New Jersey Governor Phil Murphy and his wife Tammy have publicly released their 2023 federal tax return, revealing an income of approximately $1.4 million. The return provides an insight into the finances of New Jersey’s highest elected official, showcasing a substantial income primarily driven by investments and dividends.
According to the return, the Murphys reported a total income of $1,415,926. This income includes $885,920 in taxable interest and $486,844 in ordinary dividends, indicating the couple’s significant investment portfolio. Additionally, they reported $158,179 in wages, and $8,507 in IRA distributions. The Murphys also received tax-exempt interest income of $283,215 and qualified dividends amounting to $313,696.
After itemized deductions totaling $29,200, the Murphys reported a taxable income of $1,384,348. The return also reveals they were subject to a total tax liability of $461,393, out of which they had $458,093 in estimated tax payments and other credits, resulting in an overpayment of $361,028, which they opted to apply to their 2024 estimated taxes.
The Murphys, filing jointly as a married couple, claimed their two sons as dependents on the return. The filing shows that the family opted to forgo receiving the lump-sum election method for any capital gains or qualified dividends, indicating a conservative tax strategy.