Tax tips: College players who made NIL money have new homework

Collect all contracts and agreements related to your NIL income. Also, ensure you received copies of your tax forms used to report your NIL income. If you earned $600 or more in NIL income, your income will likely be reported on a Form 1099-NEC.

Plus, if you did multiple NIL deals, you should receive a Form 1099-NEC from each company. If you were paid through a third-party platform like PayPal or Venmo, you will receive a Form 1099-K if you had more than 200 transactions and made more than $20,000 in 2023. Overlooking any NIL income sources could result in underreporting and potential tax penalties.