A recent Taxpayer Advocate Service blog post reminds student-athletes that the income some of them are now receiving comes with tax responsibilities. In 2021, the National Collegiate Athletic Association adopted the Interim Name, Image, and Likeness (NIL) Policy, which enables student-athletes to personally profit from their sports prowess and fame. However, NIL income, including non-cash income, must be reported on federal tax returns. Income also typically must be reported when applying for federal student aid and grants. Before they start receiving NIL income, student-athletes need to file IRS Form W-9 and possibly Form W-4. For more details, see: https://bit.ly/3VsC4H1
Our Blog 