The article addresses the growing need for tax education among student-athletes earning NIL income and the Kogod Tax Policy Center's efforts to help athletes and their families understand their tax obligations through educational resources and a collaborative webinar series.
Key Takeaways
- NIL income creates complex tax obligations. Student-athletes earning income from name, image, and likeness agreements may face self-employment taxes, quarterly estimated payments, and filing requirements in multiple states, often without adequate preparation.
- Kogod is helping student-athletes navigate tax compliance. The Kogod Tax Policy Center contributed to the NIL Tax Playbook, a free two-part webinar series developed with tax professionals and organizations to provide practical resources for athletes, families, and athletic departments.
- Tax literacy needs national attention. Bruckner argues that the challenges facing student-athletes reflect a broader gap in financial education and calls for a coordinated national strategy to help taxpayers understand and meet their obligations. Bloomberg Tax
“Tax literacy is foundational to financial literacy.” — Caroline Bruckner, Bloomberg Tax.
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