President Barack Obama's tax return for 2010 showed he and First Lady Michelle Obama earned $1,728,096, most of which came from the sale of Obama's books, including The Audacity of Hope. The couple, who filed jointly, paid $453,770 in federal taxes and got a refund of $12,334.
The Obamas' effective tax rate was about 26 percent.
Also See: Vice President Biden's 2010 Tax Return
The president earns $400,000 in his official capacity.
Also see: 10 Wealthiest Members of Congress
Obama's tax return showed the president and first lady earned dramatically less money than they did in 2009. The Obamas reported an adjusted gross income of $5,505,409 in 2009, and paid $1,792,414 in federal income tax that year.
Charitable Donations Disclosed on Obama Tax Returns
Obama's tax return for 2010 showed he and Michelle Obama donated $245,075 - about 14.2 percent of their income - to 36 different charities.
Their largest charitable donation was $131,075 to the Fisher House Foundation of Rockville, Md., which provides free or low cost lodging to veterans and military families receiving treatment at military medical centers.
White House Press Secretary Jay Carney said Obama is donating after-tax proceeds from his 2010 children's book, "Of Thee I Sing: A Letter to My Daughters," to a scholarship fund for children of fallen and disable soldiers.
Deductions on Obama Tax Return
The President and First Lady also released their Illinois income tax return and reported paying $51,568 in state income taxes. On their federal return, the Obamas claimed itemized tax deductions of $78,269 for their state and local taxes, and another $49,945 in home mortgage interest for their Chicago home.
Obama Tax Returns for 2009
Obama's tax return for 2009 showed the president and first lady paid $1,792,414 in federal income tax on an adjusted gross income of $5,505,409. The majority of the family's 2009 income came from the sale of Obama's books.
In 2009, the Obamas also reported donating $329,100 to 40 different charities.
Their largest reported gifts to charity that year 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 reported paying $163,303 in Illinois state income taxes.
Obama Tax Returns for 2008
Obama's tax return for 2008 showed the president and first lady paid $855,323 in federal taxes on an adjusted gross income of $2,656,902. The bulk of their income that year came from sales of the president's books. The couple donated $172,050 to 37 charities, with the largest donations of $25,000 made to CARE and the United Negro College Fund.