Don't Mess With Taxes

Like the majority of taxpayers, the Prez and Veep were late-season return filers this year.

The return for W and Laura was signed on April 5 (not by them, but a representative of the trust company that manges their money). Dick and Lynne autographed their 1040 on April 12. On Friday the 13th, some of the filing details of D.C.'s most powerful couples were made public.

The Bushes reported gross income of $765,801. Exemptions and deductions whittled that down to taxable income of $642,905.

The damage: a tax bill of $186,378.

But thanks to withholding, estimated tax payments and the federal phone tax refund (they took the standard $40 amount available for folks claiming two exemptions), the First Couple is due a refund of $19,361, which they directed go toward their 2007 estimated tax payments.

Uptown at the VP residence, the Cheneys' gross income was just a tad under $1.81 million. An adjustment of $8,024 representing one-half of self-employment taxes paid (presumably for Lynne's writing income), along with exemptions and deductions, got their taxable income down to around $1.61 million. The Cheneys' tax bill came to $413,326.

Withholding, estimated and that $40 phone tax money meant they, too, overpaid their 2006 tax bill and are due a $51,463 refund. The Cheneys also have chosen to have that money applied to their 2007 estimated tax obligations.

Not as informative: This year, both couples chose to make public only their 1040 forms. That's what the Cheneys did last year. The Bushes, however, last spring revealed 11 pages connected to their 2005 return, including Schedules A, B, D and E, along with Form 8889s showing HSA contributions for both Bushes.

W, Dick and their spouses do divulge a bit more about their 2006 taxes in the press releases issued in conjunction with the publication of their latest 1040s. The Prez's press release is here; the Veep's can be found here.

And you can look at the 1040s here:

• The Prez's and First Lady's return
• Mr. and Mrs. Veep's 2006 filing docs