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.
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.