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President Obama signs bill to eliminate taxes on prizes for winning Olympic medals

Source: sbnation.com - Oct 12, 2016

Any United States athlete who wins an Olympic medal receives all of the glory that comes with accomplishing such a feat. They also currently receive a tax bill with it. That will change starting in 2018 after President Barack Obama signed a bill into law that eliminates the “victory tax” on Olympic prizes.

Currently, the U.S. Olympic Committee pays athletes $25,000 for winning a gold medal, $15,000 for a silver and $10,000 for winning a bronze. Those amounts are currently subject to taxes as they’re categorized as income. The new bill, which cleared the House by a vote of 415-1, will change that.

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Category: IRS