- Days left

Lil Wayne Hit With a $5.6 Million Tax Lien

Rapper Lil Wayne gets hit with a tax lien of $5.6 million while on tourLast month, rapper Lil Wayne announced that he hoped to retire early in order to spend more time with his family. It seems, however, that Uncle Sam might have other plans. Lil Wayne, whose real name is Dwayne Michael Carter, Jr., may have to work a little longer in order to settle some unpaid tax debts.

Carter was recently slapped with a federal tax lien in the amount of $5.6 million. These aren't Carter's only federal income-tax liens. Last year, he was liened by the feds for more than $1 million for the tax years 2004, 2005 and 2007; he has reportedly paid off those obligations. These most recent liens reflect balances due of $3,351,078 for 2008 and $2,258,956 for 2009.Carter, who turns 29 this year, has been rapping successfully for 20 years. He got his start at the age of nine with Cash Money Records; he was the youngest member of the new label at the time.

In 2008, the year for which Carter owes the most money to the IRS, the rapper had his most successful album ever, Tha Carter III. The album sold 1 million copies in its first week in the U.S. and more than 3.5 million in the U.S. overall; it has been certified triple platinum by RIAA and won the Grammy for Best Rap Album that year.

The year before Tha Carter III was released, Lil Wayne was charged with criminal possession of a weapon and, as a result, served time in New York. If this story sounds familiar, it is. Lil Wayne's story, one of a rapper jailed over a firearm while owing back taxes, is reminiscent of fellow rapper Ja Rule, who recently pleaded guilty to tax evasion in a federal court.

Lil Wayne was released from prison weapons charges late last year and is currently on his I Am Still Music Tour. It marks his first appearance on stage in more than a year.

Increase your money and finance knowledge from home

What is Inflation?

Why do prices go up?

View Course »

Timing Your Spending

How to pay less by changing when you purchase.

View Course »

TurboTax Articles

What Are the Tax Penalties for Smokers?

Starting in 2014, the Individual Shared Responsibility provision of the Affordable Care Act made you responsible for having minimum essential coverage, or MEC, in health insurance. Otherwise, you need to be eligible for a health care exemption, or you could pay a penalty when filing your income tax return. This requirement for minimum essential coverage applies to smokers and nonsmokers alike. If you're not covered by an employer's health plan and are a smoker, you can go to the health care marketplace to find MEC. If you're still unable to comply, you may have a penalty applied.

A Brief History of Income Taxes

Did you know President Abraham Lincoln, one of America's most beloved leaders, also instituted one of its least liked obligations - the income tax? In this brief history of taxes, see the historical events which shaped income taxes in the United States today.

How to Itemize Taxes When Claiming Dependents

Claiming dependents and itemizing deductions is an effective way to save money on your income taxes. Each dependent you claim allows you to reduce your taxable income by one exemption. Get a step-by-step overview on how to take advantage of itemizing your taxes when claiming dependents in this article on tax tips.

Add a Comment

*0 / 3000 Character Maximum