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Michael Phelps Could Owe $55,000 in 'Victory Taxes' for His Rio Olympic Medals

Source: people.com/people/package/article/0,,20996464_21024785,00.html - Aug 17, 2016

For U.S. athletes, winning an Olympic medal comes with pride, glory – and a hefty tax bill.

According to TIME, Michael Phelps could leave Rio owing up to $55,000 in income taxes.

That's because the U.S. Olympic Committee awards prize money to Olympic athletes who medal at the Games – $25,000 for gold, $15,000 for silver and $10,000 for bronze.

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Category: IRS