What are IRS rulings on NIL, including FICA and Medicare taxation if any. Also any rulings on quarterly payments of taxes. I have not read any rulings. What you or I think rulings should be is not my question.
IRS rulings on NIL
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Last: 8 days ago by one safe place
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why would NIL not be taxable income?
Hopefully having no state income tax is a big advantage for us.
Their money goes 10-12% further in Texas
Their money goes 10-12% further in Texas
You would be surprised how much that sales is costing you.McKinney Ag69 said:
Hopefully having no state income tax is a big advantage for us.
Their money goes 10-12% further in Texas
You already asked this question today. Two attorneys, three accountants, one finance professor, and one guy who knows a guy already answered you
https://texags.com/forums/16/topics/3517642
https://texags.com/forums/16/topics/3517642
I'm a professional tax expert and can answer this question.
Hope Micah reads this post.
Tango.Mike said:
You already asked this question today. Two attorneys, three accountants, one finance professor, and one guy who knows a guy already answered you..... ,...........................Thanks. Tangi. I in error posted on the Politics Forum.and did not see it. So all disregard this duplicate post and go to Politicals. My apologies.
https://texags.com/forums/16/topics/3517642
Why are you jealous?strbrst777 said:
What are IRS rulings on NIL, including FICA and Medicare taxation if any. Also any rulings on quarterly payments of taxes. I have not read any rulings. What you or I think rulings should be is not my question.
Because **** em that's why.W said:
why would NIL not be taxable income?
It didn't used to be. That's the real reason Saban retired.W said:
why would NIL not be taxable income?
I've wondered if tuition, housing, food, etc is treated as a benefit in kind, i.e., taxable income.
"So long as an opinion is strongly rooted in the feelings, it gains rather than loses in stability by having a preponderating weight of argument against it."
- John Stuart Mill, 1869
- John Stuart Mill, 1869
33 said:
I've wondered if tuition, housing, food, etc is treated as a benefit in kind, i.e., taxable income.
https://www.irs.gov/taxtopics/tc421
I looked into moving back to Texas summer 2023. It's lots more expensive than Missouri. The cost of housing (renting or buying) in Texas has more or less doubled in the 11 years I've been gone.Quote:
Their money goes 10-12% further in Texas
NIL theoretically not related to the individuals playing, but wondering if these guys have to file state taxes in all the states they play. For example, before each game, they need to tweet out everyone should eat their Wheaties. If they do that from various states and it is a requirement of their contract, could the State get a portion of that income from "working" in that state.
Not sure how the states handle the social media influencers "working" from different locations.
Not sure how the states handle the social media influencers "working" from different locations.
Can we move this to the tax preparation forum. Seriously why on earth would anybody care about this who is not receiving NIL money?
When you have to croot against schools in no-state-income tax states…
— Andy Staples (@Andy_Staples) February 4, 2025
Still, can’t imagine this being popular among the electorate, which isn’t getting a tax break. https://t.co/yroljG9FBT
rootube said:
Can we move this to the tax preparation forum?
Worst forum ever. Or at least tied with Old Rivalries.
No, I don't give a damn how much money you make. If your last shirt has pockets, take all you can take. I'm goin' out with nothin' like I came in
1099 issued for funds received? Colleges already send out forms for scholarship or other benefits recipients. Same stuff.
These kids will be introduced to world of tax and CPAs. Most will be filing state income tax returns in 3-5 states.
Nothing looks more foolish than tradition to those who have none.
Most of them will be getting screwed by not filing. Universities should have a tax department dedicated to this, if they don't already.
Which players receive NIL in multiple states?
The vast majority will file their taxes. Very few will get into the tax trouble so many are strangely hoping for
The vast majority will file their taxes. Very few will get into the tax trouble so many are strangely hoping for
**** the IRS.
WC94 said:
Most of them will be getting screwed by not filing. Universities should have a tax department dedicated to this, if they don't already.
So more university administrative bloat? If you're adult enough to accept millions of dollars for your services, you're adult enough to figure out the tax implications.
hopefully the irs wont exist here in a few months
Yeah…because McKinley didn't walk back his tariffs from his Ways & Means days in his second term…King of the Dairy Queen said:
hopefully the irs wont exist here in a few months
Tips?W said:
why would NIL not be taxable income?
McKinney Ag69 said:
Hopefully having no state income tax is a big advantage for us.
Their money goes 10-12% further in Texas
Half of these kids can barely string a sentence together.
Trying to sell them on the fact that they will pay 10-12% less in federal income tax on the monies they bring in from nil contracts... well ... I'm just going to bet it doesn't really make a difference.
I have no doubt that zero taxes were paid on payments under the table, but I promise you the IRS would have considered it taxable and it would have gone to court if it ever came down to that. Bygones.AggieDub04 said:It didn't used to be. That's the real reason Saban retired.W said:
why would NIL not be taxable income?
The players make enough money to hire their own professionals.WC94 said:
Most of them will be getting screwed by not filing. Universities should have a tax department dedicated to this, if they don't already.
Some states, particularly California can be pretty aggressive. Other states may be as well. I had a professional golfer as a client. He won some money in a PGA tournament in California. Not much, but some. He had an endorsement for playing a certain driver, as I recall he got $50,000 for playing with that driver. California took the position that part of the reason he got the endorsement was for playing in a tournament in that state, so they wanted to prorate the $50,000 across the various states where he played.BMX Bandit said:
Which players receive NIL in multiple states?
The vast majority will file their taxes. Very few will get into the tax trouble so many are strangely hoping for
It would not surprise me that a state took the same position on the NIL monies.
Quote:
It would not surprise me that a state took the same position on the NIL monies.
Unless that person lives in California or is earning the NIL in California, they don't pay taxes on that NIL money in California.
Your example is about a person being paid for doing something specifically in California
That's not how 99% of college NIL works.
tax me harder daddygreg.w.h said:Yeah…because McKinley didn't walk back his tariffs from his Ways & Means days in his second term…King of the Dairy Queen said:
hopefully the irs wont exist here in a few months
They take the name, image, and likeness to every game they play and are compensated for their name, image, and likeness. (Though in reality it is pay for play, and the same would be true. They are paid and they "work" or perform in various locations.)BMX Bandit said:Quote:
It would not surprise me that a state took the same position on the NIL monies.
Unless that person lives in California or is earning the NIL in California, they don't pay taxes on that NIL money in California.
Your example is about a person being paid for doing something specifically in California
That's not how 99% of college NIL works.
In my example the golfer was not doing something in California for what they were after. He was for the tournament winnings in that state. Clearly taxable in California, filed and paid. The money he received for the endorsement he would have received had he not entered a tournament in California but he chose to do so that particular year.
I can envision California making a similar claim on NIL at some point.
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