'23 CA QB Nico Iamaleava (Tennessee Verbal)

[luckofirish8]

Tennessee was stupid enough to offer him that huge NIL deal in high school to begin with. While I laugh at Nico, I'm equally laughing at Tennessee. They both deserve it.

Ironically enough with what some other guys got (reason for Nico's camp looking around to begin with), it wasn't that bad honestly. It seemed crazy at the time and obviously didn't work out, but from a NIL and numbers perspective it wasn't much different then a pro team signing their prize prospects to a long term deal earlier in the process to save money on the back end. Big difference is these aren't employment contracts, so they aren't binding.

 

[IrishWayDomer]

Well I was wrong, I thought he'd get paid based on 5 star, going to be a junior, and playoff experience. Good lesson to learn.

 

[Jimmy3Putt]

He had 2.4 locked up with a 4+ payday next year. Ouch.

 

[gregm83]

When you take state taxes and cost of living, how much do we think he lost?????

 

[notredomer23]

When you take state taxes and cost of living, how much do we think he lost?????

If he's actually making $1.75MM at UCLA, that's the equivalent of about $1MM in Knoxville. Talk about playing yourself.

 

[ab2cmiller]

When you take state taxes and cost of living, how much do we think he lost?????

I get taking in taxes, but cost of living is a stretch considering he lives in California during the off-season.

 

[Pete]

 

[Some Irish Bloke]

Good thing it wasn't about the money, because he's making less of it at a much worse football institution

 

[gregm83]

I get taking in taxes, but cost of living is a stretch considering he lives in California during the off-season.

What is the offseason for a div 1 football player?

 

[rtrn2glory]

I take it financial literacy isn't a graduation requirement in the state of California?

 

[T-Boone]

2 minute dill
Strip-taxs
Dick-6s
First clown

That’s all I’ve got thus far.

 

[NDVirginia19]

Woof

 

[ACamp1900]

I hope he kills it at ucla tho,… just bc fuck usc

 

[GATTACA!]

Woof

 

[Irish du Nord]

Woof

The guy's name is actually Navy, that's hilarious

 

[Jimmy3Putt]

Woof

The way people spell these days has me back to my preschool days of sounding everything out.

 

[irishandy]

If the kid beats USC give him a raise I guess; what a cluster....

 

[NorthDakota]

The way people spell these days has me back to my preschool days of sounding everything out.

I get it sorta because text/slang shorthand has been normalized for awhile.

But the zoomers have taken it too far!

 

[Cackalacky2.0]

Since the packages are basically considered royalties I’d think they could take a bunch of deductions to minimize their AGI. Depends on the package and what all it includes.

I see there are tax firms offering NIL services now too.

 

[Jeffwantpoppers]

Yeah that’s not a correct tax impact at all. We need education on how taxes work.

Also, I’m assuming his pay for tax purposes is similar to professional players, so some of his income will be earned out of California and will have a lower overall tax impact.

 

[NorthDakota]

Since the packages are basically considered royalties I’d think they could take a bunch of deductions to minimize their AGI. Depends on the package and what all it includes.

I see there are tax firms offering NIL services now

Turbotax says the IRS says it's not 1099-MISC (royalties), but rather is self employment income. That's what the firm in town is saying too but that's not something I deal with.

 

[Jimmy3Putt]

Yeah that’s not a correct tax impact at all. We need education on how taxes work.

Also, I’m assuming his pay for tax purposes is similar to professional players, so some of his income will be earned out of California and will have a lower overall tax impact.

I don't think NIL has game checks like professional sports.
He's probably facing the entire wrath of California's tax system.

 

[Irish#1]

I don't think NIL has game checks like professional sports.
He's probably facing the entire wrath of California's tax system.

That’s what I was thinking since it’s different, but who knows?

 

[Irish#1]

Difficult decision.

“My journey at UT has come to an end,” Iamaleava wrote in an Instagram post. “This decision was incredibly difficult, and truthfully, not something I expected to make this soon. But I trust God’s timing, and I believe He’s leading me where I need to be.

 

[GoldenToTheGrave]

I don't think NIL has game checks like professional sports.
He's probably facing the entire wrath of California's tax system.

So happy for him.

 

[Cackalacky2.0]

Difficult decision.

As long as he consulted with God, and God is in the driver seat who are we to rip this kid.

 

[Jiggafini19Deux]

Ohtani is getting $700M.

Yeah, but he plays for the Dodgers, so the taxes.

Said no one ever.

At least we're getting into the weeds a bit with NIL and the Portal that we're talking about what these guys are making after taxes. I'm sure Lincoln Riley was fretting last week on the 15th as he looked down from the backyard of his majestic mansion.

 

[Jimmy3Putt]

State taxes are a very popular factor where NFL players choose to play in free agency.

 

[NDpendent]

I'm no accountant, maybe @Ndaccountant can assist here. But with a 1099 from NIL it doesn't have to come from California and secondly with a 1099 that opens some "creativity" from accountants to write a substantial portion of it off.

 

[Some Irish Bloke]

I'm no accountant, maybe @Ndaccountant can assist here. But with a 1099 from NIL it doesn't have to come from California and secondly with a 1099 that opens some "creativity" from accountants to write a substantial portion of it off.

Pretty bold of you to assume Ndaccountant is an accountant...It's nobody's business what his profession is