UConn Outbound Transfers for 8/1/23>7/31/24 Cycle | Page 17 | The Boneyard

UConn Outbound Transfers for 8/1/23>7/31/24 Cycle

Rich said:
The transfer portal is going SuperNova this year. I cannot believe the number of kids transferring......those that thought the COVID years would have a one time inflationary effect are gonna be in for a big surprise.

It's like if you registered any sort of fair to middling stat line in the '23 season you're shopping it. Unreal. The QBs alone.....Mora should legit be able to throw a dart and pick off no less than two kids. There's no reason to go into next season without an actual-factual viable signal caller.

Interior offensive line looks to be a particularly fertile position group this year.

Somebody get the Mashantuckets and Mohegans on he phone STAT.
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There will not be many transfers next year then. It is transitory.
 
Rich said:
If it's 1099 income they can offset it on their 1040 with all kinds of expenses. W2 income is THE WORST type of income from a tax perspective.
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mehh.. it's a little messier than that. The expenses have to be related to "the business". How many expenses are scholarship athletes that are given everything incurring that can be classified as "business" expenses related to NIL obligations? They also owe the social security and medicare taxes related to both employee and employer as a 1099 employee. So 15.3% off the bat. That's why contractors charge so much more hourly than a W2 employee.

I wonder if this all snowballs in the future where it comes up as a tax law case too that if you are an NIL athlete, if suddenly the scholarship received from the school falls into the territory of compensation compared to non NIL athletes.
 
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Hamms30 said:
I wonder if this all snowballs in the future where it comes up as a tax law case too that if you are an NIL athlete, if suddenly the scholarship received from the school falls into the territory of compensation compared to non NIL athletes.
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Should be taxable I would think. You gotta QB making a million or two? Why would the value of tuition room and board also not be taxable?
 
It should be taxed. Either w2, 1099, or gift tax. Will affect parents as they willlose deduction on their taxes
 
RSTuthill said:
Should be taxable I would think. You gotta QB making a million or two? Why would the value of tuition room and board also not be taxable?
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NIL money is absolutely taxable- as it should be.

Scholarships and money for qualified educational expenses is generally exempt from income taxes. However if you receive more than you need then the extra portion is likely taxable.

Details here:
turbotax.intuit.com

Taxes for Grads: Do Scholarships Count as Taxable Income?

Are scholarships taxable? Find out when college scholarships and grants could count as taxable income based on their use. Learn about the conditions that determine taxability and how to report them.
turbotax.intuit.com turbotax.intuit.com
 
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temery said:
or kids were drafted before adults because it wouldn't disrupt the workforce, economy, etc.
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If you read about WW2. When we were planning to land on Iwojima they chose to train young inexperienced recruits because they hadn’t experienced battle. As opposed to veterans with significant experience. The thought was the less they understood about war they were more likely to move forward because they were young and hadn’t been jaded by prior battles. It’s uncomfortable to think about but true. You draft an 18 year old you can mold them better that a thirty year old.
 
temery said:
or kids were drafted before adults because it wouldn't disrupt the workforce, economy, etc.
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Guessing most at 18 are out of hs, or seniors. They can vote, they can die, can’t drink, can’t rent a car. Yeah, they’re tweeners.
 
The tax obligations of NIL are going to open up new employment opportunities. There are also going to be nightmare stories for kids who have families and hangers on that spend the money and do not consider tax obligations especially if there is no withholding done by providers.
 
jdb50 said:
The tax obligations of NIL are going to open up new employment opportunities. There are also going to be nightmare stories for kids who have families and hangers on that spend the money and do not consider tax obligations especially if there is no withholding done by providers.
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Yeah you can already find people on Linked In who are in the “NIL Space”.
 
Hamms30 said:
mehh.. it's a little messier than that. The expenses have to be related to "the business". How many expenses are scholarship athletes that are given everything incurring that can be classified as "business" expenses related to NIL obligations? They also owe the social security and medicare taxes related to both employee and employer as a 1099 employee. So 15.3% off the bat. That's why contractors charge so much more hourly than a W2 employee.

