Phelps Will Owe $55K in Taxes on Rio Medals IRS wants its cut By Newser Editors and Wire Services Posted Aug 15, 2016 12:19 PM CDT 142 comments Comments Michael Phelps kisses his gold medal for the men's 4 x 100-meter medley relay. (AP Photo/Lee Jin-man) (Newser) – Michael Phelps is taking home five golds and one silver from the Rio Games, along with a hefty tax bill. The US Olympic Committee awards $25,000 for each gold medal, $15,000 for silver, and $10,000 for bronze—and the IRS then takes its cut. Depending on their tax brackets, athletes owe up fo $9,900 per gold, $5,940 for silver, and $3,960 per bronze, reports USA Today. It figures Phelps will owe about $55,000, though his net worth of $55 million means it probably won't pinch much. That's not as true for lesser-known athletes, and CNN Money reports that legislation is in the works in both the House and Senate to make the winnings tax-exempt.