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Waiving 25% tax for later payment plan?

Topic closed. 8 replies. Last post 5 months ago by TheMeatman2005.

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Inland Empire
United States
Member #118116
October 22, 2011
316 Posts
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Posted: July 11, 2016, 6:24 pm - IP Logged

 Is it even possible?

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

    Raven62's avatar - binary
    New Jersey
    United States
    Member #17843
    June 28, 2005
    49618 Posts
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    Posted: July 11, 2016, 6:28 pm - IP Logged

     Is it even possible?

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

    Sounds like a question for the IRS!

    A mind once stretched by a new idea never returns to its original dimensions!

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      Baton Rouge, LA
      United States
      Member #4602
      May 7, 2004
      699 Posts
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      Posted: July 11, 2016, 7:07 pm - IP Logged

      Sounds like a question for the IRS!

      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.

      Prisoner Six

      "I am not a number, I am a free man!"

        TheMeatman2005's avatar - lightening
        Brooklyn, NY
        United States
        Member #169723
        October 29, 2015
        877 Posts
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        Posted: July 11, 2016, 7:16 pm - IP Logged

         Is it even possible?

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

        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.

        The Meatman

        “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

        Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

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          Inland Empire
          United States
          Member #118116
          October 22, 2011
          316 Posts
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          Posted: July 11, 2016, 7:22 pm - IP Logged

          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.

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

            TheMeatman2005's avatar - lightening
            Brooklyn, NY
            United States
            Member #169723
            October 29, 2015
            877 Posts
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            Posted: July 11, 2016, 7:51 pm - IP Logged

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

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

            The Meatman

            “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

            Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

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              United States
              Member #171241
              January 4, 2016
              75 Posts
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              Posted: July 11, 2016, 10:44 pm - IP Logged

               Is it even possible?

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

              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.

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                NH
                United States
                Member #83352
                December 5, 2009
                223 Posts
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                Posted: July 13, 2016, 1:24 am - IP Logged

                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.

                  TheMeatman2005's avatar - lightening
                  Brooklyn, NY
                  United States
                  Member #169723
                  October 29, 2015
                  877 Posts
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                  Posted: July 13, 2016, 7:19 am - IP Logged

                  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.

                  I Agree! Yes Nod Thumbs Up

                  The Meatman

                  “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

                  Winning happens in a flash, Like A Bolt Of Lightning!  Patriot