Yes, Olympian Medal Winners Have To Pay Taxes On Their Prizes

If you’ve ever worked in the business office of a radio or TV station, you’ve likely taken a surprised – or angry -call from someone who won a prize on your station, and then got an IRS Form 1099 from the station, reporting the value of the prize as income.

Olympic prize money can add up, and there’s tax liability for it, as you can learn in this short article.

Posted by Tim Morrissey