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NIL tax scenario

Posted on 2/4/22 at 12:12 pm
Posted by Yaboylsu63
Member since Mar 2014
1526 posts
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.
Posted by Scatback1
Denham
Member since Dec 2021
750 posts
Posted on 2/4/22 at 1:03 pm to
There is a post with a lot of info a little lower.
Posted by honeybadger07
The Woodlands
Member since Jul 2015
3263 posts
Posted on 2/4/22 at 1:43 pm to
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 by Roll Clyde Roll
Member since Apr 2020
570 posts
Posted on 2/4/22 at 3:33 pm to
Bout tree fitty
Posted by SiriusBraveFan
Member since Nov 2014
652 posts
Posted on 2/4/22 at 6:47 pm to
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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