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Friday news dump! Pritzker releases tax returns

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Illinois

* Nothing like a Friday news dump during crazy times. From the Pritzker campaign…

Reporters-

Attached are the state and federal tax return summaries for JB and MK Pritzker for the 2022 tax year.

According to the information provided by the trustees, in 2022, trusts benefitting JB Pritzker paid $7.2 million in Illinois taxes and $42.3 million in federal taxes.

JB and MK Pritzker made $1.1 million in personal charitable donations last year.

Will be a fun weekend going through all this. Click here for the federal return and click here for the state return.

posted by Rich Miller
Friday, Oct 13, 23 @ 3:00 pm

Comments

===Talk about using every loophole known to man.===

Don’t you use every loophole you’re entitled to? Why shouldn’t JB?

Comment by 47th Ward Friday, Oct 13, 23 @ 3:37 pm
Good for him he earned it the old fashioned way he inherited it. I don’t care how rich you are it still must hurt to write a check that big to the IRS

Comment by DuPage Saint Friday, Oct 13, 23 @ 3:40 pm
It would be interesting to see the Schedule A to the return to get an understanding of the $1,200,000 in itemized deductions. It is also notable that he is rolling forward to 2023 an almost $5 million federal overpayment and a $900,000 Illinois overpayment. I suspect he is doing that to be very prudent so that he can never be accused of underpaying his taxes if by some chance he is audited or has a large increase in income and federal income tax liability in a subsequent year.

I would also note that his return is prepared by the Grand Rapids, Michigan office of Deloitte and not Chicago. Perhaps that is the office that does the returns for the trusts.

Comment by Just the Facts Friday, Oct 13, 23 @ 3:43 pm
Wow, he makes more money than I do. Not fair. Go figure.

Comment by New Day Friday, Oct 13, 23 @ 3:49 pm
===It would be interesting to see the Schedule A to the return to get an understanding of the $1,200,000 in itemized deductions.===

Know it isn’t Illinois-centric, but enjoy.

https://www.taxnotes.com/presidential-tax-returns

Comment by Anyone Remember Friday, Oct 13, 23 @ 4:10 pm
===The billionaire reports just 1 million in taxable income? Talk about using every loophole known to man. Comical. ===

This isn’t really a secret. The Governor’s wealth is held in a trust and wouldn’t be reported on his individual income tax return.

He also got in a bit of trouble over concerns as to whether or his trust was “blind” and whether or not he was aware of directly profiting from state contracts.

Comment by Candy Dogood Friday, Oct 13, 23 @ 4:25 pm
Don’t you use every loophole you’re entitled to? Why shouldn’t JB?

Agreed and applies to Ken Griffin and Uihlein as well

Comment by Donnie Elgin Friday, Oct 13, 23 @ 4:27 pm
Ken Griffin doesn’t live in Illinois, keep up

Comment by Oswego Willy Friday, Oct 13, 23 @ 4:33 pm
As long as he complied with all applicable laws—to be very clear I’m not inferring he didn’t—then he can do whatever he wants. However very weak move to do it on the Friday dump.

Comment by Eire17 Monday, Oct 16, 23 @ 5:49 am
Can someone explain to a simpleton here, where his income from governor is? I had assumed it would be in form W-2 or maybe 1099 since he has no set hours. I am sure he donated it and would be on a Schedule-A.

Comment by Cermak Dr. Monday, Oct 16, 23 @ 8:12 am
Use your resources! After some easy research, I answered my own question. JB refused the salary. Please excuse my stupidity.

Comment by Cermak Dr. Monday, Oct 16, 23 @ 8:20 am