Go for the Gold....and pay the IRS

[Starscream]

Originally Posted by Coach Deg

I personally do not think they should get taxed on these medal awards, but I do feel it works out in the long run.

- if you win gold and parlay it into endorsement deals a couple of thousand is not going to hurt you.

- if you win gold and do not have all of the endorsements, you will be able to write off all your training expenses and get it all back at tax time. ( I believe, I could be wrong)

They're not being taxed for the medal, they are being taxed for the prize money.

[hammondc]

Originally Posted by Starscream

They're not being taxed for the medal, they are being taxed for the prize money.

This. If I drew a $25k lottery scratch off, I would be taxed.

[yachties23]

Originally Posted by drevim

How about MSN/Foxsports...

http://msn.foxsports.com/olympics/st...?ocid=ansfox11

This is all over right now, so snopes doesn't have the market cornered. And lawmaker are involved with trying to get it overridden.

I have mixed feelings about it. I can't imagine the dedication to get to the point of winning a medal, so they deserve what they get. On the flip side Phelps is somewhere in the neighborhood of $400,000 in medal monies alone, not counting endorsements, not sure he shouldn't have to pay something.

Phelps also has huge endorsement deals from Wheaties, and Subway, I'm sure he is doing fine.

[replicant_argent]

I consider this a non-story.
While the income tax codes are convoluted and ridiculous, the athletes can offset training and travel costs, etc.
You earn money, you pay taxes.
While it is a wonderful thing to represent your country in the Olympics, they still have to play by the rules and the tax code.
Giving athletes a "bye" perpetuates hero worship culture. Don't get me wrong, I like sports, I like watching the Olympics, I get teary eyed at the anthem. I still do not choose to treat them or view them as "more than equal."

[Dave128]

I think they should get paid more. A back-up kicker on the worst team in the NFL gets paid a ton more than these athletes that train their entire life. It doesn't make sense to me.

Found this article this morning:
http://bottomline.nbcnews.com/_news/...-win-gold?lite

[replicant_argent]

and a back up kicker on an NFL team gets FAR more than his job is worth. If someone is using that as a basis for anything, you should reconsider your values set, IMO.

[Dave128]

Seriously? Because, in my opinion, I feel the Olympic athletes should be paid more, you've now moved off the topic so far as to judge my values? What an ugly turn this thread has taken.

For the record - I have no problem with them paying taxes on their winnings.

[NeuRon]

land of the free! only if you pay up! rediculous.. these people are representing our country.. grow up

[replicant_argent]

Originally Posted by Dave128

I think they should get paid more. A back-up kicker on the worst team in the NFL gets paid a ton more than these athletes that train their entire life. It doesn't make sense to me.

Found this article this morning:
http://bottomline.nbcnews.com/_news/...-win-gold?lite

I would also suggest, since you are partaking in the conversation, that a kicker on an NFL team has most likely also been "training all his life."

As far as them "representing our country" and not paying taxes for that definition, I am all for that. As long as you put service members in the same class.
How do the perceptions of people change when looking at this same conversation when it involves professional athletes? Such as the US Olympic basketball team?

I am most certainly allowed to have my own views on whether I think athletes are paid too much or too little, am I not? Simply because I think differently, and disagree with the norm, via my own values, does not exclude me from stating those values, and my supposition that others might question their own.

By the time all is said and done, I hardly think the tax issue is a burden for many, if not any, of the medal winners, post USOC processing and guidance.

[E.J.]

Are members of our military tax exempt on their wages?

[Dave128]

Originally Posted by replicant_argent

I would also suggest, since you are partaking in the conversation, that a kicker on an NFL team has most likely also been "training all his life."

As far as them "representing our country" and not paying taxes for that definition, I am all for that. As long as you put service members in the same class.
How do the perceptions of people change when looking at this same conversation when it involves professional athletes? Such as the US Olympic basketball team?

I am most certainly allowed to have my own views on whether I think athletes are paid too much or too little, am I not? Simply because I think differently, and disagree with the norm, via my own values, does not exclude me from stating those values, and my supposition that others might question their own.

By the time all is said and done, I hardly think the tax issue is a burden for many, if not any, of the medal winners, post USOC processing and guidance.

I think you need to check your values

[King James]

Originally Posted by E.J.

Are members of our military tax exempt on their wages?

It varies from state to state, but most states have some kind of an exemption from wages earned in combat zones or while on active duty, but not wages otherwise. I'm not in the military, so if I'm incorrect someone more in the know can fix something I misstated.

[replicant_argent]

Originally Posted by Dave128

I think you need to check your values

Nice review.

[jluck]

Originally Posted by NeuRon

land of the free! only if you pay up! ridiculous.. these people are representing our country.. grow up

Unfortunately thats our USofA.

I am gainfully employed,Taxes are taken from my earnings, I am left a Pittance to buy taxed necessity's and goods of choice. I feel it should be the same for professionals or producers.