State Tax Dept. issues guidance on NIL to college athletes

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The South Carolina Department Of Revenue has issued guidance for taxes on NIL deals for college athletes at in-state schools. The Dept. says those who earn NIL income should receive a 1099 form from each company that they do endorsements or any other work for. Also, all of that NIL income is required to be reported on a tax return.

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The SCDOR also issued guidance for South Carolina college students in general. That says, students may need to file a tax return depending on their gross income and whether or not their parents can claim them as a dependent. Some of a student's scholarship or grant income is taxable, as well.

Over 225,000 college students live in South Carolina, at least part of the year.
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