NBA legend Allen Iverson dropped $600,000 to settle a massive back tax bill.
According to court documents obtained by The Blast, the IRS released a federal tax lien filed against Iverson.
The ex-NBA star was accused of owing a total of $616,068.60 in back taxes. The debt breakdown was $44,418.88 (2010) and $571,649.72 (2011).
The release means Uncle Sam considers the tax bill paid in full and no longer are attempting to collect. The lien will now be released from the property Iverson owns.
Back in September, Iverson was hit with a state tax lien by the Georgia Department of Revenue.
The lien accuses the NBA star of owing taxes for the same years, 2012 and 2013. The Department of Revenue says they are owed $25,643.12 (2012) and $174,465.25 (2013).
The grand total for the unpaid tax bill came to $200,108.37. The original debt swelled with $44,000 in interest and another $27,000 in late penalties.
Allen and his ex-wife Tawanna Iverson settled their nasty divorce in 2013. She walked away with a $3 million divorce payment.
In the divorce, it was revealed that the NBA star signed a lucrative deal with Reebook in 2001. The deal had provisions that put $32 million of his deal into a trust. Iverson can’t touch the money until he reaches the age of 55. The money can’t be used to pay off things like tax debt.
Iverson’s last year in the NBA was 2010. He made over $154 million during his NBA career. He recently signed on as a coach and player for the BIG3 basketball league.
The Georgia Department of Revenue has hit many celebrities with tax liens recently.
Actress Mo’Nique is accused of owing a total of $60,365.75 for the years 2015 and 2016. The original tax debt was $31,445.71 but swelled with interest ($8,983.55), penalties ($13,597.35) and collection costs ($6,289.14).
The comedian has also been accused of owing the IRS for the years 2013 ($201,695.99) and 2014 ($188,208.99) for a total of $389,904.98.
Mo’Nique and her husband, Sidney Hicks, were also hit with another federal tax lien in 2017. The IRS accused them of owing a total of $170,720.74 on a 2015 bill. The liens remain active and have yet to be released.
Migos’ Offset was slapped with a massive $210,000 tax lien over a 2017 bill. The original amount owed was $146,845.83. The debt increased with massive interest ($15,645.42), penalties ($18,318.49) and collection costs ($29,369.17).
Young Thug is facing a series of financial woes with multiple liens being filed. One lien accused him of owing $145,794.03 for 2015. The original balance owed originally was $85,254 but swelled with interest ($21,125.88), penalties ($22,313.35).
‘Love & Hip Hop: Atlanta’ star Mimi Faust settled a $6,000 bill with the state.