I wonder if this all snowballs in the future where it comes up as a tax law case too that if you are an NIL athlete, if suddenly the scholarship received from the school falls into the territory of compensation compared to non NIL athletes.
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Scholarship could be modified to becoming a tuition waiver like you do for graduate assistants

Edit: forgot tuition waiver doesn't include room and board. Either way scholarships have been given out for various people who aren't athletes for a long time. If they become employees it might be taxable but not yet. Even then it's not like scholarship students can't work for the school
 
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businesslawyer said:
If the team is made up of players like bin Wahad who come for a year, show they can play and move on, it will be much less fun following and being emotionally invested in the team. Between all the losing and the changes in the way rosters come about, I really feel like my interest is hanging by a thread.
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You are not alone for sure, my party of four are considering one more season.
huskymedic said:
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Love Joly, hate to see him leave. My bone is the insincerity is a crotch kick in the footballs of the love / passion for UConn football expressed. Fake praise is simply obvious with statements on the future of UConn football of greatness. If it were a real belief one would not be leaving. BS 101........
 
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Laughable that there is a thread pinned to the top of the board about not speculating on who might transfer out. Not a problem. The players themselves are rushing to tell us. :(
 
If you look at the players hitting the portal, here is how I would look at it.

Players that had a role that we don't want to go:
4: Joly (starter), Houston (rotation), Brewton (returner), and Bin-Wahad (starter)

Players who have been here 5 years already:
2: Clercius (backup) and Dixon-Willams (starter)

Players who have been here 4 years already:
2: Nilay (LS starter) and Hooper (backup)

QB on the depth chart:
1: Turner (backup)

Transfers that didn't work out:
2: Mitchell (backup) and Burns (backup)

Walk-on without a scholarship:
1: Ruelas (I guess backup)

Odd transfer that seemed off from the start:
1: Shor (depth)


Only 3 players were at UConn 1 year.
 
freescooter said:
Matt Rhule is complaining that NEBRASKA is getting screwed. LSU isn’t happy. The former Syracuse coach complained they lost all their depth. It isn’t just G5. The whole system stinks worse than a New York City subway mens room.

Honestly, I think NIL alone could have worked. The transfer portal alone Might have worked. But the combination is just a disaster. Whoever thought letting everybody transfer without limitation and get unlimited NIL was just blind.
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Or, maybe it was planned and put in place as the path to finally doing what the powers have wanted reduce D1 football to a couple super conferences with select teams.
 
temery said:
or kids were drafted before adults because it wouldn't disrupt the workforce, economy, etc.
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Or you are just plain wrong, these football players are adults.
 
Just an FYI for everyone. The portal actually opens tomorrow. Up until now, it is only grad transfers or teams with coaching changes.
 
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Dizzy21 said:
Just an FYI for everyone. The portal actually opens tomorrow. Up until now, it is only grad transfers or teams with coaching changes.
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Not true. You can announce your transfer before Monday but you are not formally in the portal until Monday. Guys like Joly, Bin-Wahad, Turner, Shor,... are not grad transfers.
 
Exit 4 said:
I would think this is 1099 income rather than w-2....not that the distinction matters for your point that it is documented and reported income. Kids are about to learn about the tax man.
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Its 1099. I am sure there tax advice will be ok.
 
KryHavok said:
Not dumb at all, and someone else will answer more lucidly than I. Still, my answers to your question are: yes for Turner, yes for Joly, and very highly concerned for the last part.

I know people have been saying that players who are moving on after shining here will bring positive attention to the program, but I look at it more negatively. Their leaving (in Joly's case) symbolizes a lack of confidence in our program to sustain them, and they don't want to be affiliated with UConn. It's the jilted lover mentality, but I take each portal defection as an indictment on the school. In short, if they don't believe in us, even though they gained some success here, why would someone else come in their place? Attrition is natural, but this is not sustainable given our lack of success and finances.
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Joly is going to get money. It is insane for him not to do that.
 
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