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Elizabeth Warren9%

Tue Apr 16, 2019, 01:02 AM

 

Where did Jane Sanders report her $200K in severance pay in 2011? Could someone who knows

more about tax forms than I do please take a look at this?

She quit her job as college president October 14, 2011 and was given a $200,000 severance payment.

Her salary including benefits was somewhere between $150K and $160K, according to Wikipedia.

Bernie's was $174 K as a U.S. Senator.

A severance payment gets treated as wages by the IRS.

So why didn't they make significantly more in 2011 than in the previous years? Where did the $200K go? Is there something you can do with a severance payment to legally avoid taxes? Should that show on a tax return?


https://berniesanders.com/tax-returns/


2012 280,954
2011 324,870 -- the year Jane worked till Oct. 14, and got a $200K severance payment
2010 321,596
2009 314,742


https://en.wikipedia.org/wiki/Jane_O%27Meara_Sanders
From 2004 through 2011 Sanders was President of Burlington College, which closed due to financial problems in 2016. It was a small liberal arts college founded in 1972 for non-traditional students.[14] She earned $149,380/year, including benefits, and, upon her departure in 2011, received a total package of $200,000, consisting of one year's severance pay, along with certain retirement and bonus payments.[15]

SNIP

In 2011, the College's Board of Trustees, while crediting Sanders with acquiring a permanent campus for the 200 student college, called a meeting for September 2011 and accepted Sanders's resignation. "We reached a decision which I believe is best for both the College and me," Sanders said after the meeting, "The board and I have different visions for the future and that’s perfectly fine."[2][20][22][23] Sanders's salary as President was $160,000, with a contract for the position through 2013; on departure, she received the title of President Emeritus and a $200,000 severance. With the College unable to collect on some promised pledges after Sanders had resigned, and the enrollment increase plans failing, the Diocese settled the loan debt with the College in 2015 for $996,000, less than the agreed amount, and with $1 million of the repayment made in shares of an unidentified LLC company.



https://www.forbes.com/sites/robertwood/2017/09/27/heres-how-irs-taxes-severance-pay/#21e19145311f

Whether or not your pay is labeled “severance,” and regardless of when it is paid, the IRS generally views severance like any other pay. It’s taxed as wages, so is subject to withholding and employment taxes. If your employer hands you a severance check as you walk out the door, you may well expect it to have all the payroll deductions you’re used to seeing on your regular paycheck.

https://vtdigger.org/2014/09/17/attack-ad-hits-sen-sanders-demands-jane-sanders-return-golden-parachute/

The latest ad calls Sanders a hypocrite for criticizing “golden parachutes” in the corporate world while his wife accepted nearly $200,000 when she left the college. In a phone interview Wednesday, Jane Sanders defended her payout, saying it was a paid year of sabbatical contractually due her, and standard practice in academia.


If I were to vote in a presidential
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Reply Where did Jane Sanders report her $200K in severance pay in 2011? Could someone who knows (Original post)
pnwmom Tuesday OP
hay rick Tuesday #1
SFnomad Tuesday #4
hay rick Tuesday #12
pnwmom Tuesday #13
melman Tuesday #14
Hortensis Tuesday #15
NurseJackie Tuesday #26
SFnomad Tuesday #18
pnwmom Tuesday #6
mr_lebowski Tuesday #2
pnwmom Tuesday #3
mr_lebowski Tuesday #8
pnwmom Tuesday #9
Hassin Bin Sober Tuesday #5
pnwmom Tuesday #7
mr_lebowski Tuesday #10
R B Garr Tuesday #20
Hassin Bin Sober Tuesday #25
R B Garr Tuesday #27
Hassin Bin Sober Tuesday #31
R B Garr Tuesday #33
Hassin Bin Sober Tuesday #34
R B Garr Tuesday #35
floppyboo Tuesday #38
R B Garr Tuesday #40
ALBliberal Tuesday #11
George II Tuesday #16
R B Garr Tuesday #21
George II Tuesday #22
R B Garr Tuesday #24
Docreed2003 Tuesday #32
floppyboo Tuesday #39
DeeDeeNY Tuesday #17
Demsrule86 Tuesday #19
BlueFlorida Tuesday #23
Me. Tuesday #28
R B Garr Tuesday #29
Me. Tuesday #30
MineralMan Tuesday #36
Aaron Pereira Tuesday #37

Response to pnwmom (Original post)

Tue Apr 16, 2019, 01:18 AM

1. Right wing talking point. nt

 

