Olympic Medal Money? - ProTeacher Community


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Olympic Medal Money?
Old 08-02-2012, 10:24 AM
 
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I don't want to google this because I am being super careful about not seeing any Olympics spoilers...

My morning radio show and The View both talked about athletes being awarded money for winning medals at the Olympics. I guess there was some questioning about athletes having to pay taxes on the money. I don't really care about that. Here's my question - where does the money come from? Does the government give the athletes the money?


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Olympic medals
Old 08-02-2012, 10:38 AM
 
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The US Olympic Committee pays the athletes for their medals. $25,000 for gold, $15,000 for silver, and $10,000 for bronze. As the article I read states, the IRS just wants their cut of that money.

No idea where the money comes from....our donations?

Good question!

Last edited by h0kie; 08-02-2012 at 10:53 AM..
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No idea
Old 08-02-2012, 10:45 AM
 
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Wow! I had no idea there was money involved with medals! I thought it was all about pride and being the best. That's a nice bonus.
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Old 08-02-2012, 10:46 AM
 
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I wasn't totally listening, but I think the money started after the 2000 olympics.
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Old 08-02-2012, 10:46 AM
 
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Of course the IRS wants their cut of the money... heaven forbid they don't get a portion... Soon Obama will be saying they didn't win the medals on their own, someone else did that.

Sorry, IRS is always brings a rant for me. I love the Olympics and how well the teams are doing, especially the gymnasts!


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The medals are taxed also according
Old 08-02-2012, 10:59 AM
 
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to my MSN homepage. It's $240.00+ for the gold. That's just not right! It costs those athletes a lot more than that to earn that gold medal
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Old 08-02-2012, 11:44 AM
 
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"Of course the IRS wants their cut of the money... heaven forbid they don't get a portion... Soon Obama will be saying they didn't win the medals on their own, someone else did that. "

Can we please leave politics on the politics board?

http://www.snopes.com/politics/taxes/olympics.asp
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Medals aren't taxed
Old 08-02-2012, 12:01 PM
 
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it's only the money that is received for them. The article I read stated it that way as in "Tax for a gold would be x amount, for a Silver x amount.. " but they were referring to the money received for a gold, money received for a silver... it specifically stated "the medals themselves are not taxed, but the prize money they receive for winning them."

Personally, I think giving money takes away the whole spirit of the game. I was upset with they added basketball and baseball to the games, and took away the "amateur status" ruling (before that no professional - anyone who had ever received compensation because of the sport - was allowed to compete). I think it just turned the whole thing into a big expensive sporting event with professional athletes, rather than the awesome competition of amateurs that it had been.
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Really?
Old 08-02-2012, 12:26 PM
 
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I didn't think there was money awarded for medals. What if an athlete hasn't turned professional? Do they say no in order to keep their amateur status which they need for NCAA?
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Taxes
Old 08-02-2012, 01:00 PM
 
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Isn't it similar to how if you win the lottery, or money/prizes on a game show you get taxed on the amount? It's treated like income. And if you're winning (earning) thousands of dollars as a prize that accompanies your Olympic medal, that's income.

Thanks, yesteach, for the clarification.
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Tax article
Old 08-02-2012, 01:12 PM
 
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This was the article I read: http://sports.yahoo.com/blogs/olympi...5961--oly.html

$9,000 in taxes for a gold medal...wow.

I don't think they get a choice in receiving the money, but I would think that it wouldn't affect their amateur status since they're not "professionals." I hadn't considered that. Good question!
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they were talking about this...
Old 08-02-2012, 01:25 PM
 
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on the morning radio show I listen to and one of the hosts thinks they should do away with the tax.

It's not like it's coming out of their pocket. It's not like they are getting taxed on the gold medal and have to come up with the money. They are getting taxed on money they won. And I don't see anything wrong with that.
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Old 08-02-2012, 02:26 PM
 
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I agree that they should be taxed on the money. Like platypus said, it's kind of like bonus money. Heck, even if it is $9,000, I would take $16,000. I thought I heard that the taxes depended on which tax bracket you fell into...

I still am wondering where the money comes from though. Sponsors?
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Old 08-02-2012, 02:41 PM
 
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The news tonight stated that the medals and the award money are both taxed. I had no idea that the medals were taxed, too!
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Confused
Old 08-02-2012, 02:54 PM
 
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They are taxed on the actual medal or just the money they receive because they got a medal?

I don't mind them getting money because most athletes pay a lot of money before they get to the Olympics. Now once they have made it they I am sure get a lot of endorsements.
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Medals
Old 08-02-2012, 03:23 PM
 
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Quote:
They are taxed on the actual medal or just the money they receive because they got a medal?
I think it may be both?

Of course, I read (after someone dented theirs in the shower) that it only costs the IOC something like $5 worth of bronze to make another bronze medal, so I'm not sure how much tax they'll get out of that. Though, I bet gold and silver are different.

Quote:
Now once they have made it they I am sure get a lot of endorsements.
Unless they decide to keep their NCAA eligibility and turn down endorsements like Missy Franklin.
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Old 08-02-2012, 03:28 PM
 
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Wow that means that Michael Phelps got paid close to $200,000 or more in 2008 and will receive a good amount for this one. Of course he is probably being well compensated for those subway commercials as well.
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Speedo
Old 08-02-2012, 03:49 PM
 
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Quote:
Wow that means that Michael Phelps got paid close to $200,000 or more in 2008 and will receive a good amount for this one.
I just read (I think I need to read less Olympic articles...) that Speedo will give him $1 million if he beat the all-time medal record....I bet the IRS wants their cut of that, too!
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It's both
Old 08-02-2012, 03:58 PM
 
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they pay a tax on the value of the medal plus on the prize money

http://abcnews.go.com/blogs/politics...d-prize-money/

who knew?
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Old 08-02-2012, 06:59 PM
 
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If they are getting money as a bonus it should be taxable. If those serving in the USA military have to pay taxes (even in time of war) Olympic athletes should as well.
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