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Who said they're school employees?

Posted on: April 4, 2022 at 11:37:51 CT

tigerdb MU

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It's NEC (that's non-employee compensation) that will be reported to them on a 1099. The most highly compensated (not the majority) will need to make estimated tax payments and should account for potential deductions. States outside the state of their University may challenge that a portion of that $ was derived from their state (the $2m UT kid - not the kid getting $5k.)

State activity will likely vary by state (as it does in everything) and based on the $$.

Please explain why this message is being reported.

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MESSAGE THREAD

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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