Missouri Tax Withholding Error Could Cost Thousands On Tax Returns This Year
A tax withholding error in the state of Missouri may cost thousands of tax payers money on their state income tax returns this year.
In a release sent out by the Department of Revenue dated back to September, the department said the changes were caused by an inaccurate calculation of the federal tax deduction that was previously undetected.
As a result the department says some Missouri taxpayers are under-withholding for the 2018 tax period, which means those taxpayers may see a smaller refund or a greater balance owed than they have seen in previous years.
A consensus revenue worksheet, shows the total individual income tax refunds are expected to fall by 231.5 million dollars or 20.5 percent, and remittances are expected to go up by 134.4 million dollars.