Michael Phelps’ Tax Bill For Rio Olympic Medals Could Be Around $55K

Michael Phelps earned $140,000 at the 2016 Olympics just on medals he won — five gold and one silver. He’ll probably receive plenty more cash in endorsements after all the Olympians leave Brazil.

The United States Olympic Committee pays out $25,000 per gold medal, $15,000 for each silver and $5,000 for every bronze. It’s certainly not a bad system, but unfortunately for U.S. athletes, especially for the winningest ones, this money isn’t tax-free.

That means Phelps could owe a little more than $55,000 in taxes for his medals, according to the tax rate explained by Time.

That’s a hefty chunk of change.

Other successful U.S. athletes who might owe a decent amount of money on taxes stemming from Olympic medals won include gymnast Simone Biles (four golds, one bronze) and swimmer Katie Ledecky (four golds, one silver).

A number of high-profile politicians, including 2012 Republican presidential nominee Mitt Romney, have proposed an end to this tax. It’s not a bad idea, but that probably won’t help the athletes from the 2016 Games.

Thumbnail photo via Rob Schumacher/USA TODAY Sports Images