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- An investigation by The New York Times revealed that President Trump paid just $750 in federal income taxes in 2016 and 2017.
- His $750 payments are less than what households who earn $20,000 pay annually, so it's likely you've paid more in taxes than Trump.
- To find out how much you paid in a given year, pull up your 1040 tax form and look at line item 16, labeled your "total tax."
- Line item 17 shows how much was withheld from your paychecks for federal taxes in a year, and line 16 shows how much you paid in total after receiving your refund.
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An investigation by The New York Times provided insights into President Donald Trump's finances and income taxes.
The Times inspected 18 years of Trump's income tax returns. In 11 of those 18 years, Trump paid $0 in federal income taxes. Trump paid $750 in income taxes in both 2016 and 2017, which are the years he was elected as president and his first year in office.
Tump's $750 income tax payments are less than what families who make $20,000 a year have to pay. If you're wondering how much you pay in federal income taxes compared to President Trump, there's an easy way to find out.Where to look on your 1040 tax return to see how much you paid in federal income taxes
Find your 1040, or the IRS form used to calculate your annual personal federal income taxes, for a given year. Turn to page 2, and look at line item 16.
Internal Revenue Service
Line item 16 shows your "total tax," which is the total amount you paid in taxes for the year.
Line item 17 likely shows a larger number than line item 16. Line item 17 reveals how much your employer withheld from your paycheck for federal income tax for the year. But if you received a tax refund, then line item 16 has your refund amount subtracted from the amount withheld from your paychecks — this is the total amount you paid.
If you look down at line item 23, you'll see "Amount You Owe."
Internal Revenue Service
When you file taxes, you either owe the government money or receive a refund. You may get a refund if your employer withheld taxes throughout the year, and owe taxes if you haven't been paying taxes all year, which is often the case for self-employed people.
Line item 23 only applies to you if you owed the government money that year. Otherwise, you can look to line item 17 to see how much was withdrawn from your paychecks over the year, and line item 16 to see how much you paid in total after receiving your refund.Here's how to find how what tax bracket you're in for 2020Here's why your bonus is taxed so highTrump criticized Obama in 2012 for his 20.5% tax rate. A new report shows Trump paid no federal income tax that year.Trump's reported $750 tax bill is smaller than the average payment for an American household making $20,000 a year
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