If I were to vote in a presidential
primary today, I would vote for:
Jay Inslee

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Response to hay rick (Reply #1)

Tue Apr 16, 2019, 01:24 AM

4. So just because a question is uncomfortable, it has now become a "right wing talking point"?

 

I guess that's a new way of trying to avoid answering questions.
If I were to vote in a presidential
primary today, I would vote for:
Undecided

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Response to SFnomad (Reply #4)

Tue Apr 16, 2019, 02:09 AM

12. First sentences of the vtdigger article...

 

A prominent Vermont businessman released a television ad Wednesday attacking Sen. Bernie Sanders and his wife, Jane. The ad, paid for by Republican benefactor Rodolphe “Skip” Vallee... Vallee was on the RNC, was appointed by GW Bush to be an ambassador, and led Marco Rubio's campaign in Vermont. Yes, I think an ad paid for by this man qualifies as a right wing source.
If I were to vote in a presidential
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Jay Inslee

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Response to hay rick (Reply #12)

Tue Apr 16, 2019, 02:25 AM

13. I didn't post that ad or anything Vallee said. The VT Digger is a legit, non-rightwing source. n/t

 

If I were to vote in a presidential
primary today, I would vote for:
Undecided

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Response to hay rick (Reply #12)

Tue Apr 16, 2019, 02:28 AM

14. Would you look at that

 

Can't imagine how the OP would have missed that when they were copy/pasting. Seems strange they would they leave it out.

Oh well. I'm sure it was a totally inadvertent omission.
If I were to vote in a presidential
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Response to hay rick (Reply #12)

Tue Apr 16, 2019, 06:27 AM

15. But that's not the article itself, is it?

 

When Sanders first ran, I read everything I could about him. Much of the it came from the Vermont Digger, which provided good local coverage by journalists familiar with him. It's a good paper.

Btw, what I learned back then made me decide not he was the wrong stuff for the presidency. Since then, imo his own behavior has revealed he's the wrong stuff for any position of power in a democracy.
If I were to vote in a presidential
primary today, I would vote for:
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Response to Hortensis (Reply #15)

Tue Apr 16, 2019, 01:41 PM

26. "his own behavior has revealed he's the wrong stuff for any position of power in a democracy" -AMEN...

 

his own behavior has revealed he's the wrong stuff for any position of power in a democracy.
Amen to that!
If I were to vote in a presidential
primary today, I would vote for:
Elizabeth Warren

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Response to hay rick (Reply #12)

Tue Apr 16, 2019, 11:19 AM

18. That's hardly the definition of a "right wing talking point"

 

With the OP being so long, with numerous links, I never even got to that link. You can challenge the veracity of the source ... but to call that a "right wing talking point", with that being the first I've seen of it, is a bit dismissive.

But I'm used to the BS supporters being that way. They'll jump through hoops to dismiss anything that he has said, or done. It's nice to see others around here are willing to take this seriously and actually engage is substantive debate. I'm sure you'll be seeing far more left wing vetting of both BS and his wife this time around.
If I were to vote in a presidential
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Response to hay rick (Reply #1)

Tue Apr 16, 2019, 01:30 AM

6. So only right-wingers care about candidates' taxes? That's news to me. nt

 

If I were to vote in a presidential
primary today, I would vote for:
Undecided

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Response to pnwmom (Original post)

Tue Apr 16, 2019, 01:21 AM

2. You should consider that this is not the same thing as getting a check for $200K

 

"upon her departure in 2011, received a total package of $200,000, consisting of one year's severance pay, along with certain retirement and bonus payments".

One year of severance pay does not have to be 1 year of salary at the same rate you were being paid before.

These things can negotiated, esp. in light of the schools financial troubles.

We also don't know how much of the balance was deferred, maybe she agreed to $40K payout in cash and $160K in retirement benefits?

And maybe that was spread across two calendar years of monthly payments (2011 and 2012) ...

Frankly there's lots of legit reasons why there's no $200K to be found on any tax returns based on these Wiki numbers.

If I were to vote in a presidential
primary today, I would vote for:
Undecided

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Response to mr_lebowski (Reply #2)

Tue Apr 16, 2019, 01:23 AM

3. Thank you. I knew someone would know more about this than I do.

 

My husband got a severance check from a job once, and it was just a one-off of a flat amount.
If I were to vote in a presidential
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Response to pnwmom (Reply #3)

Tue Apr 16, 2019, 01:32 AM

8. That would NORMALLY be how it works for an average person, but it doesn't have to always be :)

 

I'm not saying I know for sure either way, just to be clear, only that are a various legit explanations for 'why the 200K doesn't stick out'.
If I were to vote in a presidential
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Response to mr_lebowski (Reply #8)

Tue Apr 16, 2019, 01:33 AM

9. You answered my question well -- could there be a legit reason. Thank you! n/t

 

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primary today, I would vote for:
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Response to mr_lebowski (Reply #2)

Tue Apr 16, 2019, 01:30 AM

5. It was paid out for two years

 

This is kind of funny. Now I know where the “golden parachute” malarkey came from.

