With a standard deduction of $5,800 and an exemption of $3,700, the first $9,500 of income is tax-free. The next $8,000 of income is only taxed at 10%, and then the rate only increases to 15% all the way to $34,000.
And if the award money is taxable income, the Olympian can file a Schedule-C and deduct related expenses such as travel, training expenses, etc. By then there's no tax to pay.
How I despise sensational fake lying news articles!
Are you trying to spoil a good rant?
With all due respect, the fact that you had to explain this tax situation at all clearly demonstrates the problem. Taxes are needed to pay for government. The only reason it needs to be complicated is for obfuscation.
Schedule C? Why would there need to be anything then a bill sent to you for your portion of the cost of running government? I agree, the author is clearly trying to gin up controversy to attract attention. The fact that they are able to is a demonstration of the problem.
Not trying to contradict you. Just marveling that we have to spend this much thought on taxes at all. If we have to have big brains working on complicated taxes, we won’t have big brains working on solving big brain problems that aren’t of our own convolutions.