Avery Young Signs NIL
- Thread starter HeavenUniv.
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Hopefully some cash in the deal and not just apparel. I remember in the NFL- all sorts of companies would sign deals with players but so many of them were just giving free "stuff"...end of year- you get a 1099 for the full retail price of the "stuff" you received.
Did guys sell some of their stuff. Seeing some Rutgers players stuff sold here—
This is the type of thing that some players really have to be careful of. I think early on, wasn't it Vedral who got some sort of NIL for a local restuarant and brought a bunch of teammates out. The cost of those meals can be considered income.
Yup. It was not from you, but I received a lot of scorn when I suggested that the tax consequences could be tricky for the players.
Can’t speak for how others responded but my opinion has always been that “Taxes are too hard for 18-22 year old football players” is a poor argument.
Not sure why a football player smart enough to get into Rutgers can’t be burdened with figuring out their own tax implications but every other student at Rutgers and every other 18-22 year old in the country has to figure it out.
There are plenty of 30 year olds who can’t figure out their taxes too. Should limit their earning opportunities as well?
NCAA, Schools, officials... will have to monitor this and evolve carefully. As this can be counter productive to the goal of parity for less successful programs. As scholarships allowed was reduced (kinda worked?), this cannot get out of hand, or small programs will have even more difficult time getting decent players.
I am sure this is a commission type of deal. Lets be honest how much do you really think he is going to sell? How many of these shirts like the one below do you think they are really going to sell? Maybe a few to friends and family? I am sure they are filling the kids heads with thoughts they are going to make millions but in reality most aren't going to make much at all.
How many 18-22 year old players would anticipate getting free meals for a bunch of teammates, as pointed out in @yesrutgers01 post, would generate a 1099?
I don't think there will be many of these types of shirts ever sold. For the top kids- no one will care. It won't be commission, but it will be a "payment". And the company of individual who is sponsoring the deal is just paying the kid to play for the school. For lesser kids- yeah- they will do some sort of commission based NIL and the kid will be all excited and never make a penny off of it.I am sure this is a commission type of deal. Lets be honest how much do you really think he is going to sell? How many of these shirts like the one below do you think they are really going to sell? Maybe a few to friends and family? I am sure they are filling the kids heads with thoughts they are going to make millions but in reality most aren't going to make much at all.
There is a reason why so many adults use a tax accountant each year- And they aren't even dealing with sponsorship payments and or tax implications of goods or services received.
And to be honest- a lot of these kids at 17 y/o coming into something like a NIL has no one really advising them either.
I remember Kevin getting into the league and he signed a few deals for things like Coconut Water and a few vitamin companies.
He was getting cases of the stuff and we had to go through and figure out what he used himself and what he may have used as promotional. Such as bringing it to a youth football camp. If it was personal usage, he had to claim as income. If it was used as promotional, he had to declare it as such.
It was a real PIA.
I mean you said it ltaxes are hard for me to do still at 33 lol when I was 18-22 my mom did them **** my mom did my taxes after that lol. definitely didn’t know untill later in life that you can be taxed on receiving stuff for free. Like if they don’t have an agent or someone telling them these things while signing deals then you might be screwed at the end of the year. They still broke college kids.
All of this is much more true than thinking every 17 y/o should know how to do their taxes and the ramifications of how the NIL works in this regard
Good for him.
As for any tax implications, does RU not provide free access to a tax advisor for student-athletes? If not, RU better get with the program.
As for any tax implications, does RU not provide free access to a tax advisor for student-athletes? If not, RU better get with the program.
That's kind of the cost of earning money - whether NIL, whether a broke college kid, whether any other adult in the country.
I don't understand what makes college football players any different than any other 18-22 year old college kid looking to make money when it comes to dealing with taxes.
If you want to earn money - then you need to worry about taxes. If you don't, well then that's on you.
Is the solution to not allow any 18-22 year old to earn any sort of money because taxes are hard?
Accounting program should offer this for all students regardless.
I'm sure many students would sign up for help or guidance.
Just saying, as part of the recruiting process, it would be good to be able to say that a tax-accountant that specializes in NIL-tax situations is provided free of charge to all student athletes at RU.
Also, I get what you're saying. But I'm not sure I'd trust my taxes to someone in the Accounting department versus a tax pro with actual hands-on working experience.
Although, for all these kids, athletes or not, we're usually not talking about complicated tax scenarios at all.
Most college age kids geta job, get a paycheck and taxes are automatically taken from their check. It is a HUGE difference.
What a dumbass. They're not the Wazzou Lions.I am sure this is a commission type of deal. Lets be honest how much do you really think he is going to sell? How many of these shirts like the one below do you think they are really going to sell? Maybe a few to friends and family? I am sure they are filling the kids heads with thoughts they are going to make millions but in reality most aren't going to make much at all.
This looks kind the kind of crap they used to sell at walmart when they couldn't get a real license. He's not making more than $500 selling these. You don't even need to file federal taxes for less than 12.5kI am sure this is a commission type of deal. Lets be honest how much do you really think he is going to sell? How many of these shirts like the one below do you think they are really going to sell? Maybe a few to friends and family? I am sure they are filling the kids heads with thoughts they are going to make millions but in reality most aren't going to make much at all.
I've filed my own taxes every year since I started working. It's not that hard. If you can read English and have an IQ above 60 you can figure it out on your own.
Our players will be fine. Most of them won't be making more than a few hundred dollars max.
Our players will be fine. Most of them won't be making more than a few hundred dollars max.
If you can't figure out how to file taxes at 30 that's just embarrassing. Says a lot about our school system.
Except if it's reported on a 1099 and you owe self-employed FICA. But I'm sure all the 18 year olds know that.