Some butt hurt mini Koch brother Bernie busted for gas price fixing.

The “golden parachute” to which Vallee’s ad refers is the $200,000 that Jane Sanders was paid by the college during the two-year period after her resignation from the institution in October of 2011.

Asked to the respond to the allegation, Sanders’ spokesman Michael Briggs called Vallee a “junior varsity version of the Koch brothers” and said Sanders “will not be intimidated by a millionaire who has crawled into the gutter and bought TV ads attacking Bernie’s wife for a sabbatical she earned from a college where she was president for seven years.”

Briggs said in a written statement that the motivation behind the attack ad is readily apparent to anyone familiar with the history between Sanders and Vallee.

“Skip Vallee has ripped off customers for years at his Burlington-area gas stations that sell the highest-priced gas anywhere in Vermont,” Briggs said. “Vallee clearly doesn’t like it that Bernie has exposed his ripoffs.”

Sanders in 2012 asked federal regulators to investigate what he characterized as “artificially high” gas prices in Chittenden, Grande Isle and Franklin counties, where 58 percent of the gas market is controlled by four companies, Vallee’s among them.

After Sanders’ threw his support behind a Costco’s proposal to install a gas station at its existing store in Colchester – a move he said would bolster gas-market competition – Vallee responded by paying to air a 30-second attack ad in late 2012. The ad accused Sanders of snubbing the state’s “treasured history of protecting our natural environment” by siding “with a multi-national, billion-dollar corporation over Vermonters.”

If I were to vote in a presidential
primary today, I would vote for:
Bernie Sanders

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Response to Hassin Bin Sober (Reply #5)

Tue Apr 16, 2019, 01:31 AM

7. Thank you for this. Could you add the link please? n/t

 

If I were to vote in a presidential
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Response to Hassin Bin Sober (Reply #5)

Tue Apr 16, 2019, 01:45 AM

10. Which is logical, it's often to both parties advantage to spread large payments out ...

 

In the simplest sense, the person paying gets to continue to collect interest on unpaid monies, and the recipient may well get to lower their tax burden. When you're talking sums like $200K, you tend to get a buncha eggheads (no offense ) and lawyers involved.

Interesting story about the Gas Guy, hadn't read that before.
If I were to vote in a presidential
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Response to Hassin Bin Sober (Reply #5)

Tue Apr 16, 2019, 11:44 AM

20. What does this have to do with why it's not on their tax return?

 

I'm sure all the millionaire golden parachute recipients think their arrangements were "earned", but that doesn't answer why it's not anywhere on the Sanders' taxes.
If I were to vote in a presidential
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Joe Biden

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Response to R B Garr (Reply #20)

Tue Apr 16, 2019, 01:38 PM

25. It's in the top income line (7) wages, salaries and tips.

 

If I were to vote in a presidential
primary today, I would vote for:
Bernie Sanders

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Response to Hassin Bin Sober (Reply #25)

Tue Apr 16, 2019, 01:50 PM

27. That looks about $100,000 short, at least.

 

She made $149,000 that year (her annual salary, rounding). Bernie’s salary is about $170,000. That looks to be the income on that line. About $100,000 short, and that’s only going on the narrative that she received compensation other than monetary to make up the $200,000.
If I were to vote in a presidential
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Response to R B Garr (Reply #27)

Tue Apr 16, 2019, 02:58 PM

31. Their Line 7 W2 income with her working in 2009, 2010 and 2011 is between 282 - 295k

 

His W2 income 2014-2018 without any W2 income from her is between $135 - 150k. Keep in mind this includes employer sponsored retirement deductions from his published Senator pay.

The two years 2012 and 2013 she received the severance their Line 7 W2 income is $250k and $238k.

