President Obama and First Lady released their 2009 federal and State of Illinois income tax returns on Thursday; they reported adjusted gross income of $ 5,505,409 out of $6,114,931 total income. They donated $329,100 to 40 different charities.
Their return was prepared by the Chicago firm of Wineberg Solheim Howell & Shain, PC and signed by the Obamas on April 7.
Main link to the returns is here,where you can find links to the charities Obama donated his $1.4 million Nobel Peace Prize to.
below, from the White House….
President Obama and Vice President Biden’s Tax Returns
Posted by Norm Eisen on April 15, 2010 at 12:20 PM EDT
Today, the President released his 2009 federal income and gift tax returns. He and the First Lady filed their income tax return jointly and reported an adjusted gross income of $ 5,505,409. The vast majority of the family’s 2009 income is the proceeds from the sale of the President’s books. The Obamas paid $1,792,414 in federal income tax. The President and First Lady also reported donating $329,100 to 40 different charities. The largest reported gifts to charity were $50,000 contributions to CARE and the United Negro College Fund. In addition, the President donated his $1.4 million Nobel Prize funds to 10 charities. The President and First Lady also released their Illinois income tax return and reported paying $163,303 in state income taxes.
The President and First Lady’s federal and state tax returns
The Internal Revenue Code provides that if the recipient of the Nobel Prize directs the Nobel Committee to donate the prize income directly to charity, as the President did, the recipient does not have to recognize the prize as income on his federal income tax return. The President is not permitted to take a charitable deduction on the value of the prize since it is not included in his income.
Portion of the President and First Lady’s returns related to the Nobel Prize
The Vice President and Dr. Jill Biden also released their 2009 federal income tax returns, as well as state income tax returns for both Delaware and Virginia. They filed joint federal and Delaware income tax returns. Dr. Biden filed a separate non-resident tax return for the state of Virginia. Together, they reported an adjusted gross income of $333,182. The Bidens paid $71,147 in federal income taxes for 2009. They paid $12,420 in Delaware income taxes and $1,477 in Virginia income taxes. The Bidens contributed $4,820 to charity, in both monetary and in-kind donations.
The Vice President and Dr. Biden’s federal and state tax returns (PDF)
Norm Eisen is Special Counsel to the President for Ethics and Government Reform