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Can I get a tax return from jackpot tax withholding?

Topic closed. 1 reply. Last post 10 years ago by KY Floyd.

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Entertaiment Capital
United States
Member #37800
April 19, 2006
302 Posts
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Posted: March 27, 2007, 11:54 pm - IP Logged

 Let's say I won 72 million dollars and receive 40 mil for cash value. They will deduct 25% for tax and that means they take 10 mil.

 Still I can report that in the annual tax report. So, can I receive any tax return from it? 

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    NY
    United States
    Member #23835
    October 16, 2005
    3502 Posts
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    Posted: March 28, 2007, 2:32 am - IP Logged

    Assuming you mean can you get a "refund", of course you can. All you have to do is come up with deductions to reduce your net taxable income to less than about $28.5 million. Possible strategies include giving $13 million or so to charity or  paying $15 million in medical expenses for a really major illness. You could also hurry out and spend $30 million on lottery tickets, and lose the expected 50% by 12/31.