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Trump's Tax Return: Five Notable Facts

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While many questions remain about former President Trump’s tax returns, some of the fine print is quite clear; including stock investments, cryptocurrency positions, Social Security benefits and a few other surprises.

FOX Business dives deep into the President and former First Lady Melania’s returns.

No Social Security

US Social Security cards placed on pile of dollar bills to illustrate money in retirement. Trump’s tax return does not show receipt of Social Security benefits.

RECORD INCREASE IN SOCIAL SECURITY COST OF LIVING IS READY TO START SOON

The 76-year-old former president is not collecting Social Security, despite paying the system through the self-employment tax.

Americans can apply for benefits when they turn 62. The payment increases each year that you delay collection until age 70, when your benefit payment reaches its maximum.

Trump tax return

President Donald Trump speaks in the East Room of the White House in the early hours of Wednesday, November 4, 2020, in Washington. (AP Photo/Evan Vucci) ( )

To become eligible for the benefit, you must work 10 years (40 quarters) in a job covered by the Social Security system, including self-employment, and earn at least $1,640 per quarter in 2023. Minimum earnings vary by year . It is possible that Trump is not eligible for Social Security because much of his income has historically come from investing rather than “working”.

In the two years before becoming president (2015 and 2016), Trump earned $14,141 (2015) and $978 (2016) in W-2 revenue. Trump reported a net personal business loss in 2015, meaning he paid no self-employment tax that year, but he did pay self-employment welfare and Medicare tax in 2016, when he earned $8.8 million in personal business .

Trump was president in 2017-2020. Social Security and Medicare would have been withheld from her salary in those years.

IRS INTEREST RATES INCREASE JAN. 1

$3 Presidential Election Campaign Fund

President Donald Trump takes the stage at a campaign rally at the American Airlines Arena in Dallas, Texas, Thursday, October 17, 2019. The Trumps have checked the boxes on their tax returns to donate $3 to the Presidential Election Campaign. (AP Photo/Andrew Harnik)

The Trumps ticked the boxes to donate $3 each to the Presidential Election Campaign Fund, although he did not receive any federal funds for his 2016 and 2020 campaigns.

Only 4.4% of taxpayers ticked the box in 2016 and 3.56% in 2020.

The checkbox does not change on your refund or balance due. You won’t get an extra $3 for not checking the box, nor will you lose $3 for checking it.

IRS UPDATE GUIDELINE ON 1099-KS: WHAT TO KNOW

missed deadline

Several pages of Trump's tax returns

Copies of Former President Donald Trump and Former First Lady Melania Trump’s individual tax returns for the year 2016 released by the Democrat-controlled House Ways and Means Committee are photographed on Friday, Dec. from 2022. (AP Photo/Jon Elswick/AP Images)

The Trumps completely missed the 2020 filing deadline and filed the previous five fiscal years at the last moment.

The 2015 return is dated October 17, 2016 – the last day to file under a federal tax extension. The Trumps fared better the following year. The 2016 statement is dated October 10, 2017, approximately one week before the due date.

The 2017 return is neither dated nor signed, although it does include an extension payment, meaning the Trumps asked for an extension that year.

The 2018 and 2019 returns were filed days before the extended filing deadline.

A new accountant prepared the 2020 statement and apparently missed the extended due date of October 15, 2021. The statement is dated March 25, 2022.

The IRS accepts returns filed after the deadline. The service will not issue refunds for statements filed three years after the original filing deadline.

The Trumps had a $13.5 million refund, meaning there was no interest or late fees because there were no unpaid taxes. The Trumps rolled over $8 million towards their 2021 taxes.

Not surprisingly, Trump’s comebacks are perpetually late. The returns contain dozens of Schedule K-1s from funds, partnerships and S-corporations. Often, these entities will file tax extensions themselves, virtually guaranteeing that the taxpayer receiving passed on income will also have to file an extension.

TO FTX CUSTOMERS, IRS PONZI RULES SEEM BIG

no encryption

cryptocurrency representation

Various representations of cryptocurrency tokens and coins. The Trumps checked boxes on their tax returns that they had no virtual currency transactions during their respective tax years. (Chesnot/Getty Images/Getty Images)

The Trumps were involved in a wide variety of activities, from aviation and acting to management and modeling services. However, they avoided encryption.

The IRS added a box in 2019 asking taxpayers if they received, sold, exchanged, or acquired any financial interest in any virtual currency during the year. The Trumps scored “No” in both 2019 and 2020.

Nearly 4% of taxpayers left the “Yes” and “No” boxes blank in 2019. Only 1.4% (927,970) admitted to virtual currency activity.

The IRS moved the question to the first page of Form 1040 in 2020. Nearly 3% of Americans left both boxes blank; 1.4% recognized transactions in virtual currency.

WHERE TO INVEST YOUR MONEY IN 2023 AFTER THE END OF A DIFFICULT YEAR IN THE MARKETS

blue chip investments

Trumps sold 7,000 shares of Apple for a profit of $351,613 and 7,400 shares of Microsoft for a gain of $215,691. (Getty Images)

Donald Trump appears to be a conservative stock investor.

The Trumps’ tax returns show sales by members of the Dow Jones Industrial Average American Express, Apple, Caterpillar, Intel, McDonald’s, Microsoft and Proctor & Gamble. Other investment sales included US Treasury notes, state municipal bonds, other stocks and mutual funds.

In 2017, the Trumps sold 7,000 shares of Apple for a profit of $351,613 and 7,400 shares of Microsoft for a gain of $215,691.

ticker Safety Last Change Change %
AAPL APPLE INC. 125.07 -4.86 -3.74%
MSFT MICROSOFT CORP. 239.58 -0.24 -0.10%

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