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re: Josh Pate Bringing Some Knowledge Regarding NIL and College Football
Posted on 2/26/24 at 3:22 pm to TideWarrior
Posted on 2/26/24 at 3:22 pm to TideWarrior
You know, I have been with the military since 1981. For 21 straight years I was a TN resident. I never paid taxes in IL, SC, NC, TX, FL, or any overseas benefits.
UNTIL...
I retired in SC. Then the shite hit the fan. I paid over $2,000 to register my cars and RV in that GOD Blessed state because I became an employee on the base.
If an athlete becomes an employee of a university or state, they become a LEGAL resident of that state. JOK tax will not count. Sure, after the season they can move back to their home state, but they're continued pay will be from the representer.
I don't see how they could divide their income as multiple resident states after the season simply because they move back home. They're still working for the university or they're not getting paid while out of state.
Bottom line: You pay the state tax on your residential income no matter what state you're in, that is unless it is a tax free state like FL, TX, & TN.
UNTIL...
I retired in SC. Then the shite hit the fan. I paid over $2,000 to register my cars and RV in that GOD Blessed state because I became an employee on the base.
If an athlete becomes an employee of a university or state, they become a LEGAL resident of that state. JOK tax will not count. Sure, after the season they can move back to their home state, but they're continued pay will be from the representer.
I don't see how they could divide their income as multiple resident states after the season simply because they move back home. They're still working for the university or they're not getting paid while out of state.
Bottom line: You pay the state tax on your residential income no matter what state you're in, that is unless it is a tax free state like FL, TX, & TN.
This post was edited on 2/26/24 at 3:25 pm
4
Posted on 2/26/24 at 3:53 pm to JLFVFFL
There is an income tax in Tennessee but I wouldn't expect many Tennessee fans to realize it and it most likely wouldn't apply to any athletes though if they are smart it would. It was 4% on dividend income once it is over a certain amount, maybe $2,000 or something like that (or at it was when I was still living there but I've been gone for nearly 20 years).
Posted on 2/26/24 at 4:15 pm to JLFVFFL
quote:
JOK tax will not count.
Incorrect
I said the state tax means very little due to jock tax being applied. Jock tax has nothing to do with the state you reside in but where you play the games.
quote:
In the United States, the jock tax is the colloquially named income tax levied against visitors to a city or state who earn money in that jurisdiction.
quote:
The jock tax is a tax on income that’s applied to individuals who earn money outside of their home state or city. The idea for the tax dates back to the 1960s but it didn’t begin to pick up steam until the early 1990s. In 1991, the state of California assessed state income taxes against Michael Jordan and his teammates following the Bulls’ championship run against the Lakers in Los Angeles.
quote:
The jock tax requires athletes and other sports professionals to pay income tax in each state where they earn income. Given the nature of travel in sports, that means multiple states may apply jock tax to income earned by the same athlete as they travel around and play games in many different states.
Not all states apply the jock tax and cannot remember who and who does not.
Posted on 2/26/24 at 5:08 pm to JLFVFFL
Worked in Alabama for 10 hours and had to file a return. I don’t live there but because the job was in the state, I had to file a return.
Posted on 2/27/24 at 9:09 am to JLFVFFL
quote:
If an athlete becomes an employee of a university or state, they become a LEGAL resident of that state.
That is completely 100% wrong. I literally do a tax return for a professor at Yale (Connecticut) and he is a legal resident of New York because that is where he lives most of the year. He takes a train in to New Haven 2 days a week. In most cases, you are a LEGAL resident of the state you spend 183 days living in. You will file a Nonresident tax return in the state you earn your income in but being an employee will in no way automatically make you a resident of the state that university is in.
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