Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.
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.
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."
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 Otherwise, you can look to line item 17 to see how much was withdrawn from your paychecks over the year, and line item 16 to see how much you paid in total after receiving your refund.
Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.