Obama and Biden file 2008 Tax Returns

Courtesy of NAEA – National Association of Enrolled Agents

President Barack Obama and his wife, Michelle, on Wednesday released their MFJ tax return. The first couple reported about $2.7 million in income for 2008, mainly from book sales.

President and Mrs. Obama paid about $855,000 in federal income taxes. In a release, the first family reported donating about 6.5% of their adjusted gross income to 37 charities. The largest gifts were $25,000 contributions to CARE and the United Negro College Fund.

During the year, the Obamas made substantial tax payments when combined with their tax withholdings provided them with a $26,000 federal refund. According to the White House, the President has elected to apply it to their 2009 taxes. Their income declined from 2007, when the Obamas reported about $4.1 million, again mostly from books, and they paid about $1.4 million in taxes. The Chicago accounting firm of Wineberg Solheim Howell & Shain prepared the return.

Meanwhile, Vice President Joe Biden and his wife Jill reported income of about $269,000 in their released return. Salaries from the U.S. Senate as well as Widener University and Delaware Technical & Community College, where Mrs. Biden teaches, plus some royalties from Mr. Biden’s book were the primary sources of income.

The Bidens paid about $47,000 in federal income tax and claimed close to $1,900 in charitable deductions.

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