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Post by latigo on Mar 27, 2024 15:51:56 GMT -5
With the advent of NIL, if I'm a college player securing a 100k NIL agreement, I realize I'm subject to state tax in the state I'm attending school. However, If I travel to different states with different state tax laws, am I subject to those state tax laws? I say yes. For example, If I play in NJ obviously I'm subject to NJ state tax. But, let's say we play in a tournament in Florida for 3 days they have no state tax. What I'm getting at, If NIL athletes are subject to the same laws that NFL, MLB, NBA players are, my advice to them, get an accountant with your NIL money. To sum it up, professional leagues have agents that can steer them and oversee the money. 18-22 year olds are going to have a rude awakening. Prediction: NIL and the portal will fade away just like typewriters and black/white tv's. Thoughts?
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Post by latigo on Mar 27, 2024 15:55:25 GMT -5
OOps, I forgot to add. I'm not sure if it would make a difference if the athletes were "employees" of the university or not. Like Dartmouth is suing for that status.
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Post by JohnGalt on Mar 27, 2024 16:09:29 GMT -5
Students, unless they designate and justify otherwise, are considered residents (dependents) of the state in which their parents reside.
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Post by latigo on Mar 27, 2024 17:48:12 GMT -5
Thank you Galt. I get that the parents can declare them as a dependent, however as an income earner the student has to file a return. I did in high school and college. Which brings me to , do they receive a 1099 with no tax being withheld? If Dartmouth wins their suit, then I assume they would receive a W2 and have FICA, etc withheld. I know it's a boring topic, but I don't think 18 year olds have the fiduciary responsibility to figure it out. That's why, I think NIL will fade away. The law of unintended consequences is approaching.
Just go back to the old days like Kaintucky and pay them in handshakes.
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Post by youngalum on Apr 6, 2024 7:52:42 GMT -5
Here’s a thought. Perhaps we should really hit the international market.
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Post by latigo on Apr 6, 2024 8:15:15 GMT -5
Youngalum, thanks for the post. That's interesting and I didn't know that. Needless to say, he is getting those $100.00 handshakes.
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