Did Barack Obama Underreport His Income to IRS? [According to public records - yes, he did!]

American Thinker ^ | July 24, 2012 | Douglas A. Thompson

[grundle]

President Barack Obama released his recent personal finance records in 2008, which included his 2004 U.S. Individual Income Tax Return and Senate Annual Finance Report. President Obama's records for 2004 do not reconcile with the State of Illinois Comptroller's Office. There are inconsistencies in the total compensation received as an Illinois State Senator. The largest error likely is President Obama's omission of a "Leadership Stipend" of over $8,000. This stipend should have been recorded as income.

According to the Illinois Comptroller's office, then-State Senator Obama received:

2004 State of IL compensation: $ 52,817.38 (salary)

$ 8,040.01 (leadership stipend)

Stipends of this sort are taxable income, as they are given to enhance income.

Based on the information from the Illinois Comptroller's Office, Barack Obama's compensation for 2004 should be $60,857 income from the State of Illinois.

The 2004 Annual Financial Report, Barack Obama confirmed his salary compensation for the State of Illinois was $60,287.

In neither his U.S. Individual Income Tax Return, nor his Senate Annual Financial Report for 2004, does Barack Obama report his actual compensation from the State of Illinois. In both cases, Barack Obama has under-reported the income, as certified by the Illinois Comptroller's Office.

This can be prosecuted as a Class E felony, with maximum fines of $100,000 and imprisonment of up to 3 years.

[tdscpa]

True, but gross income must be reported in the upper portion of page one, form 1040, then deductions must be identified, also on page one, totaled, and then subtracted to arrive at AGI, which is the bottom line on page one.