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, Esq.
Founder · DE · Admitted in Pennsylvania, New Jersey, New York
For more than three decades, Gregory McCauley has been a trusted advocate for clients facing civil and criminal tax challenges. As the founder of McCauley Law Offices in Chadds Ford, Pennsylvania, Gregory has built a national practice that represents individuals, families, professionals, and closely...
