{"id":2001,"date":"2024-08-06T13:43:16","date_gmt":"2024-08-06T17:43:16","guid":{"rendered":"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/?p=2001"},"modified":"2024-08-06T13:43:16","modified_gmt":"2024-08-06T17:43:16","slug":"olympic-medals-and-income-tax","status":"publish","type":"post","link":"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/2024\/08\/06\/olympic-medals-and-income-tax\/","title":{"rendered":"Olympic Medals and Income Tax"},"content":{"rendered":"<p>The 2024 Paris Olympics are in full swing, and it is never too early for U.S. athletes to consult with their tax advisor.\u00a0As was done in 2021, the United States Olympic &amp; Paralympic Committee has\u00a0<a href=\"https:\/\/www.teamusa.org\/Team-USA-Athlete-Services\/Financial-Resources\">pledged to award<\/a>\u00a0<a href=\"https:\/\/time.com\/6996826\/olympic-gold-medal-prize-money-countries-sports-federations\/\" target=\"_blank\" rel=\"noopener\">U.S. medalists<\/a> $37,500 for each gold medal, $22,500 for each silver medal and $15,000 for each bronze medal won.<\/p>\n<p>It may come as a surprise to some, but those financial awards for winning an Olympic medal may very well be subject to income tax.\u00a0The <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/74\" target=\"_blank\" rel=\"noopener\">U.S. tax code specifically includes\u00a0prizes and awards\u00a0in gross income<\/a> subject to income tax. Some refer to this as the \u201c<a href=\"https:\/\/www.marketwatch.com\/story\/3-ways-olympic-athletes-taxes-are-different-than-yours-11626904525\" target=\"_blank\" rel=\"noopener\">victory tax<\/a>.\u201d In addition, medalists may also have to pay state income tax.<\/p>\n<p>Fortunately, many winning athletes will not pay federal income tax since the <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/74\" target=\"_blank\" rel=\"noopener\">tax code exempts prizes and awards from income tax<\/a> for those athletes making under $1M annually.<\/p>\n<p>However, those athletes such as <a href=\"https:\/\/www.forbes.com\/sites\/conormurray\/2024\/07\/30\/what-we-know-about-simone-biles-earnings-and-endorsements-as-she-competes-for-gold-in-paris\/\" target=\"_blank\" rel=\"noopener\">Simone Biles with lucrative endorsement earnings<\/a> may well want to consult with their tax advisor after stepping off the podium.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 2024 Paris Olympics are in full swing, and it is never too early for U.S. athletes to consult with their tax advisor.&nbsp;As was done in 2021, the United States Olympic &amp; Paralympic Committee has&nbsp;pledged to award&nbsp;U.S. medalists $37,500 for each gold medal, $22,500 for each silver medal and $15,000&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1516,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[583,10],"tags":[586,584,585,382],"class_list":["post-2001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-prizes-and-awards","category-taxes","tag-endorsement-earnings","tag-financial-awards","tag-gross-income","tag-victory-tax"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Olympic Medals and Income Tax - Don\u2019t Tax Yourself<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/2024\/08\/06\/olympic-medals-and-income-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Olympic Medals and Income Tax - Don\u2019t Tax Yourself\" \/>\n<meta property=\"og:description\" content=\"The 2024 Paris Olympics are in full swing, and it is never too early for U.S. athletes to consult with their tax advisor.&nbsp;As was done in 2021, the United States Olympic &amp; 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