Don't Mess With Taxes

The tax man waits for no one (except Form 4868 filers). That means that even U.S. leaders had to deal last week with the April 15 filing deadline.

The Obamas and Bidens, though, were up to the task.

Both the prez, veep and their wives (or more accurately, their accountants and/or tax attorneys) got the First and Second families' returns in on time. Actually, they filed a bit early.

And, thanks to Tax Analysts' Tax History Project, we now get a chance to inspect the official presidential and vice-presidential tax paperwork.

I'll let you explore the Obama and Biden filings at your own leisure, but here are some quick tax hits from both returns.

Barack and Michele Obama's 1040: The Obamas reported a little more than $5.6 million in total income, most of that from the prez's Schedule C filing showing almost $5.2 million in earnings from his book sales.

The prez didn't have to declare his $1.4 million in Nobel Prize winnings as income because he had it directly distributed by the prize committee to 10 charities. Details are on pages 39 to 42 of the 65-page return material.

After adjustments (aka above-the-line deductions), itemized deductions and exemptions, the Obamas' taxable income in 2009 came to just over $4.98 million.

That produced a tax bill of $1.79 million.

But thanks to withholding and mostly estimated tax payments, the Obamas got a refund of $8,287 that they asked be applied to their 2010 tax estimated tax account.

Joe and Jill Biden's 1040: The Bidens' gross income last year was $333,182.

Their taxable income was $262,994.

And their tax bill was $71,147.

Mr. and Mrs. Veep, however, ended up having to write a $5,443 check to the U.S. Treasury. Time to adjust withholding, Joe and Jill?

Both couples also filed state tax returns. Those filing documents -- Illinois for the Obamas, Delaware and Virginia for the Bidens -- are part of the material released by their offices.

I always get a kick out these annual returns. It's fun to see how our federal tax return compares, line by line, with those of folks who make much more than the hubby and I do.

Related posts:

• Obama's Nobel Prize tax implications
• Obama's taxes (Bankrate's Taxes Blog)
• Presidential (and wannabe) tax returns
• Obama and McCain release tax returns
• Cindy McCain relents, releases tax info
• Palin tax returns, tax questions

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