Obama has signed into law a bill that will exclude from income Gold, Silver, and Bronze metals for US Olympians and Para-Olympians. The bill also excludes money received from the US Olympic Committee as cash bonuses for winning a medal at the Olympics.
The exemption only counts for athletes making less than $1,000,000 ($500,000 if filing married filing separately). So, the NBA players and endorsement rich athletes will still most likely need to pay taxes on these earnings, but it goes a long way for some of the athletes with less means.
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