My wife and I are equal shareholders in our LLC. Our income from the business goes into a Schedule E for our Federal 1040 tax prep. Is the income from our business considered an addition to Missouri state income? I ask because on the MO 1040, our adjusted 1040 federal income (which includes our business income) is listed and our business income is listed as well. Is this double taxing the business income?
No, the income from your business is not considered an addition to MO income. The additions to MO income are below and are only things that are not included in federal income.
Yes, if you included the income again, it would be double taxed. So you should not add it to the state return a second time.
"(Modifications to federal adjusted gross income include railroad retirement benefits, military retirement benefits, exempt contributions or earnings or nonqualified distributions from either the Missouri for Tuition Program (MOST), or the Achieving Better Life Program (ABLE), exempt interest on federal, state or local obligations, qualified health insurance premiums you paid, positive or negative adjustments from partnerships, S corporations, fiduciary or other sources.)"
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