Missouri Income Tax Reference Guide - 2012 Page 13
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28ITEMIZED DEDUCTIONS / OTHER DEDUCTIONS
ITEMIZED DEDUCTIONS 2012
MISSOURI ITEMIZED DEDUCTIONS
Missouri law requires a taxpayer to start with the federal itemized deductions
reported on Schedule A of his/her federal return. If you itemize deductions
on your federal return, you may itemize your deductions for Missouri or take
the standard deduction, whichever is to your advantage.
If the taxpayer does
not itemize his/her deductions on the federal return, he/she will not be allowed
to itemize on the Missouri return. If the taxpayer is required to itemize on the
federal return, he/she must itemize on the Missouri return.
ADDITIONS TO FEDERAL ITEMIZED DEDUCTIONS
Social Security Tax and Medicare Tax
Railroad Retirement Tax (Tier I and Tier II)
Self-employment Tax claimed on Federal Form 1040, Line 56 minus Line 27 or
Federal Form 1040NR, Line 54 minus Line 27.
SUBTRACTIONS FROM FEDERAL ITEMIZED DEDUCTIONS
The amount of state and local income tax claimed on the Federal Schedule A,
less any city earnings tax included in that amount.
OTHER DEDUCTIONS
LONG-TERM CARE INSURANCE DEDUCTION
If you paid premiums for qualified long-term care insurance in 2012, you may
be eligible for a deduction on your Missouri income tax return. Qualified long-
term care insurance is defined as: insurance coverage for period of at least
12 months for long-term care expenses should such care become neces-
sary because of chronic health conditions or physical disabilities including
cognitive impairment or the loss of functional capacity, thus rendering an
individual unable to care for themselves without the help of another person.
HEALTH CARE SHARING MINISTRIES
If you made contributions to a qualifying health care sharing ministry in 2012,
you may be eligible for a deduction on your Missouri income tax return. A health
care sharing ministry is defined as a faith-based, nonprofit organization that
assists members who have financial, physical, or medical needs. To qualify, the
taxpayer must be a member of a health care sharing ministry and not have
deducted the same amounts on the federal return.
SMALL BUSINESS DEDUCTIONS
For all taxable years beginning on or after January 1, 2012 and ending on or
before December 21, 2014, if a small business creates new jobs, it may qualify to
claim a deduction in the taxable year each new employee completes at least 52
weeks of full-time employment. The deduction is equal to $10,000 for each new
job created or $20,000 for each new job created by a small business that paid at
least 50 percent of all employees’ health insurance premiums. Form MO-NJD
must be completed with the MO-1040 form. Beginning August 28, 2012, a
partnership, S-corporation, limited liability partnership or other business entity
may also qualify for the credit.
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