John Kerry Fails to Pay Any Estimated Income Tax for 2003

Kerry Tax Return via Tax History Org ^ | 4/16/04 | self

[KarlInOhio]

If he uses the short method, the penalty is 2.867% of the shortfall. His shortfall on his required payment was $5664, so his penalty would be $162. Maybe Ter-Ay-za can give him a loan to cover it.

[RBroadfoot]

The account is absolutely correct. Collectibles don't get the reduced LTCG rate.

IRS should audit his return completely.

[RBroadfoot]

The account is absolutely correct. Collectibles don't get the reduced LTCG rate.

IRS should audit his return completely.

[TheLion]

I can't advise you on how to do your taxes. Considering the hassle of quarterly filing and the psychological impact, I can see why many people don't. The IRS still gets their due, in the end....and then some.

If they want the money sooner, they should penalize it like corporate estimated payments.

[Luis Cyphier]

Ask why Kerry spent $9000 on medical expenses When he has coverage through his senatorial position.

[Registered]

I thought Mrs. Ketchup went by the name of Teresa Heinz-Kerry...but according to this tax return, which must list her legal name doesn't reflect the Kerry. Now that's interesting. Are the two even married? Or does she just pay him for "services rendered". LOL.

[cricket]

"forYourChildrenVote4Bush"

Like your 'name'!.

We can only hope that America will not fall; but a socilist slippery slope is where too many are already sliding. . .

[cricket]

"forYourChildrenVote4Bush"

Like your 'name'!.

We can only hope that America will not fall; but a socialist slippery slope is where too many are already sliding. . .

[RBroadfoot]

"A Kerry campaign aide declined to refute the potential discrepancy ... Kerry’s Boston tax return preparers, Federal Street Capital Partners, declined to comment."

Future press conference questions if the media were fair and balanced:

Senator Kerry, in retrospect, recognizing that you have failed to comply with a relatively simple income tax return, do you think that the tax code should be overhauled?

Senator Kerry, what do you think is the greater mistake in your income tax return? The failure to pay estimated taxes on a timely basis, or underreporting the tax due on your profits from the $675,000 painting you sold?

Senator Kerry, your incompetence is plain for everybody to see. How can we be sure that there are no other substantial errors and omissions are in your return?

Senator Kerry, the public perceives that you are a tax evader, and this certainly creates an overwhelming argument that Ms. Heinz Ketchup Kerry must release her return also. When will HER income tax return be released?

Senator Kerry, don't you think an APOLOGY is in order?

[goldstategop]

Some women still choose to go by the name they were born with or by the name of the last guy they were married to. Its all a matter of personal preference.

[Registered]

I understand that, however, which is it? The news always calls her Teresa Heinz-Kerry and the return says Teresa Heinz. This is a legal document, is her name just Heinz?

[nwmom]

Did anyone notice that John F'ing Kerry only gave $85 is non-cash donations? This seems like a really low and odd amount for his income. Every client I have asked usually says they give in denominations of $25 (ie $150, $75, $250)

[goldstategop]

I take it that's the name she elects to go by.

[So Cal Rocket]

Ask why Kerry spent $9000 on medical expenses When he has coverage through his senatorial position.

Botox injections, while considered a medical expense, are not covered by his Senatorial Health Plan

[Registered]

$85 to Goodwill...LOL. Gotta be underware! Mr. Generosity!

[Registered]

hey, I was gonna post that!

[cookcounty]

"Ask why Kerry spent $9000 on medical expenses When he has coverage through his senatorial position. "

probably the CongressCritters' plan doesn't include Botox treatments.

[Moonman62]

SCOFFLAW

Oh please. Not paying estimated taxes is not a big deal. The penalty is like paying interest on a loan. The real outrage is the federal tax system.

[Poodlebrain]

I quickly glanced at Kerry's 2003 return and I noticed the following oddities.

Kerry paid $9,025 in medical expenses. Don't members of Congress have 100% coverage for all medically necessary treatment? If so, was the $9,025 for elective treatment provided to Kerry?

Kerry claimed a mortgage interest deduction of $3,326 on the Boston property he reports as his residence. He claimed no deduction for property taxes on his residence so I'm assuming that Teresa reported a deduction for the property taxes. I can understand this since there would have been no tax benefit due to his AMT liability. However, I noticed identical reporting for 2002 when Kerry was not in AMT. There is nothing wrong with this from a tax standpoint, but if I were Teresa's attorney I'd have some concerns about mingling of community and separate assets and the impact of any mingling on the prenuptial agreement.

Kerry reported $3,000 of Sec. 162(A) expenses as miscellaneous itemized deductions not subject to the 2% of AGI limitation for 2003. On his 2002 return Kerry reported $3,000 of Sec. 162 expenses as miscellaneous itemized deductions subject to the 2% of AGI limitation. Why the inconsistent reporting?

Is Form 6251 mathematically correct? It does not appear that the amount reported on Line 28 is the sum of the entries on Lines 1 through 27, and there is no explanation for the discrepency. The apparent error is unfavorable to Kerry.

[Too_Bad]

Is Form 6251 mathematically correct? It does not appear that the amount reported on Line 28 is the sum of the entries on Lines 1 through 27, and there is no explanation for the discrepency. The apparent error is unfavorable to Kerry.

It is not mathematically correct, but see the caveat- since he is married filing separately and the total exceeds $191,000, other factors enter in. The difference of $29,000 would be the exemption for his status if the amount did not exceed $191,000.