Rio Olympics 2016: Michael Phelps set to land a mega tax bill of almost £50,000 for winning five golds and a silver at the Games

MICHAEL PHELPS’ Olympic heroics are set to land him with a tax bill of almost £50,000.

The swimming legend racked up another five golds and a silver in Rio to take his overall winners’ medal tally to an astonishing 23 golds.

The United States Olympic committee shell out $25,000 dollars for a gold, $15,000 for a silver and $10,000 for a bronze.

And because the prize money is considered as state income, ‘The Baltimore Bullet’ is set to pay a ‘victory tax’ on his medal haul – costing him around £47,500 ($55,000).

Athletes in a lower tax bracket would be liable for less tax but, because Phelps is a high earner and likely to be paying 39.6% on his Olympic income, that would mean that each of his five golds would have been taxed at $9,900, with his silver costing an additional $5,940.

Phelps, 31 retired from Olympic action after competing in the 4x100m medley relay on Sunday.

And after scooping his latest gold in the pool, Phelps amazingly revealed that his haul of 28 medals weighs more than his three-month-old son Bloomer.

After beating Team GB into silver, Phelps admitted he had “lived a dream come true”.

He said: “This all started with one little dream as a kid to try and change the sport of swimming and do something nobody else has done.

“It is pretty cool. I’ve lived a dream come true.

“Being able to cap it off with these Games, it is so perfect.

“I’m able to start the next chapter of my life.

“I’m retiring but I am not done with swimming. This is just the start of something new.

“This accomplishment, I can’t get my head around it. I’m at a loss for words. It is insane.”