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Missouri Self-Employed Health Insurance Tax Credit
Extracted from PDF file 2023-missouri-form-mo-shc.pdf, last modified October 2023Self-Employed Health Insurance Tax Credit
Reset Form Print Form Department Use Only (MM/DD/YY) Form MO-SHC 2023 Self-Employed Health Insurance Tax Credit *23320010001* 23320010001 Social Security Number - - Taxpayer Name Qualifications and Instructions If you are a self-employed individual and were not able to deduct all of your health care premiums from your federal adjusted gross income, you may be eligible for a tax credit equal to the portion of your federal tax liability incurred due to the inclusion of your health care premiums in your federal adjusted gross income. To qualify for this credit your tax liability must be less that $3,000.00 before other credits. Tax Liability Limitation - Do I qualify? Add the amount from Form MO-1040, Lines 33 plus 31 and any lump sum distribution on Line 34 and enter here. . 00 Is this amount equal to or greater than $3,000.00? No - Continue to short or regular method to calculate your Self-employed Health Insurance Tax Credit. Yes - STOP. You do not qualify for the Self-employed Health Insurance Tax Credit. Calculate your tax credit by using either method below and enter the total on the Miscellaneous Income Tax Credits (Form MO-TC). Self-employed individuals with itemized deductions are limited on their federal return because their federal adjusted gross exceeded income the limits established by the Internal Revenue Service should use the Regular Method. If you are filing a combined return, and both spouses were self-employed and paid health insurance premiums, each spouse must file a separate Form MO-SHC and only include their portion of the amounts from each of the federal and Missouri return lines referenced below. Short Method 1. Federal taxable income from Federal Form 1040 or Federal Form 1040-SR, Line 15. . . . . . . . . . . . . . . . . . . . . . 1 . 00 2. Amount you paid for health insurance premiums which were included in federal adjusted gross income. . . . . . . . (Do not include health insurance premiums paid by your spouse.) 2 . 00 3. Subtract Line 2 from Line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 . 00 4. Calculate an adjusted federal tax by comparing the amount on Line 3 with the federal tax tables . . . . . . . . . . . . . 4 . 00 5. Federal income tax from your Federal Form 1040 or Federal Form 1040-SR, Line 16.. . . . . . . . . . . . . . . . . . . . . . . 5 . 00 6. Subtract Line 4 from Line 5.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . 00 7. Missouri Tax from Form MO-1040 Line 35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 . 00 8. Enter the smaller amount of line 6 or 7. This is your self-employed health insurance tax credit. Report on Form MO-TC. 8 . 00 1. Federal adjusted gross income from Federal Form 1040 or Federal Form 1040-SR, Line 11. . . . . . . . . . . . . . . . . . 1 . 00 2. The amount you paid for health insurance premiums which were included in your federal adjusted gross income. 2 . 00 (Do not include health insurance premiums paid by your spouse.) 3. Subtract Line 2 from Line 1. This is your revised federal adjusted gross income. . . . . . . . . . . . . . . . . . . . . . . . . . . 3 . 00 4. Enter your standard or itemized deductions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 . 00 Regular Method Regular Method (Continued From Page 1) 5 . 00 Enter the adjusted amount here. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . 00 7. If you paid an alternative minimum tax, use the revised federal adjusted gross income from Line 4 on this worksheet to recalculate the tax calculated on Form 6251, and enter the revised amount.. . . . . . . . . . . . . . . . . . . . 7 . 00 8. Missouri Tax from Form MO-1040 Line 35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 . 00 9. If you reduced your tax by any of the credits listed on Federal Schedule 3, use the revised federal adjusted gross income from Line 3 on this worksheet to recalculate each of the credits to which you are eligible, and . enter the total of all the credit amounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 . 00 10. Subtract Line 9 from Line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 . 00 11. Total other taxes from Federal Schedule 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 . 