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by greenyoda
3308 days ago
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"5. Consider that when you hear figures like 'ten million dollars' that the player may receive only half of that, when taxes and agents' fees are deducted." The $10 million he got was from an insurance policy, which he said was "tax-free", and which it sounds like he bought for himself. That agrees with what the IRS says: "If you pay the entire cost of a health or accident insurance plan, don't include any amounts you receive for your disability as income on your tax return."[1] And I doubt that his agent would be entitled to any of his disability insurance. I agree with your other points. [1] https://www.irs.gov/help-resources/tools-faqs/faqs-for-indiv... |
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