Tax Returns and Student Athletes
- patriciapincuscole
- Apr 14
- 1 min read
I have to file a tax return? Where? When? How? Am I claimed as a dependent on my parents' return? Have I kept all my records regarding my NIL money? Did I make my quarterly estimated tax payments? What are those? Self-Employment taxes? Earned Income Credit? EIC Child Tax Credit
? State taxes? Do I have to hire an accountant? Is this NIL money going to affect my financial aid? How do I protect myself from unscrupulous people trying to cash in on my NIL?
These are but a few questions each student athlete who receives NIL funds should be asking themselves. This is in addition to studying, maintaining their grades, practicing and training to perform and succeed at the collegiate level, preparing for the next level, and simply navigating life as a young adult.
Who is assisting these student athletes? No one? Their parents? The school? The collective? Their agent? If so, to what extent?
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