Skip Nav
Job Search
How to Stay Positive When Your Job Search Stalls
Budget Tips
4 Ways to Find Out How Much You Need to Save For Retirement
Career
8 Ways to Stay Awake at Work

Medal and Prize Taxes For Olympic Athletes

Should Olympians Pay Taxes For Winning Gold?

With athletes taking home some hefty prize money for winning gold, silver, or bronze, it's easy to be dazzled by all that precious metal and forget that the IRS awaits them upon their return voyage. These Olympians could owe Uncle Sam close to $9,000 for bringing home the gold!

Some tax reform groups oppose the idea of Americans being taxed on income earned abroad, and recently, Republican presidential candidate Mitt Romney voiced support for a plan to exempt the athletes from having to do so.

Image Source: Getty
Join The Conversation
amber512 amber512 5 years
If you earn money from your job, you're taxed on it.  That's how it works.  Athletes aren't any better than any other working American and don't deserve special treatment.  This reminds me of people who think athletes should get special treatment in school like getting extra time on homework or tests because they have to practice and perform.   9_9
How to Figure Out If Something Is Worth Buying
Things That Are Worth the Money
How Do I Prepare to Buy a House?
How to Become Financially Independent
From Our Partners
Latest Career & Finance
All the Latest From Ryan Reynolds