Joe Flacco's Chevrolet Corvette Stingray MVP Prize Could Cost Him $25,000 in Taxes (Video)

Joe Flacco’s Chevrolet Corvette Stingray MVP Prize Could Cost Him $25,000 in Taxes (Video)

by John Beattie on Mon, Feb 4, 2013 at 3:43PM

Ravens quarterback Joe Flacco is expecting a big payday this offseason as the Super Bowl MVP enters free agency.

Flacco may need the big pay raise, because if he accepts his MVP prize — a 2014 Chevrolet Corvette Stingray — he could owe more than $25,000 in taxes, according to Forbes.com.

But, if he donates the flashy new ride to charity, he could save.

“Flacco will owe about $25,700 in income taxes,” Kurt Badenhausen of Forbes.com writes. “But what if he donates it to charity? With this kind of a prize, he can go two routes, one of which could cost — or save — him up to $6,900.

“This situation is similar to Nobel Prize winners. Flacco qualifies because winning the Super Bowl MVP is a civic achievement. He won the award by doing his job, not by purchasing a raffle/lottery ticket or entering a contest, and he has no further obligation to Chevrolet, who is using the award to promote its vehicle on the largest stage in sports.”

Check out video of the car below.