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Olympians Pay Taxes On Medals

If a United States Olympian wins a gold medal, they will pay around $9,000 in taxes.

Michael Phelps, after winning his record 20thOlympic medal Thursday, probably had one thing running through his mind: “I better get a good accountant.”

Because on all 20 of those medals, Phelps has potentially paid between $3,500 and $8,950 in tax bills. That's because both the cash prize Phelps won for each medal – between $10,000 and $25,000, depending on the medal – and the medal itself is taxable, according to the Chicago Tribune.

An Olympian receives $10,000 for a bronze medal, $15,000 for a silver medal and $25,000 for a gold medal. Additionally, there is a value to the medals and Olympians are technically expected to pay taxes on them as well, with the value of the gold in the gold medal upwards of $600, according to the Tribune.

Republican presidential candidate Mitt Romney and Sen. Marco Rubio, R-Florida, both said the tax on Olympic medals and prizes should be waived, according to the Tribune.

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