ATHLETE FINANCIAL WELLNESS
As elite athletes, every "life" activity becomes more challenging, especially managing finances and taxes. The following resources are here to help athletes better manage their finances, not just for tax purposes, but also in managing their monthly budget, sport expenses and even creating sponsorship request packages. The better an individual understands their money management options both short term and long term, the more likely s/he can continue to compete in sport and find future financial stability.
Athlete Taxes
The following resource guides are a reference for athletes to better manage their finances, not just for tax purposes, but also in managing their monthly budget, sport expenses, and creating sponsorship packages.
Visit IRS.gov for all federal tax information.
*Disclaimer: The USOPC does not provide tax advice. Athletes should consult their tax advisers to determine if income is taxable and expenses are deductible. Each athlete's tax situation varies and not all examples will apply.
The filing deadline for the 2022 Tax Year is April 18, 2023.
USOPC Athlete Benefits
Team USA Athletes who had reportable income (cash and non cash) by the USOPC, were sent Forms 1099-Misc. and/or 1099-NEC on January 31, 2023. If you have an email address on file with the USOPC's Accounts Payable department, you will receive an email copy from the USOPC's third-party vendor, Tax1099. If not, forms were mailed to the address on file with Accounts Payable.
The following are examples of reportable income from the USOPC:
- Athletes will receive Form 1099-Misc. if they received athlete stipend(s), EAHI, Op Gold, enhanced Op Gold, other special grants and awards, and royalty payments from the USOPC. The taxable portion of EAHI will be included in box 3 of Form 1099-Misc.
- Athletes will receive Form 1099-NEC for cash and non cash compensation for appearances, public speaking engagements, social media posts, and other contracted services rendered
For questions about the income reported or if you have not received a 1099 from the USOPC, please contact USOPC1099@usopc.org.
In addition, athletes will receive a 1099-NEC from Opendorse through Stripe if they've received $600 or more in cash and non cash compensation through AMP and/or Opendorse.
Tax Treatment of Olympic and Paralympic Games Prize Money
Olympic and Paralympic Games medals and prize money are typically not federally taxed unless you have very high income. See IRS 1040 instructions for detailed instructions.
State taxes on Olympic and Paralympic Games medals will vary by state.
Tax Cheat Sheet for Athletes
Searching for tips on how to file your taxes as an athlete/self-employed contractor? Check out our tax cheat sheet! Highlights include tracking sport-related expenses, understanding athlete sources of income and what you can do that employees cant!
Access the cheat sheet for athlete taxes.
Content provided in collaboration with Napkin Finance
Self-Employment Expense Form
As elite Team USA athletes, you likely qualify as self-employed. This interactive workbook is a guide to recognize and track tax deductible expenses you may be able to claim when you file your tax returns. Complete this workbook prior to visiting with your tax adviser. The workbook is divided into the following sections:
- Expense Summary - automatically calculated based on user input
- Travel & Lodging
- Training & Equipment
- Medical
- Other
- Example Expenses
Download the self-employment expense form. For questions navigating the expense form, contact athleteservices@usopc.org.
Complimentary Virtual and In-Person Tax Preparation Services
February 15 - April 12
The USOPC Athlete Development & Engagement Department is hosting complimentary in-person (Colorado Springs) and virtual tax preparation sessions with IRS-certified volunteers (VITA). Athletes can request an appointment with a tax adviser to file their taxes and receive guidance for future tax cycles. For athletes living in or near Colorado Springs, in-person tax preparation sessions are available at the Colorado Springs Olympic & Paralympic Training Center every Wednesday evening from 5-8 p.m. from February 15 through April 12. Request your virtual or in-person tax appointment.
To be eligible for these services, athlete income must be $60,000 or less. Additionally, the advisors will not be able to provide services if athletes have invested in Cryptocurrency.