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Taxes On Winning An Olympic Gold Medal

August 15th

We are already aware that lottery and casino winnings are subject to taxation at the end of the year, but what about winning an Olympic gold medal? Even though medals are not considered income, there are taxable items that come with winning.

Winning A Tax Bill

Olympic medalists are now returning home and will be in high demand for interviews by big name media outlets. As many of our country’s winning team members begin sorting out their schedule to accommodate their new found popularity, they are also finding a new tax bill.

Medalists are required to pay taxes for their winning efforts. From their time standing on the platform, the costs to make the medal and the prize money for winning, our Olympic athletes will be required to file taxes on these items come next tax season.  A gold medal brings $25,000 in prize money, while athletes receive $15,000 for silver and $10,000 for bronze.  Of these amounts, the IRS charges $8,986 for winning a gold medal, $5,386 for silver and $3,500 for the bronze.

Unfortunately, many athletes are unaware of the tax implications of winning and many have been subject to tax debt problems after their awards.  Four time Olympic medalist, Missy Franklin, owes $14,000 in back taxes from previous wins and could be facing additional fines if she doesn’t resolve her unpaid tax bill soon.

 

 

 
 
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