The 2026 Masters paid out a record $22.5 million. The winner took home $4.5 million. This guide breaks down who got what, how checks are issued, what players must do for taxes, and the common mistakes that cost money.

Quick reference

- Total purse: $22.5 million (Masters Tournament, 2026)

- Winner: $4,500,000 (Rory McIlroy)

- Runner-up: $2,430,000

- Third place (example tie handling): $1,080,000 each for players tied for third in a three-way tie

- Professionals who missed the cut: $25,000 each

- Amateurs: not eligible for cash prizes (receive trophies and awards only)

- Official places to check payouts and tax guidance: https://www.masters.com, https://www.pgatour.com, https://www.irs.gov, Georgia Department of Revenue: https://dor.georgia.gov

Prerequisites — what to know before you dig in

The Masters is an invitational run by Augusta National Golf Club. It sets its own purse and payout curve. For 2026 the club increased the purse to $22.5 million — up $1.5 million from the 2025 purse. The winner’s share matched the largest on the PGA Tour at $4.5 million. Those headline numbers make the news — but they’re just the start.

Players at the Masters are independent contractors. That means the gross check is subject to splits and taxes before any player sees net cash. Caddies, agents, and service providers typically get a piece. Players also deduct travel, coaching, equipment, and other business expenses when they file taxes. And amateurs who play the tournament can’t accept cash without surrendering amateur status under USGA rules — they get trophies and invitations instead.

Step-by-step: How the Masters payout worked in 2026

  1. Confirm the purse and official payout list.

    The Masters posts the official purse and the final payout list on its website the week of the tournament and publishes final earning figures after the event. For 2026 the total purse was $22,500,000. Always double-check https://www.masters.com and the PGA Tour tournament page at https://www.pgatour.com for the official breakdown and any tie adjustments.

  2. Understand the headline figures and tie math.

    The published winner’s share was $4,500,000 and second place was $2,430,000. When players tie, the money for the tied finishing positions is pooled and divided equally. Example: if third, fourth and fifth places are tied and their payouts total $3,240,000, each player gets $1,080,000. That tie formula is standard across PGA Tour events and at Augusta National.

  3. Know who gets paid and who doesn’t.

    Only professionals receive cash prizes. Amateurs are ineligible for prize money and receive trophies and special invitations like the low-amateur recognition. Professionals who miss the 36-hole cut still received $25,000 each at the 2026 Masters — a guaranteed stipend to help cover travel and week expenses.

  4. Timing and delivery of payments.

    Tournament organizers usually post the official money list the Monday after the final round. Checks or direct deposits generally go out within two to four weeks. Larger organizations and the PGA Tour often pay by electronic transfer to the player's representative account; the Masters also issues paper checks for many players. Expect payments to clear within 7–21 days of issuance depending on bank processing.

  5. Tax paperwork and reporting.

    U.S. Players typically receive Form 1099 (for prize and appearance income) from the payor and must report earnings on their federal return. Nonresident foreign players get Form 1042-S reporting U.S.-source income and any federal withholding. The IRS requires payors to furnish Form 1099 to recipients by January 31 and to file with the IRS by the same deadline; payors must furnish Form 1042-S to foreign payees by March 15. See https://www.irs.gov for current deadlines and form details.

  6. Federal tax treatment and withholding basics.

    U.S. Citizen and resident players generally don’t have federal tax withheld at the tournament level; they report winnings as self-employment or other income and make estimated tax payments. Nonresident aliens have U.S. Withholding on tournament prize income — commonly 30% under Internal Revenue Code rules — but that rate can fall if a tax treaty applies and the player has valid treaty documentation on file (Form W-8BEN). The tournament or payor handles any required withholding and issues the 1042-S showing withheld amounts.

  7. State and local taxes.

    The Masters is played in Georgia, so players may owe Georgia income tax on Masters earnings. Nonresidents with Georgia-source income must follow Georgia withholding rules and filing requirements — see https://dor.georgia.gov for current percentages and forms. Players also need to evaluate tax liability in their state of residence; many states offer credits for taxes paid to another state.

  8. Caddie and agent splits — common practices.

    Caddie pay varies but the common scales in pro golf are: about 10% of a winner’s check to the caddie, 5–7% for other top finishes, and a weekly retainer or $1,000–$2,500 when a player misses the cut. Agents and managers typically charge commissions — commonly 5–10% of playing income and 10–20% of endorsement deals — though exact rates vary by contract.

  9. Net pay: doing the math.

    Thing is, start with gross check. Subtract caddie share, agent commission, any tournament withholding, and estimated taxes. Then subtract travel, training, and equipment costs that are legitimate business expenses. What’s left is the player’s net profit for the event.

Tips

- Keep paperwork current: U.S. Players file Form W-9 with payors; foreign players file Form W-8BEN to claim treaty benefits. Missing or incorrect forms can trigger automatic withholding.

- Track every expense: airfare, ground transport, hotels, meals while on tour, coaching fees, gym and massage costs, club repairs, and travel for family or marketing all count if they're ordinary and necessary for the business of playing golf. Keep receipts and a clear ledger.

- Plan for taxes: set aside at least 30–40% of gross prize money if you’re a U.S. Player to cover federal, state, and self-employment taxes. For foreign players, factor in potential 30% withholding until a treaty or refund is secured.

- Use a pro: work with a tax advisor experienced with professional athletes and international income. They’ll help file estimated taxes, claim credits for taxes paid to Georgia or other states, and prepare to recover overwithheld cash via U.S. Refunds when eligible.

- Confirm payout method: if you prefer direct deposit, confirm banking instructions ahead of the event with the tournament’s finance office. That speeds payment and reduces check-handling risk.

Common mistakes to avoid

- Forgetting to file residency or nonresident documentation. Without a valid W-8BEN, foreign players face full 30% withholding on U.S. Prize money.

- Missing state returns. Earning income in Georgia usually triggers a state filing requirement even if the player lives elsewhere. Not filing can create penalties and surprise tax bills.

- Underestimating caddie and agent costs. Those percentages are often negotiated but are real cash outflows — failing to budget them leads to sticker shock when large checks get split.

- Treating amateurs like pros. Accepting a prize check as an amateur can cost amateur status, NCAA eligibility, and other privileges tied to the amateur rules.

- Not documenting business expenses. The IRS expects proof. Loose records mean deductions get denied on audit, increasing tax bills and interest.

Related Articles

For 2026 the Masters paid $22.5 million, with $4.5 million to the winner and at least $25,000 to pros who missed the cut — but what players actually take home depends on caddie and agent splits, federal and state tax rules, withholding for nonresidents, and how well they document business expenses.