For Immediate Release
August 08, 2012
|CONTACT: Martha O’Gorman
Chief Marketing Officer
(800) 790-3863 ext. 8022
American Olympic Athletes Pay Taxes on Medals and Money
Liberty Tax Service Infographic Breaks it down
(Virginia Beach, VA) As the medal count for the United States
climbs at the 2012 summer games, so does the tax bill for the medal
winners. They will have to pay taxes on
their prize money. The money is
considered taxable by the Internal Revenue Service. The value of the medals could also be subject
to tax. According to experts at Liberty
Tax Service “This could add up to a sizeable amount. If calculated at the highest rate of 35
percent a gold medal recipient could owe close to $9,000 in taxes. The value of the medal could be taxed as
The infographic created by Liberty Tax
Service illuminates some interesting statistics about taxes on Olympic prize
About Liberty Tax Service
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fastest-growing retail tax preparation company in the industry’s history. The
Company has over 4100 offices in the United States and
Canada, with the majority owned by franchisees.
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