Medal Winners at the 2016 Rio Olympics Must Pay Taxes
USA Olympian winners are given a monetary reward for winning a medal. Gold medal winners get $25,000, silver medals get $15,000 and bronze medal winners are given $10,000. The IRS considers these prizes as regular income and therefore subject to income tax.
Depending upon their individual tax circumstances, taxes for gold medal winners could wind up paying $9,900, silver medalists $5,940 and bronze medal winners $3,360.
About the Author
Gregory McCauley Jr., Esq.
Tax Attorney · Villanova University School of Law · Admitted in Delaware, New Jersey, United States Tax Court
Gregory McCauley Jr. is an experienced tax attorney who has personally represented more than 1,000 clients in matters ranging from civil tax controversy and IRS examinations to criminal tax defense, U.S. Tax Court litigation, and complex business disputes. His practice is built on a foundation his c...
