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

(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. (Read more Rio Olympics stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.