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Topic:  One reason portal went crazy this April

Topic:  One reason portal went crazy this April
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Mike Coleman
Administrator



Member Since: 12/21/2004
Location: Near the Pristine Sandy Shores of Lake Erie, OH
Post Count: 1,395

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  Message Not Read  One reason portal went crazy this April
   Posted: 4/25/2024 11:36:30 AM 
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.
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BillyTheCat
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Member Since: 10/6/2012
Post Count: 9,808

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  Message Not Read  RE: One reason portal went crazy this April
   Posted: 4/25/2024 9:45:03 PM 
Mike Coleman wrote:
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
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Mike Coleman
Administrator



Member Since: 12/21/2004
Location: Near the Pristine Sandy Shores of Lake Erie, OH
Post Count: 1,395

Status: Offline
  Message Not Read  RE: One reason portal went crazy this April
   Posted: 4/25/2024 10:47:00 PM 
BillyTheCat wrote:
Mike Coleman wrote:
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.


Exactly. And you can guess a few of the schools where players aren't getting proper guidance. Colorado…obviously. And Michigan State under the old regime. Huge exodus from those train wrecks in the last week or two.
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