I just finished my Federal return and am starting my Missouri return. The program immediately asks me if I want to apply for a property tax credit. One of the requirements to qualify for Missouri state renters tax credit is this: "Net household income is not more than $27,200 if you rented or did not own and occupy the residence all year."
QUESTION: Is "net household income" the dollar amount shown on my return BEFORE I take any deductions and apply any other credits? Or is net household income the income amount after any deductions/credits have been applied?
I ask because, looking at my Federal return, my income before any deductions or credits is over $27,200. But after the standard deduction, etc. is applied, my taxable income is under $27,200. I'm wondering if this means I do or don't qualify for Missouri's property tax credit.
If anyone could clarify this, I would really appreciate it. I don't want to bother filling out a property tax credit form if it turns out I don't qualify. Thanks in advance.
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BEFORE if you are single
However, it might or might not show on your return at all.
For the credit, household income includes:
For yourself, if single and added to anyone else "in your household" such as your spouse or kids.
MO property tax/renters credit
BEFORE if you are single
However, it might or might not show on your return at all.
For the credit, household income includes:
For yourself, if single and added to anyone else "in your household" such as your spouse or kids.
MO property tax/renters credit
Ah, okay, thanks for clarifying, @KrisD15.
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