standard Deduction Amounts?

The Missouri standard deduction is a specific dollar amount that taxpayers can subtract from their adjusted gross income (AGI) to reduce their overall taxable income. This option simplifies tax filing for many individuals. Instead of keeping detailed records of every potential deductible expense throughout the year, taxpayers can choose this predetermined amount set by the state.

Missouri Standard Deduction Amounts

For the 2024 tax year, the Missouri standard deduction amounts are directly tied to a taxpayer’s filing status. These figures are important as they represent the initial amount you can deduct from your income before any taxes are calculated.

The specific amounts vary to reflect different household situations. For individuals with a filing status of Single, the standard deduction is $14,600. Those who are Married Filing Jointly or are a Qualifying Widow(er) can claim a standard deduction of $29,200. The Head of Household filing status has a standard deduction of $21,900. Lastly, individuals who are Married Filing Separately are entitled to a $14,600 deduction.

Additional Deduction for Age or Blindness

Missouri law provides an additional standard deduction for taxpayers who meet certain age or vision requirements. Individuals who are age 65 or older by the last day of the tax year are eligible for this increased amount. A separate, identical increase is available for those who are considered legally blind. These provisions are designed to offer further tax relief to seniors and visually impaired residents.

The value of this additional deduction depends on the taxpayer’s filing status. For those filing as Single or Head of Household, the additional amount is $1,950 per qualifying condition. Taxpayers using the Married Filing Combined, Married Filing Separate, or Qualifying Widow(er) statuses can claim an additional $1,550 per condition. These amounts are cumulative; a single individual who is both over 65 and legally blind can increase their standard deduction by a total of $3,900. Similarly, if both spouses on a joint return are over 65, they can claim the additional amount for each person.

Deciding Between Standard and Itemized Deductions

Taxpayers in Missouri must choose between taking the standard deduction or itemizing their deductions. The state’s itemized deductions are based on specific expenses claimed on a taxpayer’s federal return, creating a direct link between federal and state tax planning.

Common examples of expenses that can be itemized include:

• Medical and dental expenses that exceed a certain percentage of federal adjusted gross income
• State and local taxes paid up to the federal limit of $10,000
• Home mortgage interest
• Contributions made to qualified charitable organizations

To make an informed choice, a taxpayer must first calculate the total of all their potential itemized deductions. This sum should then be compared directly to the Missouri standard deduction amount that corresponds to their filing status. If the total of the itemized deductions is greater than the standard deduction, itemizing is the more advantageous path. For instance, if a single taxpayer calculates their itemized deductions to be $16,000, they would choose to itemize because that amount exceeds their $14,600 standard deduction. Conversely, if their itemized total was only $12,000, they would be better off taking the standard deduction.