The “Circuit Breaker” Tax Credit

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

(KTVI) - The state of Missouri offers a property tax credit, primarily for seniors and the disabled, commonly referred to as the “Circuit Breaker.” It gives credit for a portion of the real estate taxes or rent they have paid for the year.

Unfortunately, as the Wamhoff team learned while manning the FOX 2 call center’s tax tip hotline, many who qualify are unaware of this credit, or don’t realize they can qualify.

Sandy Furuya, Senior Accounting Manager at Wamhoff Financial Planning & Accounting Services, provides the following guidance.

1. Am I eligible?

  • Were you or your spouse 65 years of age or older at the end of the year?
  • Were you 100% disabled as a result of military service?
  • Are you 100% disabled?
  • Were you 60 years of age or older at the end of the year, and receiving surviving spouse SSB?
  • Are you a resident of Missouri?
  • If you are unsure, ask a tax professional!

 2.  What are the household income requirements?

  • Homeowners who are married and filing jointly: $34,000 or less.
  • Homeowners who are single: $30,000 or less
  • Renters who are married and filing jointly: $29,500 or less
  • Renters who are single: $27,500 or less.

3What counts as income?

  • Household income is ALL INCOME received. This would include your Investment Income, Social Security Income (including Railroad Retirement and Disability Income), Wages, Pensions, Annuities, Rental Income, etc.
  • You must also include your Veterans Benefits UNLESS you are 100% disabled as a result of military services. Surviving spouses must include the benefits.
  • Also include public assistance, child support, unemployment and temporary assistance.

 4.  What is the amount of the tax credit?

  • Up to $1,100 for homeowners.
  • Up to $750 for renters.

 5.  Where to go for help

  • Free assistance is available for the preparation of the tax credit forms.
  • VITA 1-800-906-9887
  • AARP 888-227-7669.