Kentucky Basketball Player Will Reportedly Make $2 Million This Season

The collectives paying these are sending them 1099s. The IRS knows what these collectives are for (you have to give them an NAICS number telling them what your business is) and that puts the IRS on notice. You have to send out a 1099 for anything over $600 so a million is not going to fly under the radar. The IRS undoubtedly already knows exactly how much they got paid by the following February. I'd assume the schools that got ahead of the game, have a resource available that says "He Mr. QB... you got paid $XXXXX, here is a quarterly estimated payment voucher to the IRS. Pay them $XXXX by this date because this is pretty much what you will have to pay them on your next tax return" And you phase out of Pell Grants at around 60k a year of family income. These are likely all losing eligibility for the grant right away when they get an NIL deal.

Kagtastic, Athletic scholarships aren’t need based. Taking them away based solely on athletes ability to have a 2nd job, which is the definition of NIL, only cements the idea that it’s really just pay for play & should be a cost burden officially paid by the program. You old heads keep struggling in quicksand not realizing that you’re only causing urself to sink quicker.

That jackass scored 30 points and grabbed 16 boards. The jackass that ruined your bracket is Calipari.

KyWildcatfanone, Be better at your job.