Any added taxes will be withheld from the paycheck upon processing your receipt of the benefit and will be reported on the W-2.
- Season Tickets: Pending availability of tickets, your purchase of season football tickets is discounted by 20% and this is not considered a taxable benefit.
- Parking Pass: Your parking pass will generate excess taxes.
Tax Implications for Sold Out Games
The University and Athletic Department are pleased to provide complimentary game day tickets, for most sports, to Baylor faculty and staff, their spouses and dependents. This employee benefit has no tax implications when tickets remain for sale to the general public.
However, the complimentary tickets provided to an employee and family members for a game that sells out are considered a taxable benefit under IRS regulations. These complimentary tickets are viewed as having value since the tickets could have been sold to the public.
For sold-out games only, 80% of the total value of the complimentary tickets received by faculty and staff members will be reported as a taxable benefit. IRS regulations allow an employee to receive a 20% discount without it being taxed (i.e. on a $15 ticket, the taxable benefit would be $12). This benefit will be separately identified on the faculty and staff members paycheck and the appropriate tax amount withheld. If the games are NOT sold out, there is no taxable benefit to the employee.
Baylor faculty and staff members will be required to swipe their ID card to receive a complimentary ticket. The number of additional complimentary family tickets received will be manually entered into the ID system. The value of each ticket will be the dollar amount printed on the ticket. Faculty and staff will be able to pick up their tickets by swiping their ID cards starting 90 minutes prior to tip-off on game day at the main Ferrell Center box office.
See Baylor University Policy & Procedure for Admission to Campus Events & Certain University Facilities for additional information.