- Associated Press - Tuesday, April 21, 2015

DES MOINES, Iowa (AP) - Gov. Terry Branstad released tax returns Tuesday showing that he earned $191,311 in 2014 and will end up paying $20,322 in federal taxes for the year.

Most of Branstad’s 2014 income came from his $127,993 salary as governor. He received an additional $54,980 from the state’s retirement pension fund for his earlier service as governor, lieutenant governor and legislator. The rest included some rental income, his wife’s Social Security benefits, dividends and a tax refund from a previous year.

The documents showed that the couple paid $32,107 in federal taxes, but are getting a refund of $11,785. They also paid $10,376 in state taxes, with a refund of $7,681, for a net payment of $2,695.

Branstad’s chief of staff and accountant made more than 60 pages of state and federal returns available to reporters for review in the governor’s office.

Branstad donated $28,822 to charity. The list of recipients included Catholic groups like Dowling Catholic High School, the Diocese of Des Moines, as well as national organizations like the American Heart Association and the Boys and Girls Club.

The governor also contributed $18,588 to college savings plans for his six grandchildren.

In addition to his state income, Branstad reported rental income from 13 small-town post offices that he owns, but offset most of those earnings with investment losses.

Aides said Branstad paid an effective federal tax rate of 10.62 percent.

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