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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.

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