Report: Tom Brady Faces Big Tax Bill for Super Bowl Performance
Wednesday, 04 Feb 2015 06:53 PM
By Jason Devaney
Quarterback Tom Brady of the New England Patriots won a Chevy truck for being named the MVP of the Super Bowl Sunday night, but with the truck comes a hefty tax bill.
According to Americans for Tax Reform, Brady's 2015 Chevy Colorado is valued at around $34,000, although his might be more expensive because of some added features. The report breaks down the math and figures Brady will owe nearly 40 percent of the value to the IRS in taxes, which equates to $13,500.
And that's not the only financial headache Brady faces because of his shiny red truck.
Brady, who led the Patriots in a game-winning drive that ended with a touchdown with 2:02 left in the game, nearly saw his team lose to the Seattle Seahawks in the closing seconds. But Patriots defensive back Malcolm Butler, a rookie, saved the game by intercepting Seahawks quarterback Russell Wilson's pass at the goal line with 20 seconds on the clock.
Brady would like to reward his teammate's Super Bowl-saving play by giving him the Chevy truck. But with that comes a steep federal gift tax of $5,000.
As for Brady's game check of $97,000, which CNBC reports is the amount the NFL pays to each player on the Super Bowl-winning team, he will pay $42,000 in federal taxes from that.
Brady, Butler, and their teammates and coaches celebrated their victory with a parade in Boston Wednesday. Brady's tax bill adds a bit of sting to the victory and his MVP prize.
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Poster Comment:
Time to pay the fiddler. ;)