MO state return

Forum|Forum|1 year ago
February 7, 2025
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I lived part of the year in MO and part of the year in IL. How do I calculate the MO portion of the federal adjustment for the $2,500 student loan interest?

SabrinaD2

Here's how you can calculate the Missouri portion of your $2,500 student loan interest deduction:

Total Interest: Confirm you paid $2,500 in student loan interest.
Time in Months: Determine how many months you lived in Missouri.
Proportion: Divide $2,500 by 12 months, then multiply by the number of months you lived in Missouri.

For example, if you lived in Missouri for 6 months:

MO portion=($2,50012)×6=$1,250MO portion=(12$2,500)×6=$1,250

Use this amount on your Missouri state tax return. Does that help?

Here is a helpful link to their tax information page: Missouri Department of Revenue - Tax Information and scroll down to Student Loan Interest Deduction.