Trump Tax Returns: Five Notable Facts

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

FOX Business delves into the returns of the president and former first lady Melania.

No social security

USA Social Security cards laying on top of a stack of dollar bills to illustrate retirement money. Trump’s tax return does not show receipt of Social Security benefits.

RECORD INCREASE IN THE COST OF LIVING FOR SOCIAL SECURITY

The 76-year-old former president does not collect social security, although he contributed to the system through the self-employment tax.

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

Trump tax returns

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

To become eligible for benefits, 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. The minimum wage varies by location. ‘year. Trump may not be eligible for Social Security because much of his income historically comes from investing instead of “working.”

In the two years prior to his presidential nomination (2015 and 2016), Trump earned $14,141 (2015) and $978 (2016) in W-2 earnings. Trump reported a net loss from personal businesses in 2015, meaning he didn’t pay self-employment taxes that year, but he did pay Social Security and Labor Medicare independent in 2016 when he earned $8.8 million from personal businesses.

Trump was president in 2017-2020. Social Security and Medicare were reportedly withheld from his pay during those years.

IRS INTEREST RATES HIKE JAN. 1

$3 Presidential Election Campaign Fund

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

The Trumps checked the boxes to donate $3 each to the Presidential Campaign Fund even though he took no federal funds for his 2016 and 2020 campaigns.

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

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

IRS UPDATE GUIDELINES ON 1099-KS: WHAT YOU NEED TO KNOW

Deadline missed

Several pages of Trump's tax returns

Copies of former President Donald Trump and former first lady Melania Trump’s personal income tax returns for the year 2016 released by the Democratic-controlled House Ways and Means Committee are pictured Friday, Dec. 30, 2022 . (AP Photo/Jon Elswick/AP Images)

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

The 2015 return is dated October 17, 2016 — the last day to file a federal tax return. The Trumps did better next year. The 2016 statement is dated October 10, 2017, about a week before the due date.

The 2017 statement is not dated or signed, although it includes an extension payment, meaning the Trumps filed for an extension that year.

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

A new accountant prepared the 2020 statement and apparently missed the extended filing 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 returns filed three years after the original filing deadline.

The Trumps had a $13.5 million refund, meaning there was no interest or late filing penalties because there was no unpaid tax. The Trumps have rolled over $8 million for their 2021 taxes.

It’s no surprise that Trump’s returns are perpetually late. The returns contain dozens of K-1 schedules from trusts, partnerships, and S corporations. These entities often file tax extensions themselves, virtually guaranteeing that the taxpayer receiving pass-through income will also have to file an extension.

FOR FTX CUSTOMERS, IRS PONZI RULES ARE BIG

No encryption

Representation of cryptocurrency

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

The Trumps were involved in a wide variety of businesses ranging from aviation and theater to management and modeling services. However, they avoided crypto.

The IRS added a box in 2019 asking taxpayers whether they received, sold, exchanged, or otherwise acquired financial interests in virtual currency during the year. The Trumps checked “No” in 2019 and 2020.

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

WHERE TO INVEST YOUR MONEY IN 2023 AFTER A GROSS YEAR-END IN THE MARKETS

Top notch 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 Pictures)

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 bills, 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.

Teleprinter Security 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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