Other Income: Olympic and Paralympic Medals and USOC Prize Money
Software reference · Written guide Content date 1 min read
The value of Olympic and Paralympic medals and the amount of United States Olympic Committee (USOC) prize money a taxpayer receives on account of their participation in the Olympic or Paralympic Games may be nontaxable. The taxpayer should receive Form 1099-MISC with the value reported in box 3.
These amounts are nontaxable if the taxpayer's AGI with these amounts is not more than $1,000,000 (or not more than $500,000 if married filing separately).
In the tax return, both of the income and the nontaxable amount are reported on Schedule 1:
- The box 3 amount should be entered in Part I under Other Income.
- The amount that is nontaxable, if any, should be entered as an adjustment in Part II.