Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

Funny bottom lines…

Posted by taxguru on April 5, 2008

Q:

Subject: Clinton’s 2004 Tax Return?

CLINTON 2004 TAX RETURN Question?
How could Line 73 (amount on Line 71 applied to your 2005 Estimated Tax) be $867,968 wheaeas Line Line 71 (Overpaid) is $826,020 ???

A:

Good catch. I guess I shouldn’t have skipped over those middle years when I was perusing the 1040s.

A little while ago, when the Obamas released copies of their 1040s, I mentioned the possibility of the Clintons preparing phony versions of their tax returns to show to the public.

The problem with trying to do that is the need to make the numbers appear to be consistent from schedule to schedule and line to line. You may have spotted an example of somebody not being careful enough in that regard.

Thanks for pointing that out.

Kerry Kerstetter

Follow-up:

Subject: 2005 Clinton Tax Returns??

Another Strange twist to this story:

2005 Return:

Also on Line 65 (2005 estimated tax payments and amount applied from 2004 return) $5,227.968 seems to reflect that $867,968 (Line 73 – 2004) was included or some part thereof.

http://www.hillaryclinton.com/feature/returns/2005.pdf

From another CPA:

“And following along the strange twist line if you look at the 2006 return the amounts on line 65 seem to include the amount in some fashion from the 2005 return of 942,911 which was listed as a refund of overpayment but appears to be included in the estimated payments for 2006”.

Weird stuff

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