![]() ![]() Interest may be included in that deduction. Taxpayers who contributed to a first-time home buyer account may deduct up to $800 of the amount contributed per year or $1,600 for married taxpayers filing jointly. The policy must be for at least 12 months of coverage. Taxpayers may be able to deduct the cost of premiums for long-term care insurance. ![]() You’re required to itemize your deductions on your federal tax return if you file married filing separately and your spouse decides to do so. However, if you were required to itemize your deductions on your federal tax return, you must choose to itemize. You have the option to choose the standard deduction or itemize your deductions on your Missouri state income tax return. The 2021 standard deduction allows taxpayers to reduce their taxable income by $12,550 for single filers, $25,100 for married filing jointly, $18,800 for head of household and $25,100 for qualifying widows/widowers. The state of Missouri offers a standard deduction for taxpayers. Income Tax Deductions for Missouri Standard Deduction Here is a list of our partners who offer products that we have affiliate links for. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. Second, we also include links to advertisers' offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers' offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. ![]() The Forbes Advisor editorial team is independent and objective. ![]()
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