President Obama and First Lady Michelle released their joint 2010 federal income and gift tax returns on Monday.
The Obamas reported an adjusted gross income of over $1.7 million, the vast majority of the family’s income coming from proceeds from the sale of the president’s books.
The Obamas paid $453,770 in taxes to the Internal Revenue Service.
Mr. Obama and the First Lady also reported donating $245,075– or 14.2% of their adjusted gross income–to 36 different charities. The largest contribution was to the Fisher House Foundation in the amount of $131,075. Obama is donating the after-tax proceeds from his children’s book to a Fisher House scholarship fund for children of fallen and disabled soldiers.
Mr. Obama and the First Lady also released their Illinois income tax return, paying $51,568 in state income taxes.
