MO HB1762

Doubles the Missouri income tax deduction for private retirement income from $6,000 to $12,000 per taxpayer, effective January 1, 2027

Increases income eligibility thresholds for the maximum private pension deduction starting January 1, 2027: single/head of household from $25,000 to $50,000; married filing combined from $32,000 to $64,000; married filing separately from $16,000 to $32,600

Qualifying private retirement sources include 401(k) plans, deferred compensation plans, Keogh plans, defined pension plan annuities, and traditional IRAs (excludes Roth IRAs)

Taxpayers exceeding the income thresholds receive a reduced deduction, decreased by $1 for every $1 their income exceeds the applicable ceiling