Michael Phelps, after winning his record 20th Olympic medal Thursday, probably had one thing running through his mind: “I better get a good accountant.”
Because on all 20 of those medals, Phelps has potentially paid between $3,500 and $8,950 in tax bills. That's because both the cash prize Phelps won for each medal – between $10,000 and $25,000, depending on the medal – and the medal itself is taxable, according to the Chicago Tribune.
An Olympian receives $10,000 for a bronze medal, $15,000 for a silver medal and $25,000 for a gold medal. Additionally, there is a value to the medals and Olympians are technically expected to pay taxes on them as well, with the value of the gold in the gold medal upwards of $600, according to the Tribune.
Republican presidential candidate Mitt Romney and Sen. Marco Rubio, R-Florida, both said the tax on Olympic medals and prizes should be waived, according to the Tribune.
