With the 2024 Paris Olympics over, most of the winning athletes aren’t worrying about taxes. Thanks to a law passed in 2016, Olympic athletes generally don’t have to pay federal taxes on the value of the medals or the amount of any U.S. Olympic & Paralympic Committee (USOPC) prize money they win. The law exempts Olympic winnings from taxation for athletes that have annual incomes below $1 million. State taxes may still apply. In 2024, the USOPC pledged to award U.S. medalists $37,500 for each gold medal won ($22,500 for each silver and $15,000 for each bronze). For the first time, gold medalists in 48 track and field events will receive an additional $50,000.
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