@roothog66 posted:As to the taxes, do you not get to use the American opportunity credit or the lifetime learning credit? Seems that would offset a lot of the tax liability.
Yes, if the player qualifies. Son received half his bonus the the year he went back to school that one fall which disqualified him.
I did put a note in his tax file for this year though!
TPM, the living expenses are not paid up front anymore. Nor the tuition. Everything is reimbursed after receipts and official grades are turned in. (Lucky are the players that go/went to the larger schools that have their own "tiger fund" to pay for the tuition! Schools DO want their players to graduate!)