Sochi Gets a Visit from the La Taxa Nostra: All Olympic Medals are Subject to Federal Income Tax

American Thinker ^ | 02/09/2014 | Jeannie DeAngelis

[dfwgator]

I can hear now Jesse and Al whining about how the Winter Olympics are only for White people, and the Olympic Committee should spend so much resources on it.

[varmintman]

The athletes should explore the idea of leaving such medals in Russia for safekeeping...

[Rodamala]

gold is worth $25,000; silver $15,000; and bronze $10,000.

Yeah those out - of - pocket deductibles for 0bamacare Plan turned out to be a lot steeper than everyone said. They would be.

heh.

[Atlas Sneezed]

I don’t think the tax is on the medal, but on the cash award that comes with it.

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Thank you. American Thinker usually doesn’t publish such deceptive stuff.

[Atlas Sneezed]

Problem is the lump sum and it is taxed as thought you make that much every week.

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No it isn’t. Your tax rate is determined by that YEAR’s income.

[Atlas Sneezed]

I never knew they were actually gold, silver and bronze, I always thought they were just typical cheap lead covered with plating...

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The total weight varies from year to year (biggest was about 400 grams).

The gold must have 6 grams of gold (thick plating or cladding) which is worth a couple hundred dollars, plus the value of the silver that makes up most of it (a couple hundred more). The silver is solid silver (presumably 92.5% sterling).

[Salvation]

This is satire, right?

[dfwgator]

Old Polish Joke (When you have a Polish last name, you hear ‘em all):

Hey did you hear about the Polish athlete who won a Gold Medal at the Olympics?

He got it bronzed.

[dfwgator]

The athletes should explore the idea of leaving such medals in Russia for safekeeping...

Along with Super Bowl rings.

[Vaquero]

You determine your withholding. Your weekly rate is based on your weeky salary that is spread over a year.
When I used to get a lot of overtime I would zoom into a different bracket and have to wait till next year for a refund.

[Alter Kaker]

Some countries are actually paying their athletes for winning Gold medals. Ours’ makes them pay. What a Country!

Read the article again. The US Olympic Committee pays athletes when they win medals. They owe taxes on that money. They're still netting money -- it's just not tax free.

[Alter Kaker]

I didn’t know there was a cash award. I thought it was only the worth of the metal?

The cash award is not from the IOC, it's from the US Olympic Committee and it's a bonus for US athletes only.

[Alter Kaker]

I thought so, until I saw that the gold medal has a value of $25,000 and the silver medal is $15,000. These values don’t seem to correspond to precious metal prices unless they use a lot more silver than gold in those medals!

There's no tax on the medal itself (well there might be, but depends on the value of the medal), but there's a tax on the cash prize that the US Olympic Committee hands out to athletes. That cash prize, which is not tax free, is where they get the $25k figure...

[bigheadfred]

Anyone that wins a medal should just vacation for 18 months before coming home, tax free.

I thought they had changed that rule during the Iraq debacle so TDY (temporary duty) civilian contractors could enjoy the tax free status of long term expats.

[Old Yeller]

Even the gay athletes have to pay out the ass? No exemption for them?

[goat granny]

The dumb jerks in the government think they own everything...its hateful.

[bgill]

That gold medal? Someone stole it from my doorless room in Sochi. Yeah, that’s my story and I’m sticking to it.

[Revolting cat!]

Amazing the number of people who think this is fair and as it should be.

[Hot Tabasco]

Groan!

[ConstantSkeptic]

The cash award is not from the IOC, it's from the US Olympic Committee and it's a bonus for US athletes only.

Thanks for that info. I didn't realize it.