Tuesday, January 24, 2012

GOP Candidate's tax returns

Now that both leading GOP candidates have released their 2010 income tax returns, here are links to them. Romney has released many more tax returns than Gingrich. Gingrich should have released his Gingrich Holdings S corporation tax return as well since most of his transactions are taking place there. He also did not release his Form 2210 for the underpayment penalty calculation.

While Gingrich paid over $8,000 to prepare his 2010 tax return, Romney appeared to have paid none. And that's probably because his CPA billed the fees to one of his businesses.

Romney deducted his self-employed health insurance premium of $14,176 on Schedule A instead of on line 29 of page 1 of his Form 1040, as allowed by law. Both Romney and Gingrich included a Schedule H for household employees.

Gingrich was not subject to the dreadful alternative minimum tax while Romney was.

Mitt Romney
http://mittromney.com/learn/mitt/tax-return/main

Newt Gingrich
http://www.newt.org/sites/newt.org/files/GingrichIncomeTaxReturn.pdf