Off topic

[veritas]

Bees

Brett Farve. What do you think?

[Black Bart]

This non-tax stuff's gettin' out of hand.

Bees

Brett Farve. What do you think?

Now look here, Veritas -- just what kind of taco is a Brett Farve and what could froze-up Minnesota Bees possibly know about south of the border stuff?

I swear I'm swearin' off off-topic stuff and startin' a Back-to-Tax movement.

[veritas]

Taco?

I like that. But some might think bad burrito that keeps on coming back.

I promise to try and stay on topic.

[Corduroy Frog]

Everyone in Green Bay...

Everyone in Wisconsin is happy the Favre circus has moved to Minneapolis.

I can almost predict another 2008 season for him. Starting well, but with more and more arm problems and injuries as the season progresses. When the Vikings need him most at year end, he will throw needless interceptions and lose games.

I admire his career, but the Packers did the right thing by moving on. I hope the many Minnesota board personalities are not expecting to go to the Super Bowl.

Bart, our region is the heart of college football, the SEC, where ALL the teams are going to go 12-0. Sorta like the Minnesota Brigadoon-ish town of Lake Wobegone, where admittedly "all the children are above average."

I got a great idea to bring this thread back to tax-related. How many state tax returns will Favre have to file by April 15, 2010? (Assume no playoff appearances).

[Roland Slugg]

At least ten ...

... and maybe more.

Favre's affiliation with the Viking will require filing in the eight states (*) where the Vikings play regular season games on the road, all of which have an individual income tax, plus the state of Indiana (pre-season game), plus the state of Minnesota, of course.

(* Ohio, Michigan, Missouri, Pennsylvania, Wisconsin, Arizona, North Carolina, Illinois)

Furthermore, he will surely have to file at least one more state return -- his state of residence -- unless that state happens to be one of the ones already listed above OR is a state with no individual income tax.

In addition, Favre may have to file in additional states if he has investments in other states and income from those investments.

The issue becomes muddy if Favre doesn't play in one or more road games if, due to injury or any other reason, he doesn't travel with the Vikings to one or more of their road games. In that case his 10 state minimum may become only 9 ... 8 ... 7 ... . On the other hand, depending on how he is paid and how states tax professional teams' athletes contract salaries, it's possible he may have to file a return and pay tax to such state(s) even if he doesn't go there during the year. I don't have any clients who are pro athletes ... although I once lived right next door to one.

Good Q ... and most definitely tax-related!

[Corduroy Frog]

Sorry Veritas

We made a tax topic out of this in spite of you.

Assume Favre has a contract of $8.2MM, consisting of a guaranteed salary of $3.2MM for the 16 games, and the remaining $5MM subject to decrement if he doesn't play.

He plays in 13 games. His W-2 is thus $3.2MM guaranteed plus $4,062,500 which is 13/16 of the remaining $5MM. Total is $7,262,500. The three games he misses are in Wisconsin against the hated Packers, Arizona against the Cardinals, and Michigan against Detroit. Favre is too injured to play, but travels to these games and keeps a clipboard on the sidelines.

My question: Does he have to pay state income tax in Wisconsin, Arizona, and Michigan? Would the answer change if he didn't travel with the team to these games?

The answer may be so specific to state taxation that no one could answer.

[Jesse]

Don't forget Brett Favre's Steakhouse & Banquet Facility in Green Bay, WI so he would still need to file a Wisconsin income tax return, whether it's a profit or loss after his signing on with MN is yet to be seen.

Maybe the reason why he didn't take the $20 million the Packers offered him to stay retired was because he would have had to pay Wisconsin Income tax on the money? Hmmm...I wouldn't mind paying taxes on $20 million. I'd have enough gas money for and be perfectly happy riding around my estate on my John Deere!

I don't think there would be such hard feelings if the guy would have just made up his mind to begin with, Thompson gave him the choice to play or retire, he chose to retire, then changed his mind not to retire, then decided to retire, no he wants to play football, but I want to retire, no I don't want to retire,...... well, you get the picture!

[thomtax]

Agree with Jesse. He spent the year of retirement announcement going to the games and getting his accolades, recognition, etc. Then after he has gotten all he can get, he changes his mind and wants more. Sort of reminds you of the prospective bride who has all the bridal showers, then calls off the wedding. Repeats the cycle with a different guy each year for several years.

Not cool.

[Lion]

UConn

Hey, little UConn's five players who went pro (four first round draft choices, I think; more than Ohio State!) all played in their opening games. Donald Brown ran well for the Colts. Hope that puts the UConn Huskies of the Big East on the map. Someone's taking notice. Notre Dame wanted a series but insisted upon playing in NY instead of CT, so the UConn-ND game at ND this fall will be the first and the last. However, Michigan committed to a series and so did Tennessee, I think. Go Huskies! I can be off-topic with the best of them.

[Jesse]

http://lesterslegends.com/?p=14145

I thought this was humorus.

[AuditorTurnedGood]

We had better

have the greatest offense of all time - one good hit and he's done for life. He's playing with a torn rotator cuff already.....


ATG