The President's Tax Return

[veritas]

http://www.whitehouse.gov/sites/default/files/president-obama-2010-complete-return.pdf

[taxea]

I can only quote Joy Bahar...so what? Who cares!!!!

[David1980]

Interesting how some lines the amounts are blurrier than the next/previous lines. For example, line 27 is blurry but line 28 is not. Possibly the blurry lines were corrections to earlier versions or something, but who would preparer a return like that nowadays? (Then again, the fact it's not a nice neat computer generated PDF could mean whoever prepared it doesn't rely on computers much.)

$12 taxes from Sch H, lol...

Hmm, interesting, looks like various is allowed on Form 1116 for country taxes were paid to. And you don't have to identify the income anymore specific than the checkbox.

Looks like his home mortgage interest is right around 5%, since I'm assuming with that much mortgage interest we're probably just seeing the portion that can be deducted.

The worksheets throughout the return, I don't recognize them. I'm thinking they're probably in-house for the accounting firm, probably not the product of any particular software product?

I am glad that's not a return I had to preparer.

[Uncle Sam]

President's Tax Return

Did any of you notice that in comparing Obama's to Biden's return - Obama made over 10 times as much income - 3/4 of it from book royalties, a good part of which was from international sources -that's why the close to $ 60,000 of Foreign Tax Credit - but not one penny in AMT.
Biden had to pay over $ 5,800 in AMT.

[JON]

Amt

once you are in the top bracket and not moving back from itemized deductions - how would you every get into AMT????? His last dollars all taxed at the max rate - AMT will not happen when that is the case.

Biden - he has a Family Limited Partnership - made his fortune while being a Senator. I have never read any of the Presidents books, but they were on the best sellers list when he was a Senator. I think all these guys should be working OT and not have time to write books, but they all do. In his case at least the public purchased his books at their choice.

[JG EA]

http://www.whitehouse.gov/sites/defa...ete-return.pdf

This was very interesting - thanks!

Did you notice they didn't put in last year's tax fee? Do you think they do it for free for publicity or because it wasn't enough to count - they left it out so no one else would know how much they charge?

[veritas]

I did notice

the inherited stock. Grandmothers? Also what appears to be an inherited IRA.

[veritas]

I thought it was

I can only quote Joy Bahar...so what? Who cares!!!!

interesting. Just as I found President Roosevelt's, Nixon's and Reagan's,

Who is Joy Bahar anyhow? She needs new material.

[JON]

Freeman

money on E. Freeman is a real estate guy who if I read it right thought the First Lady should get some money for her position. $12,000 paid to the First Lady's since then.