Olympic medal prizes
Often not taxable
Is Olympic prize money Taxable?
Short answer: U.S. Olympians with AGI under $1 million don't pay tax on medal prize money from the USOPC.
Taxable income that isn't wages goes on Schedule 1 (or Schedule C if it's a business); keep records even if you don't get a 1099.
Records to keep: Keep receipts, statements (1098, 1098-T, 1099, W-2G), and a note of what each cost was for. Compare itemizing to the 2026 standard deduction before you claim.
Olympic medal prizes
Often not taxable
Individuals / Personal Taxes
U.S. Olympians with AGI under $1 million don't pay tax on medal prize money from the USOPC.
Business justification
U.S. Olympians with AGI under $1 million don't pay tax on medal prize money from the USOPC. Taxable income that isn't wages goes on Schedule 1 (or Schedule C if it's a business); keep records even if you don't get a 1099.
Category
- Personal Tax Deductions