Overview of Mitt Romney’s 2011 tax return

Summary of Mitt and Ann Romney’s 2011 tax return

Key highlights: 

Adjusted Gross Income: $13,696,951

Federal income taxes paid: $1,935,708

Effective tax rate: 14.1%

Sources of Romney’s Income: 

Taxable Interest (or interest earned on bank accounts, money market accounts, certificates of deposit, and deposited insurance dividends): $3,012,775

Ordinary Dividends: $3,649,567

  • Abbot Laboratories: $188
  • The Ann & Mitt Romney 1995 Family Trust: $1,586,075
  • The W. Mitt Romney Blind Trust: $405,078
  • The Ann D. Romney Blind Trust: $1,658,226

*Qualified Dividends: $2,221,956

Capital gains (or income earned from selling “home, household furnishings and stocks and bonds held in a personal account”): $6,810,176

Rental real estate, royalties, partnerships, S Corporations, trusts, etc.: $120,375

Business income: $450,740

  • Author/speaking fees: $190,350
  • Director’s fees: $260,390
*Business losses excluded from this list. Please refer to Romney’s 1040 form. 

Total Deductions: $4,681,842

  • State & local income tax: $1,327,031
  • Real estate tax: $214,728
  • Personal property tax: $146
  • Charitable donations: $2,250,772
  • Interests paid: $56,904
  • Job expenses & miscellaneous deductions: $832,261

Taxable Income: $9,007,709

Total Tax Credits*: $102,817 (includes $102,790 in foreign tax credits)

Total Federal Income Taxes for 2011: $1,935,708*

  • Income tax: $1,340,834
  • Alternative minimum tax (AMT): $674,512
  • Self-employment tax: $23,179

 

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