Line 56 asks you to deduct credits from your tax liability. It doesn't mean a refund.Quote:
Originally Posted by GoMuskies
Printable View
Line 56 asks you to deduct credits from your tax liability. It doesn't mean a refund.Quote:
Originally Posted by GoMuskies
Line 56 (on the 2016 form) is total tax liability before payments. If he made $1 million and $4.2 million of estimated payments, then he was getting all that back if line 56 said $750.Quote:
Originally Posted by X-man
If Trump didn't do any illegal, I don't care if he used the tax code to pay less taxes.
Joe Biden used a series of tax code loopholes to avoid paying hundreds of thousands of dollars in taxes over the years.
https://www.breitbart.com/politics/2...ecurity-taxes/
If anyone thinks that it's just Trump who's using legal tax loopholes to avoid paying taxes, then I got a bridge to sell you. Everyone with money does it. Keep your money and pay a tax expert to find the loopholes to avoid those taxes. That's the American way unfortunately.
And yet the media and Democrats only wet their diapers when Trump does it.Quote:
Originally Posted by Lamont Sanford
It always seemed to me that the larger questions were having Russian buyers pay inflated prices for real estate, and the loans from Deutsche bank that might have been backed by the state bank of Russia. Those seemed to be plausible reasons for his refusal to be hard on the Russians when situations seemed to warrant.
I don't know what form you are looking at, but here is the 2016 1040 form link: https://www.efile.com/tax-form/tax-y...tax-return.pdf. Seems pretty clear that line 56 asks you to deduct credits (not taxes withheld) from your estimated tax liability to get your actual taxes owed.Quote:
Originally Posted by GoMuskies
Did Trump pay more to Stormy Daniels than he did to the IRS?? Because if he did, that's pretty funny!! I think my opinion of him was just elevated by several levels!
Yes, taxes owed on line 56 would be $750. Then you get down to line 74, and total payments apparently were $1 million and $4.2 million in 16 and 17, respectively. Line 74 would exceed line 63 (let's assume line 63 is the same as line 56), and Trump would get a full refund minus $750.Quote:
Originally Posted by X-man
I don't think he really cared if we saw what he paid or didn't pay in taxes.
He cares that we all know he is a shitty business man with a significantly lower net worth than he claims.