Myles Garrett Could Lose Nearly $3 Million in Taxes on Option Bonus

New Rams defensive end Myles Garrett could lose nearly $3 million in taxes on his option bonus, according to Yahoo Sports. The potential tax liability stems from the timing of the bonus payment.

The report indicates that Myles Garrett may wish he'd gotten his $29.2 million option bonus when it was originally due. The $29.2 million figure represents the option bonus amount subject to the tax implications outlined in the report.

The nearly $3 million potential tax loss relates to the difference between when the option bonus was originally scheduled to be paid and when it was actually distributed. The original due date for the bonus payment appears to have been more favorable from a tax perspective.

According to Yahoo Sports, the timing discrepancy between the original due date and the actual payment date has created the potential tax situation. The $29.2 million option bonus and the nearly $3 million in potential tax consequences illustrate how payment scheduling can impact financial outcomes for professional athletes.

The situation involving Myles Garrett's option bonus demonstrates the financial complexity present in professional sports contracts. The timing of bonus payments can significantly affect the net compensation players ultimately receive.