romney's 2010 tax return

[moabraham1]

Hello


I have examined Romney's 2010 Form 1040 and I am unable to replicate the calculation of Line 44 Tax of $2,873,067 on taxable income of Line 43 of $17,120,067.


Does anyone know how or where I could find how this amout was calculated?


thank you.

[vonna]

Have you taken into account the lower tax rate for qualified dividends and long term capital gains? ALthough those figures would be included in the taxable income, they are taxed at different rates.

[moabraham1]

thank you .


I tried the qualified dividends and capital gain worksheet Line 44 on page 37 Form 1040 instructions 2011.


Is this what you mean?


If so, no luck?

[vonna]

You need to use the worksheet for 2010, not 2011. I would think that would work, though I have not looked at Romney's return.

[vonna]

moabraham,

Well, I can't believe I actually crunched the numbers -- I figure there is no way that calculation on his return was incorrect, and with a quick chicken scratch on a scrap paper, I came up with line 44 value of $2,873,054 ($13 less ). I'm figuring I had some rounding errors -- but close enough to seem correct to me.

[vonna]

Oh -- and I've kept my scratch paper, if the numbers don't work out for you again, and you want to compare the line 1 thru line 19 values from the worksheet.

Do you mind if I ask why you are recalculating Romney's return?

[mwcpa]

I am sure the tax calculation is correct....

Certain dividends and net long term capital gains are taxed at a maximum rate of 15%.... while the calculation may seem simple, it's not....

[vonna]

Sept 10, 2012 16:08:46 GMT -5 mwcpa said:

while the calculation may seem simple, it's not....

Tax software sure makes it much easier than running those calculations with paper and stubby pencil!! Boy, that got tedious back in the day...

[moabraham1]

thank you


I made a transposition error . Recalculated and everything was okay.


Thank you.