Waiving 25% tax for later payment plan?

Reply #8

TheMeatman2005 — Wed, 13 Jul 2016 11:19:17 GMT

Reply #7

GYM RICE — Wed, 13 Jul 2016 05:24:58 GMT

There would probably be 25% of all major winners sitting in prison because they couldn't come up with the 25% at the end of the year because they blew it all on swords and guns. IRS knows that if they don't take the money off the top even before it's given to the winner, there's a good chance they never see any at all. And to tell you the truth I don't blame them.

Reply #6

Albeone — Tue, 12 Jul 2016 02:44:08 GMT

Not an option. The IRS requires lotteries to withhold 25% for Federal taxes on winnings of more then $5000, 28% if you don't provide a SS number.

Reply #5

TheMeatman2005 — Mon, 11 Jul 2016 23:51:19 GMT

The I.R.S. is probably afraid that you would leave the country and they wouldn't get anything.

Reply #4

gogidolim — Mon, 11 Jul 2016 23:22:03 GMT

That was my idea. Invest as much as I can and pay off from the dividends.

Reply #3

TheMeatman2005 — Mon, 11 Jul 2016 23:16:19 GMT

I don't think so either since they take it right off the top, but it would be nice if it was possible.

Figure they get $25,000,000 of each $100,000,000 cash value prize. So, if you won a jackpot of $300,000,000 cash, that would mean an extra $75 mil to invest and earn interest until April 15 tax day.

That would add some serious amounts to your bank account! Even with the low interest rates that are out there these days.

Reply #2

PrisonerSix — Mon, 11 Jul 2016 23:07:07 GMT

I seriously doubt that. The IRS takes it right off the top and my state, Louisiana, they take an additional 5% for state income tax.

Reply #1

Raven62 — Mon, 11 Jul 2016 22:28:41 GMT

Sounds like a question for the IRS

Waiving 25% tax for later payment plan?

gogidolim — Mon, 11 Jul 2016 22:24:37 GMT

Is it even possible?

Is it possible to waive the initial 25% tax withholding and pay it off later with a payment plan