Jefferson City, MO – Seniors in Missouri aged 65 and older may be eligible for an extra standard deduction that can help reduce their taxable income and potentially lower their state and federal tax bills. This benefit, while often overlooked, can offer significant savings to retirees living on fixed incomes.
Understanding the Extra Standard Deduction
The extra standard deduction is an additional amount added to the regular standard deduction for individuals who are age 65 or older or legally blind. In Missouri, this works in conjunction with the federal standard deduction, meaning eligible taxpayers can reduce their taxable income even further.
For the 2024 tax year, the federal extra standard deduction is $1,550 for each qualifying individual (or $1,950 if filing as single or head of household). Missouri generally follows the federal standard deduction amounts, which means seniors can see combined benefits at both levels. According to the Missouri Department of Revenue, taxpayers should ensure they correctly claim the additional amount when filing.
Who Qualifies in Missouri
You may qualify for Missouri’s extra standard deduction if:
- You are 65 years of age or older by the end of the tax year.
- You are not claimed as a dependent on someone else’s tax return.
- You file a federal tax return using the standard deduction rather than itemizing.
It’s important to note that eligibility is determined on a per person basis. Married couples can both claim the extra deduction if they each meet the age requirement.
Why It Matters for Seniors
For many retirees, every dollar counts. The extra deduction can lower taxable income, potentially moving a taxpayer into a lower tax bracket and reducing the overall amount owed to the IRS and the Missouri Department of Revenue.
“This deduction is one of the simplest and most effective ways for Missouri seniors to save money on taxes,” said a local tax preparer. “It’s surprising how many eligible people miss out simply because they don’t know it exists.”
How to Claim the Deduction
Claiming the extra standard deduction is straightforward. When completing your federal tax return (Form 1040), ensure the box indicating you are 65 or older is checked. This automatically applies the extra deduction to your federal calculation. Missouri’s state tax form will then account for this when determining your state taxable income.
Tax experts recommend reviewing IRS Publication 501 for federal guidelines and Missouri’s Form MO-1040 instructions for state-specific filing requirements.
Planning Ahead for Tax Season
Missouri seniors should start organizing tax documents early and verify age-related benefits before filing. While the extra standard deduction is automatic once indicated, it’s wise to double-check figures or work with a tax professional to ensure no benefits are overlooked.
Have you ever claimed the Missouri extra standard deduction? Share your experiences and tips for fellow seniors in the comments below.
