Rory McIlroy faces huge tax bill on Masters | Golf News

Rory McIlroy, already a champion of the US Open, PGA Championship, and The Open, is within the operating for his first win at Augusta National.

If he clinches victory on the Masters, finishing his profession Grand Slam, he may face a hefty tax bill. This 12 months’s Masters winner will pocket a cool $4 million from the overall $21 million purse.

McIlroy is main the pack into the ultimate spherical, set for a showdown with Bryson DeChambeau. But it isn’t simply the winner who walks away with a prize; the runner-up will obtain $2.2 million, third place will get $1.4 million, and fourth place simply over $1 million.

However, a vital chunk of these winnings shall be eaten up by tax deductions.

Tax skilled Paul Barham from Forvis Mazars defined to Express Sport: “Any prize money earned will be subject to US federal tax, the top rate of which is still 37 per cent. Golfers will also have to pay state tax in Georgia at 5.39 per cent”, experiences the Mirror.

He added: “The U.S tax will be paid by all the golfers playing at Augusta regardless of where they are tax resident and if they are a tax resident in the U.S, they shouldn’t pay tax on this prize money in any other country.”

If McIlroy dons the Green Jacket, he may lose almost half of the $4 million, probably leaving him with round $2.3 million – a cut of 42.39 per cent.

Florida resident Rory McIlroy, who just isn’t subject to extra UK taxes, is gearing up for his last day on the course with a clear strategy in thoughts.

Tax advisor George Cannon of Kreston Reeves advised Express Sport: “As a non-UK resident for tax purposes, any winnings Rory receives in relation to overseas performances will not be taxable in the UK but will be subject to the relevant overseas taxes.”

DON’T MISS

McIlroy, centered on sustaining his mental sport, shared his strategy: “I think the big thing is to not make it a re-match. Stay in my own little world. Stay in my cocoon, in my little bubble. Keep my head down.”

He additional elaborated on his mindset, saying, “I have to put myself in my own world and concentrate on myself and set myself a score. If I can set myself a target and achieve it, hopefully that will be enough.”

The golfer additionally revealed his methodology for staying grounded: “He will do what he does – I have to stay firm and stay in my own little bubble. I have a few little notes written in the back of my yardage book that I glance at every now and again while I’m walking the fairway. Just little reminders.

“Little, you already know, one- or two-sentence issues. I imply, all of the cliché mantras that you have heard earlier than, actually.”