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If Income Tax is withheld & they dont file, probably nothing

Posted on: April 4, 2022 at 15:36:01 CT
MU-TULSA MU
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will happen unless the withholding is low. Typically the IRS doesn't come after you unless the shortage is $2000 or more in taxes.

Edited by MU-TULSA at 15:36:12 on 04/04/22
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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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