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How Much Prize Money Do USA Olympians Get for Medal Wins?

How Much Prize Money Do USA Olympians Get for Medal Wins?

The 2018 Winter Olympics in PyeongChang, South Korea are underway and fans of the events may be wondering…are Olympians paid when they win?

According to Team USA, athletes will receive $37,500 for each gold medal earned, $22,500 for silver medals earned, and $15,000 for bronze medals earned. If the sport is a team sport, the earnings are split.

In the past, the money won by athletes used to be taxed by the government. In late 2016, President Obama signed a bill which then prohibited the IRS from taxing prize money. Some athletes are taxed though, if they make over $1 million per year from all of their earnings.

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