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Missouri Additions

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Missouri Additions

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INTEREST ON STATE AND LOCAL OBLIGATIONS If you received income from an obligation of a state or political subdivision other than Missouri, enter the amount of that in come, reduced by the related expenses in cur red (management fees, trustee fees, interest, etc.) if the expenses are more than $500.

PARTNERSHIP, FIDUCIARY, S CORPORATION, OTHER Enter positive adjustments (additions) re ported from partnerships, fiduciaries, S cor por ations, or other sources. The partnership, fiduciary, or S corporation must notify you of the amount of any such adjustment (addition) to which you are entitled. Select the boxes applicable on Line 2 and attach a copy of the notification received.

Net Operating Loss (NOL) - Carryback/Carryforward In the year of your Net Operating Loss (NOL), enter on Form MO-A, Part 1, Line 2 the amount of your eligible NOL to be carried back or carried forward from the loss year. Enter the sum of the current year’s NOL (as a positive number), plus any unused NOL from prior years. If your federal adjusted gross income includes an NOL carryback that is also carried back or carried forward to another year, enter the unused amount as an addition. Please attach the calculation of your NOL carryback/carryforward, or your Federal Form 1045, Schedules A and B.

Amended returns only: If your federal adjusted gross income includes an NOL (other than a farming loss) of more than two years, enter the loss amount as a positive number.

Non-medical Withdrawal from Individual Medical Account (IMA) Any monies you withdraw from your Individual Medical Account (IMA) for non-medical purposes are taxable to Missouri. The interest earned on such monies is also taxable to Missouri. The amount subject to tax is reported on a statement provided by the administrator of the IMA.

Business Interest Previously Subtracted Business Interest Expenses: Enter the amount of business interest expense included in your federal adjusted gross income, to the extent the amount was subtracted from federal adjusted gross income on the Form MO-A in a previous year. Non-qualified Withdrawal from Family Development Account

Non-qualified Withdrawal from Family De vel op ment Account: The amount of annual deposits previously subtracted must be added to your federal adjusted gross income if the withdrawal from the account was not for a qualified use.

NON-QUALIFIED DISTRIBUTION FROM A QUALIFIED 529 PLAN Any distribution made by the Missouri Savings for Tuition Program (MOST), the 529 plan administered by the Missouri Education Deposit Program, or any other qualified 529 plan, not used for qualified education expenses, must be added to federal adjusted gross income of the taxpayer who made contributions to the plan. The amount of the distribution that must be added includes contributions previously exempt from state tax and earnings generated from the program (if the earnings are not already included in federal adjusted gross income). If the taxpayer who made the contribution is de ceased, the beneficiary of the savings program must add the nonqualified taxable distribution to federal adjusted gross income on the Missouri income tax return.

FOOD PANTRY CONTRIBUTIONS INCLUDED ON SCHEDULE A If you are claiming the Food Pantry Tax Credit (Form MO-FPT) and you included your donations as an itemized deduction on your Federal Schedule A, enter the amount of your donations, as noted on Form MO-FPT.

NONRESIDENT PROPERTY TAX If you are a nonresident or part-year resident and you reported property taxes paid to another state or political subdivision on Line 5b and /or 5c of your Federal Schedule A, you must report an income modification on Line 5 of Form MO-A, unless that state or political subdivision allows a subtraction to income for Missouri property taxes. Visit http://dor.mo.gov/faq/personal/nonresident.php for a list of states that allow a subtraction for Missouri property taxes. If your state and local taxes from Federal Schedule A, Line 5d exceeds $10,000 (or $5,000 for married filing separate filers), use the following calculation to determine your income modification that must be added to federal adjusted gross income.

NONQUALIFIED DISTRIBUTION FROM A QUALIFIED ACHIEVING A BETTER LIFE EXPERIENCE PROGRAM (ABLE) Any distribution made by the ABLE program administered by the Missouri Achieving a Better Life Experience board, not used for qualified disability expenses or not held for the minimum length of time established by the board must be added to the federal adjusted gross income of the taxpayer who made the contributions to the plan. The amount of the distribution that must be added includes contributions previously exempt from state tax and earnings generated from the program (if the earnings are not already included in federal adjusted gross income). If the taxpayer who made the contribution is deceased, the beneficiary must add the nonqualified distribution to federal adjusted gross income on the Missouri income tax return.


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Views: 1329 Created on: Jun 15, 2013
Date updated: Jan 03, 2020
Posted in: States, Missouri

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