Home » Sport » US Olympic gold medal swimmer Katie Ledecky likely to owe tens of thousands in taxes for winnings
US Olympic gold medal swimmer Katie Ledecky likely to owe tens of thousands in taxes for winnings
US competition with China is in economics, not Olympics: Lieberman
Former Connecticut Senator Joe Lieberman provides insight into calls for Gov. Andrew Cuomo to step down, as well as U.S.-China relations, trade and competition.
Olympic gold medalist swimmer Katie Ledecky will be leaving Tokyo with two gold medals and two silvers, and reportedly a large tax bill.
The swimmer has won a total of 10 Olympic medals since London 2012, making her the most decorated female swimmer in Olympic history and helping her get lucrative endorsement deals totaling more than $1 million, according to Bloomberg.
While all Olympic medalists win money along with their hardware — $37,500 for gold, $22,500 for silver and $15,000 for bronze – the Internal Revenue Service exempts athletes making less than $1 million in income from paying taxes on their winnings.
"The men’s basketball team isn’t going to be excluded, but a good majority of Olympians will be," John Karaffa, president of ProSport CPA PLLC, a law firm that represents more than two dozen Olympians, told the news site.
SportComments Off on US Olympic gold medal swimmer Katie Ledecky likely to owe tens of thousands in taxes for winnings