President Barack Obama and his wife Michelle earned a gross income of $477,383 in 2014, according to the couple's tax returns, released by the White House on Friday.
Their income is down from $503,183 in 2013 and $662,076 in 2012.
Obama's annual presidential salary is $400,000 and much of his outside income has been attributed to sales of his biographies, which may be declining.
The Obamas reported $43,722 in income from overseas.
The White House did not immediately respond to questions on the source of the overseas income.
The Obamas paid $93,362 in total tax, paying a federal income tax rate of 19.6 percent.
In donations to charity, the Obamas gave $70,712 to 33 different groups. The largest donation was $22,012 to Fisher House Foundation, which provides housing to military families while a loved one is receiving treatment.
Vice President Joe Biden and his wife Jill, a community college professor, also released their tax returns on Friday, reporting a combined income of $388,844.