WASHINGTON — President Obama and his wife Michelle paid $81,472 in federal taxes last year on an adjusted gross income of $436,065, his tax return shows.
That's the lowest tax bill — and his lowest annual income — since becoming president, owing largely to diminishing sales of his books.
Most of Obama's income comes from his $400,000-a-year salary as president. But he also continues to receive outside income of $60,745 in royalties from his two adult books Dreams from My Father and Audacity of Hope. The royalties from a children's book, Of Thee I Sing, are donated to charity.
The Obamas file a joint return, with Michelle Obama showing no income and listing her occupation as "First Lady."
With schedules and state returns from Illinois, Obama's tax return weighs in at 45 pages. It's a little complicated than most because of his royalty income and because he's hit with the alternative minimum tax, which limits the number of deductions that high-income taxpayers can take.
The Obama's gave $64,066 to charity last year. The largest contribution of $9,066 went to Fisher House, which helps military families and has been the biggest recipient of Obama's largesse during his presidency.
Also receiving contributions were the Beau Biden Foundation, established in memory of the late son of his vice president ($5,000) and Sidwell Friends School, where their daughters attend, the Sandy Hook Promise Foundation ($2,000), and CARE, which fights global poverty ($2,000).
Though not required by law, there's a long tradition of presidents — and presidential candidates — releasing their tax returns.
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