What if I'm a student-athlete?
Menu Path: Income > Uncommon Income > Royalty Income (Schedule E)
Menu Path: Income > Business / Rental Income > Business Income (Schedule C)
If you're a student-athlete, any money or financial gain (including non-cash compensation like merchandise or gift cards) you received from the use of your name, image, or likeness is called NIL income.
If your NIL income is from business activities such as sponsorship deals or service income, report your income and expenses on Schedule C. If your NIL income is royalty income that's not self-employment income, report the NIL royalty income and expenses on Schedule E.
Menu Path: Income > Business / Rental Income > Business Income (Schedule C)
If you're a student-athlete, any money or financial gain (including non-cash compensation like merchandise or gift cards) you received from the use of your name, image, or likeness is called NIL income.
If your NIL income is from business activities such as sponsorship deals or service income, report your income and expenses on Schedule C. If your NIL income is royalty income that's not self-employment income, report the NIL royalty income and expenses on Schedule E.
