Romney files tax extension

Mitt Romney released his tax records from 2010 and 2011, and the returns confirm what everyone knows: Romney is rich and federal taxes are complicated. Jan Crawford speaks with NY tax attorney Alan Dluglash to sort out the details of Romney's complex returns.
Tax attorney weighs in on Romney's returns

Updated 6:55 p.m. Eastern

(CBS News) Presumptive Republican presidential nominee Mitt Romney has filed for a six-month extension to file his 2011 taxes.

The deadline to file this year is on April 17th, but the IRS grants six-month extensions for those who request it. According to the IRS, 10.5 million people filed for an extension last year.

Romney spokesperson Andrea Saul said Romney will file and publicly release his 2011 return "when there is sufficient information to provide an accurate return." She said it would be before the November election.

Romney, who's net worth is in hundreds of millions of dollars due to his time as CEO of Bain Capital, released his 2010 returns and projected 2011 rates after repeated calls from his rivals during the Republican primary process.

According to the extension filed, the Romneys have paid $3,434,441 in estimated taxes for 2011.

Democrats have seized on Romney's taxes, pressing him to release more years of his tax returns.

President Obama and Vice President Biden released their returns today. Mr. and Mrs. Obama paid a 20.5 percent tax rate. They paid $162,074 in taxes on $789,674 of income. The Bidens paid $87,900 in total federal tax for 2011 for $379,035 of income, which puts them at a 23 percent tax rate.

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    Leigh Ann Caldwell is a political reporter for CBSNews.com.