Collin Morikawa Lost Nearly $1 Million of His PGA Championship Winnings Before Even Receiving Them
Collin Morikawa made history Sunday by winning his first career major championship at the age of 23. The young superstar blew past the field on the back nine to win the 2020 PGA Championship at TPC Harding Park. Along with his win, Morikawa also scored a massive payday of $1.98 million.
Well, at least that’s what he would’ve cashed in if a stingy little thing called taxes didn’t exist. Before Morikawa got his hands on his $1.98 million in winnings, the government took nearly $1 million away from the champion.
Collin Morikawa won the 2020 PGA Championship for his first career major
Collin Morikawa has only been able to legally drink a beer for two years, but he’s already one of the best golfers in the entire world. He proved it yet again Sunday, cruising to his third career PGA Tour win and his first major championship.
Morikawa shot a blistering 6-under 64 to blow past third-round leader Dustin Johnson and the rest of the pack. He capped off his win with an eagle at the par-4 16th hole to take a two-stroke lead over the field, and he never looked back.
With the win, Morikawa became just the fourth golfer ever to win a Wanamaker Trophy at 23. The other three? Oh, just Jack Nicklaus, Tiger Woods, and Rory McIlroy. And before you even ask — yes, he’s that good.
Morikawa jumped to No. 5 in the world after his historic win. He has the potential to become one of the all-time greats when it’s all said and done. Morikawa is just getting started.
Morikawa scored a massive payday of $1.98 million for the win
The PGA Championship has the fifth-highest purse on the PGA Tour in 2020. The $11 million purse will be distributed to the top players in the field, with $1.98 million going to the champion.
When the dust settled Sunday afternoon in San Francisco, Calif., Morikawa had about 1.98 million reasons to celebrate. The prize of nearly $2 million is Morikawa’s biggest of his young career.
The $1.98 million prize might be Morikawa’s most lucrative yet, but he already lost $1 million of it to taxes.
Morikawa already lost nearly $1 million of his winnings to taxes
Ah, taxes. No one likes ’em. Everyone has to put up with ’em.
That’s especially true in California, where the state’s 13.3% income tax rate is the highest in the country. Since TPC Harding Park is located in California, Morikawa’s earnings from his PGA Championship win were taxed under the state’s system.
Instead of the $1.98 million Morikawa should’ve received for his win, he’ll only bank $990,000 after tax. He lost nearly $1 million of his prize money to the state and federal government.
Collin Morikawa probably wishes he won his first major in a different state, but a $1 million payday isn’t too shabby for a kid who just graduated from college a year ago. Don’t feel too bad for Morikawa. There will be plenty of wins and a whole lot more money coming his way in the next few years.