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Gold and Silver Medals Taxed

 
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Ex-Ref



Joined: 04 Oct 2009
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PostPosted: 08/12/16 8:53 pm    ::: Gold and Silver Medals Taxed Reply Reply with quote

This could be hard for some of these athletes.

http://money.cnn.com/2016/08/12/news/olympians-gold-medals-taxes-us/index.html


justintyme



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PostPosted: 08/12/16 9:25 pm    ::: Re: Gold and Silver Medals Taxed Reply Reply with quote

Ex-Ref wrote:
This could be hard for some of these athletes.

http://money.cnn.com/2016/08/12/news/olympians-gold-medals-taxes-us/index.html

A gold medalist has to pay taxes on ~$560 for the medal. Yet they win $25000 in prize money. Even after taxes on that money, it is more than enough to cover the additional hundred dollar or so tax on the medal itself.



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Ex-Ref



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PostPosted: 08/12/16 9:48 pm    ::: Re: Gold and Silver Medals Taxed Reply Reply with quote

justintyme wrote:
Ex-Ref wrote:
This could be hard for some of these athletes.

http://money.cnn.com/2016/08/12/news/olympians-gold-medals-taxes-us/index.html

A gold medalist has to pay taxes on ~$560 for the medal. Yet they win $25000 in prize money. Even after taxes on that money, it is more than enough to cover the additional hundred dollar or so tax on the medal itself.


For some. What about those that may have maxed out credit cards for coaching and living expenses? I have no idea how many there may be, but I'm thinking some of the younger females that have siblings at home, it could be hard.


justintyme



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Posts: 6342
Location: Northfield, MN


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PostPosted: 08/12/16 10:49 pm    ::: Re: Gold and Silver Medals Taxed Reply Reply with quote

Ex-Ref wrote:
justintyme wrote:
Ex-Ref wrote:
This could be hard for some of these athletes.

http://money.cnn.com/2016/08/12/news/olympians-gold-medals-taxes-us/index.html

A gold medalist has to pay taxes on ~$560 for the medal. Yet they win $25000 in prize money. Even after taxes on that money, it is more than enough to cover the additional hundred dollar or so tax on the medal itself.


For some. What about those that may have maxed out credit cards for coaching and living expenses? I have no idea how many there may be, but I'm thinking some of the younger females that have siblings at home, it could be hard.

It's all figured into "income". If a player is hurting that bad where they would feel the taxes on something like this, they are more than likely getting all the money they pay in taxes back anyways. It isn't like they have to pay this tax up front before they get the medal. They just have to claim it on their 1040 line 21 "miscellaneous income" and it gets figured into the whole of their tax burden. The same thing happens for people who win on a game show or who win a big prize in the lottery or at the casino.

In fact, I would expect that things like coaching and living expenses could be considered tax deductible...



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Ex-Ref



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PostPosted: 08/13/16 4:32 pm    ::: Re: Gold and Silver Medals Taxed Reply Reply with quote

justintyme wrote:
Ex-Ref wrote:
justintyme wrote:
Ex-Ref wrote:
This could be hard for some of these athletes.

http://money.cnn.com/2016/08/12/news/olympians-gold-medals-taxes-us/index.html

A gold medalist has to pay taxes on ~$560 for the medal. Yet they win $25000 in prize money. Even after taxes on that money, it is more than enough to cover the additional hundred dollar or so tax on the medal itself.


For some. What about those that may have maxed out credit cards for coaching and living expenses? I have no idea how many there may be, but I'm thinking some of the younger females that have siblings at home, it could be hard.

It's all figured into "income". If a player is hurting that bad where they would feel the taxes on something like this, they are more than likely getting all the money they pay in taxes back anyways. It isn't like they have to pay this tax up front before they get the medal. They just have to claim it on their 1040 line 21 "miscellaneous income" and it gets figured into the whole of their tax burden. The same thing happens for people who win on a game show or who win a big prize in the lottery or at the casino.

In fact, I would expect that things like coaching and living expenses could be considered tax deductible...


Trust me, I understand taxes. I pay them every year.

And this is quite different than game shows, the lottery and some games at a casino.


PUmatty



Joined: 10 Nov 2004
Posts: 13800
Location: Chicago


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PostPosted: 08/13/16 4:48 pm    ::: Re: Gold and Silver Medals Taxed Reply Reply with quote

Ex-Ref wrote:
justintyme wrote:
Ex-Ref wrote:
justintyme wrote:
Ex-Ref wrote:
This could be hard for some of these athletes.

http://money.cnn.com/2016/08/12/news/olympians-gold-medals-taxes-us/index.html

A gold medalist has to pay taxes on ~$560 for the medal. Yet they win $25000 in prize money. Even after taxes on that money, it is more than enough to cover the additional hundred dollar or so tax on the medal itself.


For some. What about those that may have maxed out credit cards for coaching and living expenses? I have no idea how many there may be, but I'm thinking some of the younger females that have siblings at home, it could be hard.

It's all figured into "income". If a player is hurting that bad where they would feel the taxes on something like this, they are more than likely getting all the money they pay in taxes back anyways. It isn't like they have to pay this tax up front before they get the medal. They just have to claim it on their 1040 line 21 "miscellaneous income" and it gets figured into the whole of their tax burden. The same thing happens for people who win on a game show or who win a big prize in the lottery or at the casino.

In fact, I would expect that things like coaching and living expenses could be considered tax deductible...


Trust me, I understand taxes. I pay them every year.

And this is quite different than game shows, the lottery and some games at a casino.


How so?


justintyme



Joined: 08 Jul 2012
Posts: 6342
Location: Northfield, MN


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PostPosted: 08/13/16 4:49 pm    ::: Re: Gold and Silver Medals Taxed Reply Reply with quote

Ex-Ref wrote:

And this is quite different than game shows, the lottery and some games at a casino.

But they work exactly the same way. I guess what I am saying is that the taxes on $500 is a trifling thing, and easily paid by the money that is awarded with it. Anyone struggling to get by is going to owe $0 on that medal.



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