Missouri State Tax Extension: A Detailed Guide

A Missouri tax extension can give you extra time to file your return without the risk of penalties.

However, you must remember that an extension to file does not extend the deadline to pay any taxes owed.

If you don't pay at least 90% of your tax liability by the original due date, you may face penalties and interest charges.

So, how do you get a tax extension in Missouri?

Read on for everything you need to know.

Overview of Missouri Tax Extension Requirements

What is a Tax Extension?

A tax extension gives taxpayers more time to file their tax returns without incurring penalties. However, it's essential to note that the extension only applies to the filing deadline. To avoid late payment penalties, you must pay 90% of your estimated tax liability by the original deadline, April 15th.

Missouri taxpayers who have already filed a federal extension may automatically qualify for a state extension as long as they do not owe additional taxes.

Important Missouri Extension Deadlines and What They Include

When is the Deadline to File a Tax Extension for Missouri?

The deadline to file a tax extension in Missouri is April 15th. This is also the deadline to pay at least 90% of your estimated tax liability to avoid penalties.

Will Missouri Accept my Federal Tax Extension, Or Should I file a Separate Form?

If you have filed for a federal tax extension and do not expect to owe additional Missouri taxes, there is no need to file a separate state extension. However, if you do owe taxes, you must file Form MO-60 and ensure that at least 90% of your taxes are paid by the original deadline.

If I File a Tax Extension for Missouri, What Is My New Deadline?

Once your Missouri tax extension is approved, your new filing deadline will be October 15th for individual and composite income tax returns. Fiduciary and S-Corporation filers will have their deadlines extended based on their federal extension (Form 7004).

How to Request an Extension in Missouri

How Do I File a Missouri Tax Extension?

Here's how to file your Missouri state tax extension:

FAQs

Do I Need to Pay My State Taxes When I File a Tax Extension for Missouri?

Yes, you must pay at least 90% of your taxes by the original deadline to avoid penalties and interest. The extension is only for the filing deadline.

Who is Eligible for a Tax Extension in Missouri?

Anyone can request a tax extension in Missouri, but the key is paying at least 90% of your estimated tax liability by April 15th.

What Are the Penalties for Filing My Taxes Late in Missouri?

In Missouri, a late filing penalty is 5% per month of the balance due, up to 25%. Additionally, unpaid taxes are subject to monthly interest of 3% above the federal rate.

Example: Let's say you owe $5,000 in Missouri state taxes and miss the April 15th filing deadline. If you don't file your return until two months later, you will incur a penalty of 5% per month on the balance due.

For two months, the calculation would be:

This does not include additional interest that may accrue on the unpaid balance.

What Are the Penalties for Paying My Taxes Late in Missouri?

The penalty for late payment is 5% of the balance due, plus interest of 3% above the prime rate, compounded annually.

How Do I Know Whether I Should File a Tax Extension for Missouri?

File a tax extension if you need more time to gather documents and file your return accurately. However, ensure you have paid 90% of your taxes to avoid penalties.

Does the IRS Extension Apply to State Taxes?

If you have filed a federal tax extension, Missouri grants an automatic extension for your state taxes as long as you don't expect to owe any additional taxes. If taxes are owed, you must file Form MO-60 to apply for a state extension.

What Is the Tax Form Number for the Extension?

To request a Missouri tax extension, you need to file Form MO-60, which can be done either online or by mail.

Does Missouri Grant an Automatic Extension?

Yes, Missouri grants an automatic extension of time to file if you have a federal extension. However, this only applies if no taxes are owed. If you expect to owe taxes, you must submit Form MO-60 and ensure 90% of your tax liability is paid by the original due date.

Missouri State Tax Revenue Analysis

The data reflects a mixed economic picture for Missouri. Traditional revenue sources like income and sales tax are declining, potentially due to economic stressors. However, introducing new taxes and growth in other areas like insurance, liquor, and interest are helping balance the state's revenue.

The significant reduction in refunds further improves the state's fiscal position. Missouri's tax revenue diversification appears to provide some cushion against economic fluctuations, but the declines in personal income and sales taxes may signal underlying economic challenges.

Missouri Tax General Fund Revenue by Tax Type

Missouri Total Collection vs Refunds

Conclusion

Filing a Missouri tax extension gives you more time to file your return, but remember that it doesn't extend the payment deadline. To avoid penalties, ensure that at least 90% of your taxes are paid by April 15th. Stay compliant with Missouri's deadlines and rules to avoid unnecessary fees.