President Joe and First Lady Jill Biden Release Tax Returns for 2022, Showing a Total Income of $579,514 and Total Taxes Paid of $169,820

On Tax Day, President Joe Biden and First Lady Jill Biden released their tax returns for 2022, showing a total income of $579,514 and total federal and state taxes paid of $169,820. The Bidens’ effective federal tax rate was 23.8%, higher than the average of 14% for all U.S. households.

The Bidens’ income has decreased slightly over the past three years, after averaging more than $600,000 in 2020 and 2021. The majority of their income came from President Biden’s salary of $400,000. The couple also donated $20,180 to 20 charities, with the largest gift of $5,000 going to the Beau Biden Foundation, a foundation named after the president’s late son.

For those filing their taxes last minute, the Internal Revenue Service (IRS) recommends filing electronically to ensure accuracy and speed. The IRS also recommends filing for an extension if taxpayers are unable to meet the April 15th deadline.

For those expecting a refund, the IRS recommends using direct deposit to receive the refund as quickly as possible. Direct deposit is the fastest and safest way to receive a refund, and taxpayers can also use the IRS’s “Where’s My Refund” tool to track the status of their refund.

Taxpayers can also use their refund to pay down debt, save for the future, or donate to charity. The IRS also offers free tax preparation services for those who qualify.

Tax Day is an important reminder to all taxpayers to file their taxes on time and to take advantage of the resources available to them.