The Obamas Made $5.5 Million in 2009

Obama taxes

President Obama and First Lady Michelle Obama released their 2009 federal and state income returns today, reporting an adjusted gross income of $5,505,409. Vice President Joe Biden and his wife Dr. Jill Biden released their returns as well, reporting an adjusted gross income of $333,182.

The vast majority of the president's income came from proceeds from sales of his books. The Obamas paid $1,792,414 in federal income tax and paid $163,303 in state income taxes, according to their returns, which are viewable at WhiteHouse.gov.

The president and first lady also reported donating $329,100 to 40 different charities. The largest donations went to the United Negro College Fund and CARE, an organization fighting global poverty; both received $50,000.

Not including those donations, Mr. Obama also donated the $1.4 million he won with the Nobel Peace Prize. However, the president did not have to report the Nobel prize money to the IRS, nor was he able to take a charitable deduction on the value of the prize, since the Nobel Committee gave the money directly to 10 charities of the president's choosing.

The Bidens paid $71,147 in federal income taxes, $12,420 in Delaware income taxes and $1,477 in Virginia income taxes. They contributed $4,820 to charity, in both monetary and in-kind donations.

The Obamas avoided paying the alternative minimum tax (AMT), a parallel tax code that kicks in when a household qualifies for too many tax benefits and exemptions in the normal tax code.

The returns show Mr. and Mrs. Obama overpaid in 2009 and were owed a $8,287 refund, but they told the IRS to keep it and apply it to their 2010 taxes.

What's Obama Doing to Your Taxes?
What to Do If You Can't Get Your Tax Return In on Time
Five Lessons From Your '09 Tax Return
Tax Day Resources from MoneyWatch.com

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