Medal Winners at the 2016 Rio Olympics Must Pay Taxes

USA Olympian winners are given a monetary reward for winning a medal. Gold medal winners get $25,000, silver medals get $15,000 and bronze medal winners are given $10,000.  The IRS considers these prizes as regular income and therefore subject to income tax.

Depending upon their individual tax circumstances, taxes for gold medal winners could wind up paying $9,900, silver medalists $5,940 and bronze medal winners $3,360.

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