ANCHORAGE, ALASKA — Sarah and Todd Palin underpaid their estimated taxes with an April extension and could owe interest, according to an Associated Press analysis of the couple's 2007 federal tax returns released Friday by the McCain campaign.On an extension form filed with a $2,000 check dated April 11, the Palins claimed an estimated tax liability of $22,721 and total withholding payments of $20,721. The attached check meant the couple believed they had paid all of their taxes for 2007, as required.
However, when they filed their taxes last month, dated Sept. 3, their tax liability turned out to be $24,738 — meaning they owed an additional $2,017.
When asked if the Palins had paid any interest or penalties, and if so, how much, Maria Comella, McCain-Palin spokeswoman said the couple had paid "at least $2,017," and that the campaign was researching if an additional payment had been made.
Overall, the 2007 return shows that last year the couple had a gross adjusted income of $166,080 and paid $24,738 in taxes — about a 15 percent rate after deductions.
Palin and her husband listed assets worth from $960,000 to $2.3 million. Because the values of assets are reported in broad ranges, it's not possible to calculate an exact value for their holdings.