The Obamas’ Tax Refund at a Glance

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NEW YORK (MainStreet) — The average American household received a nice tax refund this year of about $3,100, but that’s nothing compared to the refund the Obamas received.

The president and first lady overpaid their taxes significantly this year and got a $12,334 tax refund as a result, according to their official tax returns, released this week by the White House. Then again, the Obamas also had a much higher tax bill than most average families.

In total, the first family reported nearly $1.8 million in earnings last year, with the president’s salary accounting for about $400,000 of that and much of the rest presumably coming from royalties on his bestselling books. The family paid a whopping $453,770 in federal taxes, although that number would have been even higher if the Bush-era tax cuts on wealthy Americans had not been extended.

Aside from money paid in taxes, the first family also donated $245,075 last year to three dozen charities including the Boys and Girls Club of America, the Ovarian Cancer National Alliance and the Fisher House Foundation, the last of which accounted for about half of their total donations.

Though the Obamas received a large tax refund, not everyone in the executive branch can say the same.

Vice President Joe Biden and his wife actually owed more than $7,000 in taxes this year, according to their returns, which were also made public by the White House. What’s more, the Bidens only earned about $380,000 last year, or a fraction of what the first family earned.

Perhaps Joe should get cracking on a bestselling book of his own.

—For a comprehensive credit report, visit the BankingMyWay.com Credit Center.

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