So You Won Olympic Medals .... IRS Wants to Chat

[awpitt]

Originally Posted by MMDad

Why? Yes, they did great and they are people to be admired, but it is earned income.

As long as we tax our military members, I see no reason to waive taxes for Olympians.

Agreed.

[desertrat (Premo)]

Originally Posted by b23hqb

I wonder how much tax the obama had to pay on his Nobel prize just a month or so after his inauguration?

I was going to ask about that too.

[MMDad]

Originally Posted by desertrat

I was going to ask about that too.

If there's any truth to what came out of the WH at the time, he was going to donate it all to charity. If he did, he would not have paid any tax on it.

[Baja28 (Premo)]

Originally Posted by MMDad

It is. They're assuming top tax bracket. Since most of the athlete's are pretty low income, they'll pay little or nothing on this.

They are also paying the full 15% FICA whereas we pay 7.5% & the employer pays 7.5%.

And they should pay tax on it.

[Rommey]

Originally Posted by MMDad

As long as we tax our military members, I see no reason to waive taxes for Olympians.

Military pay in combat zones is still untaxed, as are many allowances...just sayin'

[Rt235]

Originally Posted by MMDad

Why? Yes, they did great and they are people to be admired, but it is earned income.

As long as we tax our military members, I see no reason to waive taxes for Olympians.

Military get paid AND get a ton of benefits for themselves AND their entire families.

Athletes do not get paid, and only reap the benefits of their sport IF they win a medal, which is NOT earned income!

Family member of the US Olympic teams have to pay their way to to London. No free trips, no benefits, no freebies.

The US Olympic team is NOT funded by the US Government like other countries.
Your donation to the US Team is a tax deduction!

IRS should leave them alone and go suck money out of some of the 1% super rich that hide their money overseas!

GO TEAM USA!!!

[Baja28 (Premo)]

Originally Posted by Rt235

Military get paid AND get a ton of benefits for themselves AND their entire families.

Athletes do not get paid, and only reap the benefits of their sport IF they win a medal, which is NOT earned income!

Family member of the US Olympic teams have to pay their way to to London. No free trips, no benefits, no freebies.

The US Olympic team is NOT funded by the US Government like other countries.
Your donation to the US Team is a tax deduction!

IRS should leave them alone and go suck money out of some of the 1% super rich that hide their money overseas!

GO TEAM USA!!!

Totally disagree! What do you think Michael Phelps is worth?

As for the ones who don't hit it big, they chose to do this. They should pay taxes just like the rest of us. If they fall under the "poor" income level, then like everyone else, they won't pay.

[Rommey]

IMO, I think that olympians should be placed in a special category with regards to the money earned from winning an olympic medal. They are on the world stage representing the US. The US makes special tax breaks for all kinds of situations. I think its a good thing to exempt this money (and only the money earned for each medal) for our olympians.

I'm guessing some might not be able to accept the money if they want to maintain an amateur status to meet NCAA rules for example.

[itsbob]

Originally Posted by MMDad

It is. They're assuming top tax bracket. Since most of the athlete's are pretty low income, they'll pay little or nothing on this.

Huh? Low income? Medal winners?

If they were a medal hopeful, they already scored multiple endorsement deals, and I've only heard of one that turned them down so she could compete on her High School swim team still.

I just don't see many low income/pauper athletes in the.Olympics anymore..

Originally Posted by itsbob

I just don't see many low income/pauper athletes in the.Olympics anymore..

Brian Wilson, was saying this Wed in a discussion on WMAL


if they have at least won a silver there are millions in Endorsements waiting