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Tipsheet

Reminder: Olympians Must Pay Thousands in Taxes For Earned Medals

If you're like me, you love the Olympics. You especially love the Olympics when Team USA is wracking up bragging rights and this time around, they're winning big. 

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Unfortunately, years of dedication to mastering a sport and taking home Olympic medals is expensive. Why? Team USA athletes who win medals get slapped with giant tax bills as soon as they arrive home from Rio. 

America's Olympic medalists must pay state and federal taxes on the prize money they get for winning. The U.S. Olympic Committee awards $25,000 for gold medals, $15,000 for silver and $10,000 for bronze.

That's not all. Olympians also have to pay tax on the value of the medals themselves.

Bummer.

Think this is unfair? Ironically, so does tax-hike supporting Senator Chuck Schumer.

H/T Larry O'Connor

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