Heard on the street…NIL money is taxable but not subject to withholding. If athletes didn't make estimated tax payments, they found themselves in a real bind on April 15. There is a lot of consultation to help these kids, but in most cases they've never even had to file a tax return. So they're off for another payday. This, of course, doesn't effect smaller nil but might be one reason why a guy could transfer from Florida to Marshall in January and then head right back into the system a few months later.
Excellent point, and I mentioned that months ago. Perfect example is take an athlete who got a car lease to drive around a nice new car or truck. No cash in hand, but they got a nice car or truck, ,that is a taxable benefit. Even though they never ever saw a dollar, they are going to be taxed on the value of that lease. And have no desposible income to pay that liability. Many, many athletes in this boat.
Last Edited: 4/25/2024 9:48:34 PM by BillyTheCat