Tax Receipt
Show Me!…The Missouri Property Tax Credit
The Missouri Property Tax Credit (MO-PTC) is a program that benefits seniors and disabled veterans who are residents of the state of Missouri. The program allows eligible citizens to get a refund of real estate taxes or rent paid with certain stipulations. The refund is claimed by filing either the Missouri Individual Tax Return form or the Missouri Property Tax Credit Claim if you are not required to file a state tax return. You have 3 years to file for a claim which means you can file for the 3 prior years if you have not done so. For example, in 2010 you can file for 2007, 2008 and/or 2009. The credit must be requested by April 15th which is when the yearly tax return is due.
The Missouri Property Tax Credit lets you claim up to $750 as a renter as long as the property owner you rent from pays property tax. Homeowners are entitled to claim a credit up to $1,100 as long as real estate taxes are paid on the property and you live in the house the entire year.
Eligibility for is determined based on a number of factors that include age and income. Either you or your spouse can claim the credit for real estate taxes or rent on Missouri property if the following age requirements are met:
• You or your spouse is 65 years old or older by the last day of the year
• You or your spouse is 100 % disabled as a result of military service
• You or your spouse is 100% disabled
• You or your spouse is 60 years old or older by the last day of the year and receiving surviving spouse benefits from social security
There are also income limits that apply to determine eligibility for the Missouri Property Tax Credit. If you are a renter and single, your income must be less than $27,500. If you are a renter and married filing joint then total household income must be less than $29,500. If you are claiming the homeowner credit and are single, household income is currently required to be $30,000 or less. If you are married filing joint, the household income is required to be $34,000 or under. These income requirements apply to 2008 and 2009 on Missouri property.
Show the State You Have Earned the Credit for Missouri Property
Veterans of the United States armed forces who are 100% disabled as a result of that service get special consideration in terms of income eligibility for the Missouri Property Tax Credit. The disability tax credit does not require Veterans Administration payments to be included in the total income calculation. For everyone else, the household income is calculated by taking the Missouri adjusted income and then adding in income that is not wages. Those other income amounts include the following:
• Social Security
• Railroad Retirement
• VA payments unless 100% disabled from military service
• Public assistance
• Unemployment benefits
• Child support
• SSI
• Dividends
• Interest
• Rental income
There are other income amounts that are added back when calculating the credit on Missouri property. By using Turbo Tax, it is easy to identify all of the types of household income that needs to be included in the calculation. Anyone claiming the refund must be a Missouri resident the entire year. You can file any time during the year, but you will have to provide documentation that includes things like copies of your real estate tax receipt showing how much you paid, 1099 forms, W-2 forms, copies of the lease agreement or rent payment receipts and other forms and letters. Turbo Tax makes it simple to complete and print out the right forms to claim your Missouri Property Tax Credit.
About the Author
Arthur Griffin is The Kansas City Tax Guy. He owns and operates several income tax preparation offices throughout the Kansas City, MO metropolitan area. Make sure that you download his f.ree consumer report “Learn the Top 5 Tax-Saving Strategies Kansas City Area Families Can Start Using TODAY to Survive Tough Economic Times” by visiting
http://www.kansascitytaxguyblog.com
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