Highlights from the Obama tax return, released Wednesday:
• The couple paid $855,323 in federal income tax and $77,883 in Illinois income taxes.
• Obama earned $2,603,448 from book sales and $139,204 in Senate salary. Michelle Obama was paid $62,709 by the University of Chicago Hospitals.
• The Obamas had relatively few deductions and none for medical or dental. They paid $22,233 in property taxes on South Greenwood in the Kenwood neighborhood of Chicago.
• They gave $172,050 in charitable gifts to 37 charities. The largest donations were $25,000 each to CARE and the United Negro College Fund. Illinois charities include $5,000 each to CURE, an epilepsy foundation founded by Susan Axelrod, wife of senior advisor David Axelrod; the Central Illinois Food Bank; the Illinois Coalition Against Sexual Assault; the Illinois Head Start Council and the Illinois Reading Council.
• The Obamas filed a schedule H for household help, paying $12,480. Tuition totaled $47,488 for Malia and Sasha at the University of Chicago Laboratory School.
• The Loop accounting firm of Wineberg, Solheim, Howell & Shain prepared the Obamas' returns.
THE WHITE HOUSE
Office of the Press Secretary
FOR IMMEDIATE RELEASE
April 15, 2009
President and First Lady Release 2008 Income Tax Returns
Today, the President released his 2008 federal income tax returns. He and the First Lady filed their income tax returns jointly and reported an adjusted gross income of $2,656,902. The vast majority of the family's 2008 income is the proceeds from the sale of the President's books. The Obamas paid $855,323 in federal income tax.
The President and First Lady also reported donating $172,050 - or about 6.5% of their adjusted gross income - to 37 different charities. The largest reported gifts to charity were $25,000 contributions to Catholic Relief Services and the United Negro College Fund.
The President and First Lady also released their Illinois income tax return and reported paying $77,883 in state income taxes.
Copies of the returns are available below:
Download the President's Federal 1040 form (pdf)
Download the President's Federal 709 form (pdf).
Download the President's Illinois State income tax return (pdf)