Scooby Posted November 2, 2008 Share Posted November 2, 2008 Strange question, but let's say an NFL player's salary is a cool $1 million and he racks up $50,000 in fines for the season. Does his w-2 read $1 million or does it show $950,000? Quote Link to comment Share on other sites More sharing options...
Seahawk37 Posted November 2, 2008 Share Posted November 2, 2008 It would be 1 mill. Its the same as if u get fines from UCMJ in the military. Quote Link to comment Share on other sites More sharing options...
Double Agent Posted November 2, 2008 Share Posted November 2, 2008 Gotta be tax deductible...right? Quote Link to comment Share on other sites More sharing options...
Big John Posted November 2, 2008 Share Posted November 2, 2008 Gotta be tax deductible...right? Fines are usually assigned to charities, so that could be so. Quote Link to comment Share on other sites More sharing options...
satelliteoflovegm Posted November 3, 2008 Share Posted November 3, 2008 If the player rights the check directly to the charity and not the NFL. Knowing the NFL they might collect the money as a fine and then write their own charity check and that is deductable. Quote Link to comment Share on other sites More sharing options...
Double Agent Posted November 3, 2008 Share Posted November 3, 2008 Link Quote Link to comment Share on other sites More sharing options...
FWmaker Posted November 4, 2008 Share Posted November 4, 2008 Glanced at the blog, DA, but didn't have time to read it all. My take is that W-2 reads $1,000,000 and nothing is tax deductible. The monies going to charity did not have any charitable intent. Nor was it an ordinary and necessary business expense. Fines and penalties are not deductible, but I don't know if an authoritative body like the NFL fining a player constitutes "fines and penalties" in the eyes of the IRS. It is not levied for being against the Federal or State law. In addition, even if it was dedutible as an employee business expense, the deduction would be limited by various limitations on miscellaneous itemized deductions, and total itemized deductions, and, if the player was subject to the Alternative Minimum Tax, no deduction would be realized at all. Quote Link to comment Share on other sites More sharing options...
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