Story highlights The "Born to Run" singer got candid about the financial troubles he faced early in his career while talking with Tom Hanks at the Tribeca Film Festival on Friday.

(CNN) Bruce Springsteen admits he evaded taxes for years before the IRS finally came after him.

The "Born to Run" singer got candid about the financial troubles he faced early in his career while talking with Tom Hanks at the Tribeca Film Festival in New York City on Friday.

"First of all, I never met anyone in New Jersey who paid their taxes," Springsteen joked. "The entire state wasn't paying any taxes. So, years went by and all of this time went by. Nobody's paying any taxes. Me, the band, no one I know ... I didn't pay those taxes."

Springsteen said it was when his 1975 Time magazine cover hit stands that the government started to pay more attention.

For the next several years, Springsteen said all of the money from his concerts and albums went straight to Uncle Sam. He said he only had about $20,000 to his name by the time he was 30.

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