Michael Phelps is worth an estimated $50 million but reportedly owes $20 thousand to the IRS. Read more on Phelps’ unpaid taxes below.
According to a tax lien that was filed, the gold medalist owes the State of California $23,289.16 for tax returns from 2005 and 2006.
With all of Michael Phelps’ endorsement deals, he is said to be worth about $50 million dollars.
Phelps, 24, holds the record for the most gold medals won in single Olympics. Phelps won eight at the 2008 Beijing Games.
Hmm…maybe Michael spent too much on ganga to pay his taxes?
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