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Taxes for Athletes

NIL Has Changed the Tax Reality for Student-Athletes Considerably

If you're a student-athlete making $400 or more with NIL (including revenue share), your taxes are a bit more complicated now.  We can help you understand what's going on and how we can help.

DISCLAIMER: THIS PAGE IS INTENDED TO BE FOR INFORMATION ONLY AND DOES NOT PROVIDE ANY TAX ADVICE.  EVERY SITUATION IS DIFFERENT, SO PLEASE CONSULT WITH A LICENSED TAX ADVISOR.

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What's Changed

New Tax Classification

The IRS considers you self-employed whether you do or not. 

NIL and revenue share payments you receive will most likely not have taxes taken out in advance, so you'll have to pay those yourself.

New Tax Requirements

Taxes are based on your total income, which includes both cash and non-cash (cars, clothes, meals, etc.) compensation

You must file a tax return and pay self-employment tax on time and accurately

You may have to pay quarterly estimated taxes depending on your income level

New Tax Breaks

Potential deductions for a portion of your home expenses

Potential deductions for various business expenses

Potential deduction for any business losses

Vet Move:   Use tax planning to legally reduce your tax liability throughout the year so you can keep more of your NIL income

What's the Same

Consequences

Non-compliance in tax filing or tax payment could result in significant financial penalties, state actions, and/or federal actions against you

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Personal Tax Breaks

You're still generally eligible for the same personal tax deductions and tax credits you had before you started earning NIL money 

Purpose of a Tax Return

The tax return computes the amount of money you owe the Government and compares it to what you've already paid during the year.  If you paid too much, you'll get a refund.  If you paid too little, you'll need to send the IRS the difference.

Vet Move:  Most people should want to breakeven -- no refund and no payment.  Why? Because getting a refund means you gave the Government an interest-free loan earlier in the year and they're just now paying you back.  So, it's not new money -- it's your money that you could have used for your own benefit last year.

As a TurboTax® channel partner, we provide NCAA-compliant, discounted pricing on TurboTax® Live Full Service to get your taxes done for you and provide you with tax advice throughout the year.   

Save Time

An IRS-credentialed TurboTax® tax expert familiar with NIL tax implications will do your taxes for you, accurately and on time, keeping you compliant.

Save Money

Your tax expert will provide   1-on-1 tax planning support throughout the year to help you legally reduce your tax liability and keep more of your NIL money for yourself.

Learn

Your tax expert will discuss your tax return with you and answer any questions you may have throughout the year.  We'll also provide tax education resources to help you build the tax knowledge necessary to thrive in life beyond college.

Click here for discounted pricing.

Start for free, pay at filing

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