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Uncle Sam goes for gold, too: Up to $9,900 per Olympic gold medal
USA Today: Michael Phelps swims fast, but not fast enough to beat Uncle Sam, who awaits him at the finish line each time he wins a medal. His total income tax bill for the 2016 Games? Up to about $55,000 for his five golds and one silver.
Olympic athletes who bring home medals also bring home cash — $25,000 for gold, $15,000 for silver and $10,000 for bronze — paid for by the United States Olympic Committee. Like any prize winner, from a jackpot hitter to a Nobel Prize recipient, the athletes are taxed because Olympic medals and cash bonuses are considered income, said Steven Gill, associate professor of accounting at San Diego State University.
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