Win Olympic Gold, Pay the IRS

U.S. Olympic medal winners will owe up to $9,000 to the IRS.

WASHINGTON, D.C. — While 529 hardworking athletes proudly represent the United States in the 2012 Olympics, any medals and money they earn wearing red, white and blue will be taxed by the IRS. According to research done by the Americans for Tax Reform Foundation, U.S. Olympic athletes are liable to pay income tax on medals earned and prizes received at the London games.

American medalists face a top income tax rate of 35 percent. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. It is therefore easy to calculate the tax bite on Olympic glory.

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Anonymous

Posted: Aug 02 2012, 2:01 AM

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70178

the linked article purposely omits important information

"Athletes who make the podium can look forward to a check from the U.S. Olympic Organizing Committee: $25,000 for gold, $15,000 for silver and $10,000 for bronze."

http://blogs.reuters.com/taxbreak/2012/07/30/olympic-medals-gold-to-the-irs-too/

Anonymous

Posted: Aug 02 2012, 2:15 AM

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70178

i take that back. the info is there.

Anonymous

Posted: Aug 05 2012, 9:15 PM

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6464

But what will Michael Phelps do for dope money?

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