March 3, 2023

NIL & Taxes for Student-Athletes

At last year's NIL Summit, we heard loud and clear from student-athletes that they want more education about how to file taxes for income earned through NIL activities. This new revenue stream comes with new responsibility...taxes! 

At INFLCR, we're focused on supporting the collegiate institutions we serve, sharing knowledge on all things NIL, from brand building to creating connections with local businesses and, yes, taxes. But we needed some help from the experts.  

NIL & Taxes Round Table

Through our new partnership with TurboTax, INFLCR student-athletes can access financial education, tax tools, experts, and other resources to guide them through the tax filing process. We hosted an INFLCR TurboTax Roundtable on March 13 featuring an expert from Intuit TurboTax to help answer any questions student-athletes have about filing their taxes. Check out the recording.

Get Started on Your Taxes Today

To get you started, check out the Top 5 List of things student-athletes engaged in NIL deals need to know about filing taxes.

  1. If you earned income from NIL last year, you may need to file taxes.
  2. If you received a 1099 form, the IRS considers you self-employed.  
  3. Make sure you have all the tax documents you need to start with the Tax Document Checklist
  4. With TurboTax, you can do your taxes yourself, get expert help, or meet with a  tax expert from the comfort of your home while they do your taxes.
  5. Taxes by April 18, so don’t delay -use your code and get started on your filing today!
*Teamworks and INFLCR do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

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