"Billionaire Ross Stevens has pledged $200,000 to every U.S. Olympian to help them gain some financial security after their careers end. The payout is more complicated than a $200,000 check arriving upon Team USA's return from Milan. The athletes will get the first $100,000 at age 45 or 20 years after their first qualifying Olympic appearance, whichever comes later. Another $100,000 will be given as a guaranteed benefit for their families after they pass away."
"A key caveat of the gift is that the $100,000 Olympians will receive during their lifetime will be treated as taxable income, unlike the cash prizes given to medalists. Winners are awarded $37,500 for gold, $22,500 for silver, and $15,000 for bronze, and these winnings are exempt from federal tax, but don't amount to a steady income. Depending on where the athletes live and how much they make, the $100,000 the income boost could amount to less than $50,000 after taxes."
Ross Stevens pledged $200,000 to every U.S. Olympian, split into two $100,000 benefits: one during the athlete's lifetime and one paid to their family after death. The first $100,000 is disbursed at age 45 or 20 years after an athlete's first qualifying Olympic appearance, whichever is later. Awards are available for each Olympic Games competed in and are funded through the 2032 Brisbane Games. The lifetime $100,000 counts as taxable income, unlike federal tax-exempt medal cash prizes, and could be significantly reduced by income taxes. The posthumous $100,000 may face estate or gift taxes. Athlete earnings vary widely, with many holding regular jobs while top earners receive major sponsorship income.
Read at Fortune
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