NIL Taxes
NIL income is generally taxable. Learn what athletes need to know about taxes.
NIL and Taxes
NIL income is generally considered taxable income. Athletes should understand:
- Income must be reported on tax returns
- Quarterly estimated taxes may be required
- Business expenses may be deductible
- 1099 forms are typically issued for payments over $600
- State tax rules may also apply
Consider consulting a tax professional familiar with athlete income.