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US Olympic gold medal swimmer Katie Ledecky likely to owe tens of thousands in taxes for winnings
FOX BUSINESS NEWS ^ | 08/11/2021 | Brie Stimson

Posted on 08/11/2021 11:33:12 AM PDT by SeekAndFind

Olympic gold medalist swimmer Katie Ledecky will be leaving Tokyo with two gold medals and two silvers, and reportedly a large tax bill.

The swimmer has won a total of 10 Olympic medals since London 2012, making her the most decorated female swimmer in Olympic history and helping her get lucrative endorsement deals totaling more than $1 million, according to Bloomberg.

While all Olympic medalists win money along with their hardware -- $37,500 for gold, $22,500 for silver and $15,000 for bronze – the Internal Revenue Service exempts athletes making less than $1 million in income from paying taxes on their winnings.

"The men’s basketball team isn’t going to be excluded, but a good majority of Olympians will be," John Karaffa, president of ProSport CPA PLLC, a law firm that represents more than two dozen Olympians, told the news site.

Olympic coverage tends to focus on the most famous athletes like Ledecky, Kevin Durant or Simone Biles, but a large majority of athletes don’t get sponsorships and may have to go back to normal jobs once the Games are over.

"Income earned by an American citizen, even if its in Timbuktu, is income on your U.S. tax return," Conrad Teitell, of Connecticut-based Cummings & Lockwood, told Bloomberg. "Many other countries don’t tax income earned while in a foreign country."

(Excerpt) Read more at foxbusiness.com ...


TOPICS: Culture/Society; Government; News/Current Events
KEYWORDS: katieledecky; olympics; taxes
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1 posted on 08/11/2021 11:33:12 AM PDT by SeekAndFind
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To: SeekAndFind

The Burger King hamburger flipper also owes taxes.


2 posted on 08/11/2021 11:34:23 AM PDT by alternatives?
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To: SeekAndFind

So ... they’re saying she’s like Al Capone?


3 posted on 08/11/2021 11:35:27 AM PDT by ClearCase_guy (We have two Democrat parties. 50% of the US population has no political representation.)
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To: SeekAndFind
Thank you 16th Amendment.
4 posted on 08/11/2021 11:35:57 AM PDT by KC_Lion
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To: SeekAndFind

“While all Olympic medalists win money along with their hardware — $37,500 for gold, $22,500 for silver and $15,000 for bronze – the Internal Revenue Service exempts athletes making less than $1 million in income from paying taxes on their winnings.”

How about exempting my income too, IRS?

I thought they’re supposed to be amateur, anyhow.


5 posted on 08/11/2021 11:38:09 AM PDT by ifinnegan ( Democrats kill babies and harvest their organs to sell)
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To: SeekAndFind
...lucrative endorsement deals totaling more than $1 million...

Somehow this doesn't seem really that lucritive to me.

6 posted on 08/11/2021 11:38:34 AM PDT by Obadiah (Truth is treason in an Empire of lies.)
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To: ClearCase_guy
"So ... they’re saying she’s like Al Capone?"

Except she wears cement shoes for training.

7 posted on 08/11/2021 11:42:11 AM PDT by Hatteras
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To: SeekAndFind
While all Olympic medalists win money along with their hardware -- ....

When exactly again did the Olympics change from the being the World's premier contest for AMATURE athletes ??

8 posted on 08/11/2021 11:49:45 AM PDT by Mopp4 ("It is a cruel world, Herr Hauptman. You said it yourself.")
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To: SeekAndFind

Athletes making less than $1 million are exempt from income tax? Is this true? How can that be?


9 posted on 08/11/2021 11:50:11 AM PDT by Dilbert San Diego
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To: Mopp4
When exactly again did the Olympics change from the being the World's premier contest for AMATURE athletes ??

When did China and Russia start participating?

10 posted on 08/11/2021 11:50:48 AM PDT by 1Old Pro (Let's make crime illegal again!)
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To: SeekAndFind

I think the melt price on those medals are next to nothing.


11 posted on 08/11/2021 11:52:03 AM PDT by Karl Spooner
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To: Dilbert San Diego

From the way it is worded, it sounds like they don’t tax prize money for people who make under $1M. Salary I’m sure they tax. And if you make more than $1M I guess you gotta pay taxes on the prize money too.

