Moceri Minute

Are you a college athlete receiving NIL income? Make sure you know your tax obligation. NIL income is taxable, whether you are paid in cash or in free products or services. 

Most student athletes with NIL income are considered self-employed, so you will also owe self-employment tax on your net earnings. Keep records of expenses you incur in generating NIL income so that you can deduct them on Schedule C. If you are receiving NIL income, you may want to consider filing quarterly estimates.