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.