By Leisa Zigman I-Team Reporter

St. Louis (KSDK) - A lot of you have told us how upset you were after it was reported that Olympic gold medal winners will have to pay up to $9,000 in taxes.

The I-Team checked out the accuracy of that claim and it turns out, it's not entirely true. U.S. medalists receive cash prizes from the U.S. Olympic committee.

Gold medal winners receive $25,000, silver medal winners receive $15,000, and bronze medal winners receive $10,000.

Prize winnings are considered taxable income, but experts NewsChannel 5 spoke with say it's unlikely any gold medal winner would incur a tax liability of anything close to $9,000 because they are not in the 35% tax bracket, and they get to offset costs of training, equipment, and uniforms.

By the way, a gold medal is really mostly silver. It consists of just over one percent actual gold and is worth about $644.00.

Read or Share this story: