Skip Nav
Christy Turlington
Christy Turlington Burns Is Here to Make Childbirth Safe For Every Mother, Everywhere
Career
6 Ways You Can Get Your Coworkers to Like You
Power Your Happy Q & A
Lauren Bush Lauren Reminds Us Our "Perfect Plan" Can Change

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
How to Stop Spending Money
How to Save Money Each Month
'90s Toys That Are Worth a Lot of Money
How to Become Financially Independent
From Our Partners
Latest Career & Finance
All the Latest From Ryan Reynolds