But it sure doesn’t sound right. Why athletes? Why not all prizes?


12 posted on 08/11/2021 11:53:55 AM PDT by monkeyshine (live and let live is dead)
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To: ifinnegan

>>I thought they’re supposed to be amateur, anyhow.<<

That was dropped we fielded the last Olympic Dream Team with MJ, Magic, etc.

For decades, the Iron Curtain countries fielded professionals in many events, such as hockey and just listed everyone as “soldier.” The Mexican cavalry, which is their job, did the same.

Eventually the Olympics had to give up the pretense.


13 posted on 08/11/2021 11:55:18 AM PDT by freedumb2003 (The democrats have just replaced KKK with CRT. /Kevin McCarty 7/6/21)
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To: SeekAndFind

“Many other countries don’t tax income earned while in a foreign country.”


Isn’t it more accurate to say that the U.S. is one of the few countries to tax foreign earnings?


14 posted on 08/11/2021 11:55:56 AM PDT by hanamizu
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To: ClearCase_guy

” they’re saying she’s like Al Capone?”

Yep. Anyone who makes money and is not a government employee or Democrat is evil.


15 posted on 08/11/2021 11:56:15 AM PDT by Jewbacca (The residents of Iroquois territory may not determine whether Jews may live in Jerusalem)
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To: 1Old Pro
When did China and Russia start participating?

Haha! Good point !

16 posted on 08/11/2021 11:58:14 AM PDT by Mopp4 ("It is a cruel world, Herr Hauptman. You said it yourself.")
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To: SeekAndFind

Any brand that uses biles as a sponsor is doing a suicide run.

subway is under great pressure to get rid of the purple haired guy on the women’s soccer team. I think they are trying to figure out how to minimize their loss on that one.


17 posted on 08/11/2021 11:59:25 AM PDT by freedumb2003 (The democrats have just replaced KKK with CRT. /Kevin McCarty 7/6/21)
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To: SeekAndFind; All
First, the bottom line...

Patriots need to stop paying unconstitutional taxes to the unconstitutionally big federal government by doing the following.

“Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” —Justice John Marshall, Gibbons v. Ogden, 1824.

Patriots need to primary federal and state elected officials who don't send voters email ASAP that clearly promises to do the following.

Federal and state lawmakers need to promise in their emails to introduce resolutions no later than 100 days after start of new legislative sessions that proposes an amendment to the Constitution to the states to repeal the 16th and ill-conceived 17th Amendments, but also an amendment to clean up the judiciary.

Next...

"– the Internal Revenue Service [??? emphasis added] exempts athletes making less than $1 million in income from paying taxes on their winnings."


Patriots are reminded that the delegates to the Constitutional Convention had checked the House of Representative's power to appropriate taxes by giving ordinary voters the power to elect representatives. This was so that if citizens don't like the taxes that they are paying, then they can use their voting power to effectively "impeach and remove" tax-hungry lawmakers from office.

In other words, not only are representatives now hiding behind non-elected tax bureaucrats so that lawmakers can keep their voting records clean to get reelected, but citizens shouldn't be paying taxes on tax rules now being made by the non-elected bureaucrats running the constitutionally undefined IRS.

This unconstitutionial sleight-of-hand approach by lawmakers regarding tax rules effectively nullifies voting power imo.

(See top of post for bottom line.)

18 posted on 08/11/2021 12:02:12 PM PDT by Amendment10
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To: freedumb2003
For decades, the Iron Curtain countries fielded professionals in many events, such as hockey and just listed everyone as “soldier.” The Mexican cavalry, which is their job, did the same.
Eventually the Olympics had to give up the pretense.

too bad. Imagine the MOS for a surfer…

19 posted on 08/11/2021 12:05:22 PM PDT by no-s (Soap box, ballot box, jury box, cartridge box...you know how it goes...)
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To: SeekAndFind

Sounds like a little bit of contract-restructuring will fix all this.


20 posted on 08/11/2021 12:11:24 PM PDT by TheElectionWasStolen
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