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the average NIL deal is like $1500. 99% of these guys

Posted on: April 4, 2022 at 11:15:28 CT
phrejd STL
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will file a 1040, take the standard deduction and be done with it.

for those with larger deals, they'll file taxes just like everyone else. if they have unreimbursed expenses that are directly related to the performance of their work, they can itemize those if they want but they'll likely be immaterial and won't add up to more than the standard deduction. but there aren't many legitimate deductions related to the granting of licence for media rights anyway, so that's probably moot.

if it's a massive deal (like a lot bigger than anything that has been reported) they may choose to set up an LLC or something, but that's probably overkill and not worth the hassle. but even if it were, the taxes on a business with just a few sources of revenue aren't complicated.
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Since NIL money is, apparently, taxable, how - GA Tiger MU - 4/4 05:47:32
     Just shows how gross the IRS is. (nm) - mizzou john MU - 4/5 07:51:31
     If Income Tax is withheld & they dont file, probably nothing - MU-TULSA MU - 4/4 15:36:01
          Taxes typically aren't withheld from non-employee - tigerdb MU - 4/4 15:46:35
     ignorance is not a defense with the IRS - cal tiger MU - 4/4 14:10:30
          I gotta say that is true. Most handlers seem to be complete - SabertoothTiger MU - 4/4 14:14:49
     Was their monthly stipend taxable? I have no idea how the - Lt. J. Dangle MU - 4/4 14:02:47
          It should have been. If a scholarship goes - SabertoothTiger MU - 4/4 14:16:48
     They will love quarterly estimated taxes. nm. - MUTGR MU - 4/4 11:38:39
     The cash under the table was taxable - as were the - tigerdb MU - 4/4 09:31:52
          Why should the school be obligated to educate them on taxes? - tigerfans3 MSSU - 4/4 10:26:19
               and i'd bet many of them have already had jobs in the past. - phrejd KC - 4/4 10:29:51
                    You seem confused - you think the NIL deals are jobs? - tigerdb MU - 4/4 11:24:52
                         because it's just a line on a 1040. - phrejd KC - 4/4 11:27:04
                              It's a line on a Schedule C - that might have deductions, - tigerdb MU - 4/4 11:28:37
                                   yes. just like literally everyone else who receives a 1099 - phrejd KC - 4/4 11:35:42
                    NIL is not a job - BigDave MU - 4/4 10:37:40
                         yeah they have employees to manage & equipment to depreciate - phrejd KC - 4/4 10:40:42
                              So if you received NIL money - BigDave MU - 4/4 10:58:40
                                   the average NIL deal is like $1500. 99% of these guys - phrejd KC - 4/4 11:15:28
                                        so just pay SE tax on 100% of it - when they likely wouldn't - tigerdb MU - 4/4 11:29:53
                                             if they can come up with legitimate deductions, they can try - phrejd KC - 4/4 11:39:27
                                                  Clearly you do fail to understand the point(nm) - tigerdb MU - 4/4 14:59:11
                    And if not there's always a first..like that virginity thang - tigerfans3 MSSU - 4/4 10:31:58
     RE: Since NIL money is, apparently, taxable, how - MOCO SON MU - 4/4 09:22:31
          you don't understand this at all do you? (nm) - phrejd KC - 4/4 09:40:11
               RE: you don't understand this at all do you? (nm) - MOCO SON MU - 4/4 09:49:31
                    not if you think they're taxed in every state they play in (nm) - phrejd KC - 4/4 10:00:09
                         RE: not if you think they're taxed in every state they play in (nm) - MOCO SON MU - 4/4 10:16:08
                              RE: not if you think they're taxed in every state they play in (nm) - TigerMook MU - 4/4 10:35:59
                                   RE: not if you think they're taxed in every state they play in (nm) - MOCO SON MU - 4/5 18:04:45
                                   If ku wins tonight, adidas will be paying beaks - tigerdb MU - 4/4 13:05:18
                                        Lol. No (nm) - phrejd KC - 4/4 13:19:42
                                             LOL, yes(nm) - tigerdb MU - 4/4 14:08:24
                                                  you think the adidas contract with ku athletics is a NIL - phrejd KC - 4/4 15:20:07
                                                       Again - you clearly don't understand NIL - tigerdb MU - 4/4 15:32:10
                                                            ok. let me know how much individual players end up paying - phrejd KC - 4/4 15:46:52
                                                                 That's between them & the state of LA. - tigerdb MU - 4/4 15:48:43
                                                                      again, NIL isn't compensation for playing. - phrejd KC - 4/4 15:55:15
                                                                           It's compensation for many different things - but - tigerdb MU - 4/4 16:08:23
                                                                                ok. again, keep me posted (nm) - phrejd KC - 4/4 16:35:31
