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Taxable implications for colleges and athletes

M

molar50

Member
Anyone know if paid college athletes are responsible for filing tax returns showing their revenue? What about their room and board? If so, do they pay state income tax and do they need to file for each state in which a game has been played similar to pro athletes? I think the athletic housing, practice facilities, and stadiums could lose their current tax free status
 
molar50 said:
Anyone know if paid college athletes are responsible for filing tax returns showing their revenue? What about their room and board? If so, do they pay state income tax and do they need to file for each state in which a game has been played similar to pro athletes? I think the athletic housing, practice facilities, and stadiums could lose their current tax free status
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I have long thought with nil and athletes unionizing we were going to see the government come for their piece.
 
molar50 said:
Anyone know if paid college athletes are responsible for filing tax returns showing their revenue? What about their room and board? If so, do they pay state income tax and do they need to file for each state in which a game has been played similar to pro athletes? I think the athletic housing, practice facilities, and stadiums could lose their current tax free status
Click to expand...

I would sure hope so. Their employees now. Should be held to the same requirement as the rest of us.
 
molar50 said:
Anyone know if paid college athletes are responsible for filing tax returns showing their revenue? What about their room and board? If so, do they pay state income tax and do they need to file for each state in which a game has been played similar to pro athletes? I think the athletic housing, practice facilities, and stadiums could lose their current tax free status
Click to expand...

They all have to file tax returns.

NIL money is 1099 for the most part. They pay state and federal tax on that like any independent contractor.

No tax on any of the scholarship, room/board, etc. That changes if they become employees though. That all becomes taxable income.

State Rep Travis Weaver (A good Bradley fan) has introduced a bill to eliminate state tax on NIL earnings up to $100,000. It is a 4D chess move to help improve athletics at state universities. Successful basketball/football has been widely shown to increase applications, admissions, donations, etc.
 
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