Rodgers Wants Out

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Packinatl said:
I was thinking the same. But shows that $30m won’t bankrupt him. And yes if he walks he’s still going to be making some coin somewhere
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When he’s already made ~$234M playing for GB, (and how much for endorsements?) it seems he’s burned through a lot of $$$.
That’s why I question the accuracy of that article, and if it is accurate then he needs a major change in lifestyle.
 
Since you can no longer go back, with income averaging, I think he'd be forced to count it as negative income spread over two years?
 
Rodgers could be worth $5 or $10 mill. We don't really know. He doesn't seem to be a real big spender though, so he's probably fairly well off. But $120 mill? I don't think so.

I have a Cousin who makes as much as Rodgers, and has for seven or more years, and he's only worth about $90 mill.
 
Packinatl said:
Just an open question. If Rodgers gives back his signing bonus what are the tax implications? He’s already earned the income, it was taxable. It’s it declared a loss of income?
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  • Bonuses are considered paid when received so it must be included in the employee’s income. The employee needs to pay tax in the year they receive such bonus. If the employee quits the job and returns the bonus in the same year as he/she receives it, he/she can request a corrected W2 from the employer to reflect the repayment of the bonus.

  • Not sure that completely answers your question Pack, but it’s all I could find
 
TW said:
Since you can no longer go back, with income averaging, I think he'd be forced to count it as negative income spread over two years?
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Interesting. And I would assume state and federal would have different rules also
 
TW said:
Rodgers could be worth $5 or $10 mill. We don't really know. He doesn't seem to be a real big spender though, so he's probably fairly well off. But $120 mill? I don't think so.

I have a Cousin who makes as much as Rodgers, and has for seven or more years, and he's only worth about $90 mill.
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He dropped $28M (with Danica) for the Malibu mansion.
I wouldn’t say he’s frugal
 
dannobanano said:
  • Bonuses are considered paid when received so it must be included in the employee’s income. The employee needs to pay tax in the year they receive such bonus. If the employee quits the job and returns the bonus in the same year as he/she receives it, he/she can request a corrected W2 from the employer to reflect the repayment of the bonus.

  • Not sure that completely answers your question Pack, but it’s all I could find
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Thanks. But if he never signs retirement papers does that change things? I’m not an accountant.
 
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