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The “Circuit Breaker” Tax Credit

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(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.