Makes sense to me.
If I were to vote in a presidential
primary today, I would vote for:
Bernie Sanders

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Response to Hassin Bin Sober (Reply #31)

Tue Apr 16, 2019, 03:38 PM

33. Are there W2's to view?? You said in another post that they

 

were there, but we’re just speculating. It still goes against Bernie’s own words of golden parachutes being “immoral”.
If I were to vote in a presidential
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Response to R B Garr (Reply #33)

Tue Apr 16, 2019, 03:47 PM

34. Lol. Severance pay isn't a Golden Parachute.

 



I’ll leave you to it.
If I were to vote in a presidential
primary today, I would vote for:
Bernie Sanders

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Response to Hassin Bin Sober (Reply #34)

Tue Apr 16, 2019, 03:48 PM

35. LOL, they all call golden parachutes severance pay.

 



Reference your earlier comment that it was “earned”. They all think it’s earned.
If I were to vote in a presidential
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Response to R B Garr (Reply #35)

Tue Apr 16, 2019, 06:41 PM

38. In the 'gas guy' article it says 'sabbatical'

 

which surely would be paid in increments, not lump sum, no?
If I were to vote in a presidential
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Bernie Sanders

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Response to floppyboo (Reply #38)

Tue Apr 16, 2019, 06:54 PM

40. Jane called it that. nt

 

If I were to vote in a presidential
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Joe Biden

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Response to pnwmom (Original post)

Tue Apr 16, 2019, 01:55 AM

11. I'm an accountant this would normally be on a W2

 

Unless there was some retirement involved then possibly reported on a 1099R. Absolutely the responsibility of the university?(wherever she was employed) to file the correct form for Jane to incorporate on her tax return.
If I were to vote in a presidential
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Response to pnwmom (Original post)

Tue Apr 16, 2019, 10:02 AM

16. You're correct, severance pay (sabbatical pay?) is considered normal income and should be reported..

 

...note that 2011 is the shortest of all the returns listed, apparently incomplete (as is 2014 and maybe others, I didn't bother to look)

The total income for 2011 should be about $200,000 higher, or at least spread over 2011 and 2012. It's totally missing.
If I were to vote in a presidential
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Response to George II (Reply #16)

Tue Apr 16, 2019, 11:46 AM

21. Interesting! why wasn't this reported.

 

I guess we see now what Sanders' meant by crossing the t's and dotting the i's before he could release their already completed tax returns.
If I were to vote in a presidential
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Response to R B Garr (Reply #21)

Tue Apr 16, 2019, 12:01 PM

22. As I've pointed out, many (if not all) of these tax returns are incomplete....

 

...they don't show sources of income, tax-free investments, to whom charitable contributions were sent, etc.
If I were to vote in a presidential
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Response to George II (Reply #22)

Tue Apr 16, 2019, 12:58 PM

24. Thanks for the research into this. Basically, these aren't really his taxes.

 

They are revised taxes, but not what was reported. I can't imagine submitting my taxes anywhere after I had revised them unless I labeled them as revised.
If I were to vote in a presidential
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Joe Biden

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Response to George II (Reply #22)

Tue Apr 16, 2019, 03:10 PM

32. That's why he too so long

 

Dotting i's and crossing t's...
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Response to Docreed2003 (Reply #32)

Tue Apr 16, 2019, 06:42 PM

39. case closed! You guys are so funny. Who needs cable!

 

If I were to vote in a presidential
primary today, I would vote for:
Bernie Sanders

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Response to pnwmom (Original post)

Tue Apr 16, 2019, 10:06 AM

17. Jane Sanders isn't running

 

If I were to vote in a presidential
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Response to DeeDeeNY (Reply #17)

Tue Apr 16, 2019, 11:25 AM

19. But she will be vetted.

 

If I were to vote in a presidential
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Response to pnwmom (Original post)

Tue Apr 16, 2019, 12:03 PM

23. I think the tax returns are not authentic nt

 

If I were to vote in a presidential
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Joe Biden

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Response to pnwmom (Original post)

Tue Apr 16, 2019, 01:51 PM

28. Any Sign Of Old Town Media?

 

If I were to vote in a presidential
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Response to Me. (Reply #28)

Tue Apr 16, 2019, 01:55 PM

29. I was wondering the same thing!

 

If I were to vote in a presidential
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Response to R B Garr (Reply #29)

Tue Apr 16, 2019, 01:55 PM

30. ..

 

If I were to vote in a presidential
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Undecided

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Response to pnwmom (Original post)

Tue Apr 16, 2019, 05:30 PM

36. That could have been paid out as structured payments.

 

Rather than a lump sum.
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Response to pnwmom (Original post)

Tue Apr 16, 2019, 06:33 PM

37. Fair question that should be examined.

 

Bernie wants to close the book on his tax issue as soon as possible so he might as well address this now.
If I were to vote in a presidential
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