The Obamas Made $5.5 Million in 2009

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.

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Stephanie Condon

Stephanie Condon is a political reporter for CBSNews.com.

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