ouch.....the irs is comming

[OJVIKE]

http://sports.yahoo.com/nfl/blog/around ... ZinFNDubYF

[jackal]

good I hate it when the players hold out too long it screws up teams IMO.

If you have Ten Million and just put in low risk investemnts you will be set for life and
your kid's children as well.

[Vikefantam]

http://sports.yahoo.com/nfl/blog/around ... ZinFNDubYF

Sorry. I have no sympathy for the players. So they may have to pay more in taxes or pay more sooner. We my husband was in the military and got re-enlistment bonuses, we paid tax on it TWICE - an automatic 28% federal and 4% state were taken out at the time of the bonus, then we had to claim it on our taxes the next year.

These players are pampered so much! Their agents are going to try and fix this for them? They're driving around in cars that cost more than some people pay for their houses! They're living in mansions. And they're going to complain about more taxes? Argh! Primidonnas!

Sorry. /Rant

[glg]

Sorry. I have no sympathy for the players. So they may have to pay more in taxes or pay more sooner. We my husband was in the military and got re-enlistment bonuses, we paid tax on it TWICE - an automatic 28% federal and 4% state were taken out at the time of the bonus, then we had to claim it on our taxes the next year.

Just a note Tammy, you shouldn't be taxed twice on it. IRS requires that some tax be taken out of any bonuses paid, but then at the end of the year, you add that income in and you add the tax taken out to the tax you already paid. If your tax bracket is lower then 28, you should get the difference back. If higher then you'd have to pay the difference. IANA lawyer or accountant, so take that with a grain of sale, of course.

[cstelter]

http://sports.yahoo.com/nfl/blog/around ... ZinFNDubYF

I don't get the hate for these players. This had nothing to do with holding out and I agree with GLG that a person is never taxed twice on bonus money, regardless of the tax status. Bottom line here seems to be that these guys are getting say $3.3M each year over 3 years for a $10M bonus, but if the contract isn't written clearly enough it seems, the entire tax on the $10M may be due in the first year. Lets say these guys owe 30% tax, wouldn't you want to pay $1M out of $3.3M eacy year rather than having to pay $3M in taxes out of the first $3.3M you collected???

These guys aren't renegotiating their contracts to get more money-- they're just renegotiating to make the language acceptable to the IRS to avoid sillyness.