00 12. Add Lines 10 and 11. This is your revised federal tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 . 00 13. Federal income tax from Federal Form 1040 or Federal Form 1040-SR, Line 16. . . . . . . . . . . . . . . . . . . . . . . . . . . 13 . 00 14. Subtract Line 12 from Line 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 . 00 15. Missouri tax from Form MO-1040 Line 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 . 00 16. Enter the smaller amount of Line 14 or 15. This is your self-employed health insurance tax credit. Report on Form MO-TC. 16 . 00 5. Subtract Line 4 from Line 3.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Signature 6. Calculate an adjusted federal tax by computing the amount on Line 5 with the federal tax tables. I am aware of any applicable reporting requirements of Section 135.805 RSMo and the penalty provisions of Section 135.810 RSMo. Taxpayer’s Signature Printed Name Date (MM/DD/YYYY) __ __ / __ __ / __ __ __ __ *23320020001* 23320020001 This form, pages one and two of Federal Form 1040, or Federal Form 1040-SR and Federal Schedule C, if applicable, must be attached to the Miscellaneous Income Tax Credits (Form MO-TC) along with your tax return. Mail to: Phone: Fax: TTY: Taxation Division P.O. Box 27 Jefferson City, MO 65105-0027 (573) 751-3220 (573) 522-8619 (800) 735-2966 E-mail: [email protected] Form MO-SHC (Revised 12-2023) Visit dor.mo.gov/taxation/individual/tax-types/income/ for additional information. Ever served on active duty in the United States Armed Forces? If yes, visit dor.mo.gov/military/ to see the services and benefits we offer to all eligible military individuals. A list of all state agency resources and benefits can be found at veteranbenefits.mo.gov/state-benefits/.
Form MO-SHC - 2023 Self-Employed Health Insurance Tax Credit
More about the Missouri Form MO-SHC Individual Income Tax Tax Credit TY 2023
If you are a self-employed individual and were not able to deduct all of your health care premiums from your federal adjusted gross income, you may be eligible for a tax credit equal to the portion of your federal tax liability incurred due to the inclusion of your health care premiums in your federal adjusted gross income. The self-employed health insurance tax credit is refundable.
We last updated the Self-Employed Health Insurance Tax Credit in January 2024, so this is the latest version of Form MO-SHC, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form MO-SHC directly from TaxFormFinder. You can print other Missouri tax forms here.
Other Missouri Individual Income Tax Forms:
TaxFormFinder has an additional 61 Missouri income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form MO-1040 | Individual Income Tax Return |
| Form MO-PTC | Property Tax Credit Claim |
| Form MO-1040ES | Estimated Tax Declaration for Individuals |
| Form MO-1040A | Single/Married with One Income Tax Return |
| Form MO-CRP | Certification of Rent Paid |
View all 62 Missouri Income Tax Forms
Form Sources:
Missouri usually releases forms for the current tax year between January and April. We last updated Missouri Form MO-SHC from the Department of Revenue in January 2024.
Form MO-SHC is a Missouri Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Missouri Form MO-SHC
We have a total of thirteen past-year versions of Form MO-SHC in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form MO-SHC
Form MO-SHC - 2023 Self-Employed Health Insurance Tax Credit
2022 Form MO-SHC
Form MO-SHC - 2022 Self-Employed Health Insurance Tax Credit
2021 Form MO-SHC
Form MO-SHC - 2021 Self-Employed Health Insurance Tax Credit
2020 Form MO-SHC
Form MO-SHC - 2018 Self-Employed Health Insurance Tax Credit
2019 Form MO-SHC
Form MO-SHC - 2018 Self-Employed Health Insurance Tax Credit
2018 Form MO-SHC
Form MO-SHC - 2018 Self-Employed Health Insurance Tax Credit
2017 Form MO-SHC
Form MO-SHC - 2017 Self-Employed Health Insurance Tax Credit
2016 Form MO-SHC
Form MO-SHC - 2016 Self-Employed Health Insurance Tax Credit
2015 Form MO-SHC
Form MO-SHC - 2015 Self-Employed Health Insurance Tax Credit
2014 Form MO-SHC
Form MO-SHC Self-Employed Health Insurance Tax Credit
2013 Form MO-SHC
Form MO-SHC Self-Employed Health Insurance Tax Credit
2012 Form MO-SHC
MO-SCC Self-Employed Health Insurance Tax Credit
2011 Form MO-SHC
MO-SHC Self-Employed Health Care Insurance Tax Credit
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