If a taxpayer contributes to a Missouri MOST 529 college savings plan, they may be eligible for a subtraction from income on their Missouri individual tax return.
Contributions of up to $8,000 per year are eligible for a Missouri state income tax deduction for those filing a single return; and up to $16,000 per year for those filing a joint return.
TaxSlayer Pro Desktop – To enter the deductible portion of the contributions that were made in the TaxSlayer Pro desktop program, from the main menu of the Missouri return select:
- MO Adjusted Gross Income
- Subtractions from income
- Contributions to 529 Plan
TaxSlayer ProWeb – To enter the deductible portion of the contributions that were made in TaxSlayer ProWeb, from the main menu of the Missouri return select:
- Subtractions from Income
- Contributions to Missouri Higher Education 529
Additional Information: