It isn't bad enough that former governor Romney, and his lap-dog, Congressman Ryan have decided to release only their 2010 Federal income tax returns for public consumption, rather than the past five years, as requested by their opponents, or the past ten years, which is more in keeping with past candidates, including George Romney, a short review of the Romney's "filed 1040 for 2010" shows that it must be a fake tax return. I'll explain.
First, the tax return shows that it was signed and dated by a member of Price Waterhouse Coopers, a highly respected public accounting firm that does not forget to include what was missing on the tax return.
Second, the Romneys show approx $ 3,009,000 in total tax due.
Third, approx $ 1,369,000 was withheld, or estimated during the tax year.
Fourth, $ 3,250,000 was paid on extension at 04/15/2011.
Therefore, the Romney's were underwithheld by $ 1,640,000 by 01/15/2011.
Although they ultimately paid $ 4,619,000, an overpayment of $ 1,610,000,
$ 1,640,000 was paid untimely. This underpayment would be subject to
penalty which is required to be calculated on Form 2210.
The Romney's were not kind enough to include Form 2210, or their 2009 filed tax return which are required when there is an underpayment.(so we have to presume they didn't file Form 2210, and we will have to make assumptions).
Either way, since the tax return was filed after the due date, (10/15/2011) it would be subject to underpayment penalties of at least $ 30,000, upward to $ 90,000. The tax preparer would know this. And the CPA's at PWC don't miss this one.
I can only presume that this is an incomplete tax return, most likely a fake tax return. Since the Romney's have chosen not to release their 2009 1040, I have to believe their released 2010 Form 1040 is a FAKE tax return!