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NIL tax scenario
Posted on 2/4/22 at 12:12 pm
Posted on 2/4/22 at 12:12 pm
Ik it’s been discussed here that these kids should get tax help asap because now these kids will have to claim this money either through 1099 or an LLC.
Curious though how often we will see some of these kids get their NIL money, then blow it on expensive stuff they don’t need, family demands etc, then come tax time not have the money to foot the tax bill.
Will we see kids transfer out to get new NIL deals to pay for their outstanding taxes?
We are talking about 17-18yo kids, the probability of lots of them mismanaging money like this is high.
Curious though how often we will see some of these kids get their NIL money, then blow it on expensive stuff they don’t need, family demands etc, then come tax time not have the money to foot the tax bill.
Will we see kids transfer out to get new NIL deals to pay for their outstanding taxes?
We are talking about 17-18yo kids, the probability of lots of them mismanaging money like this is high.
Posted on 2/4/22 at 1:03 pm to Yaboylsu63
There is a post with a lot of info a little lower.
Posted on 2/4/22 at 1:43 pm to Yaboylsu63
If it was my program, the school would be providing classes and tutors for athletes specifically on money management and taxes and sell it in recruiting as a way to show how you will develop these kids off the field to manage real life scenarios.
Posted on 2/4/22 at 6:47 pm to Yaboylsu63
I've seen this happen to adults on many occasions so yes unfortunately could happen. Hopefully most of the kids will get good advice from the universities and listen to it.
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