                                                                                     Will do - let me know if you figure out what NIL is(nm) - tigerdb MU - 4/4 16:57:15
                                                                                          sure (nm) - phrejd KC - 4/4 17:56:16
                              materiality - tigerdb MU - 4/4 10:19:55
                                   you guys are confused. pro athletes are paid to play their - phrejd KC - 4/4 10:23:19
                                        Where do you think the NIL value will come from - - tigerdb MU - 4/4 11:27:21
                                             again, they're not getting paid to play. - phrejd KC - 4/4 11:32:31
                                                  Who said they're school employees? - tigerdb MU - 4/4 11:37:51
                                                       You clearly don't understand NIL - TigerMook MU - 4/4 11:46:38
                                                            You clearly don't understand NIL - tigerdb MU - 4/4 12:01:29
                                                                 nice. the old "i know you are but what am i" strategy. - phrejd KC - 4/4 12:14:04
                                                                      Do you think all NIL deals are the same? - tigerdb MU - 4/4 12:59:46
                                                                           Sure. Like I said, keep me posted (nm) - phrejd KC - 4/4 13:20:59
                                                                                Here's one that you can educated yourself from - tigerdb MU - 4/4 14:58:31
                                                       ok keep me posted on how those states do when they try to - phrejd KC - 4/4 11:43:09
                                                            RE: ok keep me posted on how those states do when they try to - MOCO SON MU - 4/4 16:41:53
                                                                 jesus christ [face palm] (nm) - phrejd KC - 4/4 17:05:15
                         Florida will hit them hard... - tigerdb MU - 4/4 10:14:54
                              no he's not - phrejd KC - 4/4 10:20:56
                                   What would the location of the "payor" have to do with - tigerdb MU - 4/4 15:06:28
                                        and neither of those are the same as getting paid to play - phrejd KC - 4/4 15:31:17
                                             Don't project your lack of understanding(nm) - tigerdb MU - 4/4 15:34:00
                                   there is no state income tax in Fla(nm) - oleMIZZOU MU - 4/4 12:26:37
                                        stop talking over phrejd's head... - tigerdb MU - 4/4 14:20:24
                                             you're struggling (nm) - phrejd KC - 4/4 14:29:55
                                        Ha well yeah that too (nm) - phrejd KC - 4/4 13:28:31
     How - Rabbit Test MU - 4/4 08:42:23
          The question is how many are prepared for it and - alwaysright MU - 4/4 09:36:58
               Were You? Did You? - tigerfans3 MSSU - 4/4 10:28:52
                    Not all but a lot - alwaysright MU - 4/4 12:06:40
               RE: The question is how many are prepared for it and - MOCO SON MU - 4/4 09:48:57
                    Meh.....stuff happens - tigerfans3 MSSU - 4/4 10:30:10
     why would it not be taxable?(nm) - SuperTone MU - 4/4 08:42:22
     RE: Since NIL money is, apparently, taxable, how - hondo MU - 4/4 08:23:24
          the company that paid them just like if a company pays you. - phrejd KC - 4/4 08:37:24
               RE: the company that paid them just like if a company pays you. - tigfan MU - 4/4 09:19:05
                    yeah that $800 will probably bankrupt them (nm) - phrejd KC - 4/4 09:38:21
                         RE: yeah that $800 will probably bankrupt them (nm) - hondo MU - 4/4 12:05:11
     Wow. Maybe someone needs to have a bowel movement - Nohawks KC - 4/4 08:20:47
          a bowl movement?. You want more bowls? - MNTIGER MU - 4/4 09:57:00
               Fixed *sigh* (nm) - Nohawks KC - 4/4 10:00:13
     The school should send them a 1099 for the cost of college - MU-TULSA MU - 4/4 08:15:44
          The school probably does send them 1099s - tigerdb MU - 4/4 09:33:29
          That's a side of this that rubs me the wrong way - BigDave MU - 4/4 08:49:23
               you don't have to donate or pay for anything. you can choose - phrejd KC - 4/4 09:39:22
                    Of course, but - BigDave MU - 4/4 10:33:34
                         i get decent seats and don't choose to donate (nm) - phrejd KC - 4/4 10:41:59
               Questions most like to ignore completely.(nm) - GA Tiger MU - 4/4 08:58:43
     Start a money management advising business for nil players - drywallerdave MU - 4/4 08:10:13
          Let their agents provide tax advice - tigerfans3 MSSU - 4/4 10:34:16
     It's always been taxable. And the kids entering into these - phrejd KC - 4/4 08:03:50
     Id guess half of NFL players end careers broke - Blitzkrieg OU - 4/4 07:54:08
          If there's one class that our now rather useless schools - GA Tiger MU - 4/4 09:02:28
               Forced dollar cost averaging - Blitzkrieg OU - 4/5 06:15:37
     RE: Since NIL money is, apparently, taxable, how - slamduncan KC - 4/4 07:31:11




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