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.
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.
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.