Are you a United States Olympic or Paralympic Gold, Silver or Bronze medalist wondering if you will need to pay taxes on the value of your medals or U.S. Olympic Committee prize money you receive for winning said medals? Me neither.

BUT, if you ARE an Olympic or Paralympic Medalist and just so happen to be reading this, the answer as of 2021 is, only if the Adjusted Gross Income (AGI) on your tax return the year you received your medal and prize money is greater than $1 million ($500,000 if you use the Married Filing Separately filing status).

The Internal Revenue Code was amended by the United States Appreciation for Olympians and Paralympians Act of 2016. (H.R. 5946) to effect the above tax treatment. This law exempts the value of any medal awarded in, or prize money received from the United States Olympic Committee on account of competition in the Olympic Games or Paralympic Games, for prizes and awards received after December 31, 2015.

Even if your AGI is below $1 million, you still have to show the value of these awards and prizes on your tax return, then show an offsetting adjustment to reduce the taxable amount to zero.

So how much does the USOC pay Team USA athletes for their medals? $47,500 for each gold medal, $22,500 for silver and $15,000 for bronze. Paralympic Games athletes are paid $7,500 for gold, 45,250 for silver and $3,750 for bronze medals.