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gogidolim

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Jul 11, 2016, 6:24 pm

Is it even possible?

Is it possible to waive the initial 25% tax withholding and pay it off later with a payment plan?
Raven62

25

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Jul 11, 2016, 6:28 pm

Quote: Originally posted by gogidolim on Jul 11, 2016
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!

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PrisonerSix

Baton Rouge, LA
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Jul 11, 2016, 7:07 pm

Quote: Originally posted by Raven62 on Jul 11, 2016
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.

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TheMeatman2005

Brooklyn, NY
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Jul 11, 2016, 7:16 pm

Quote: Originally posted by gogidolim on Jul 11, 2016
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.

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gogidolim

Inland Empire
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Jul 11, 2016, 7:22 pm

Quote: Originally posted by TheMeatman2005 on Jul 11, 2016
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

Brooklyn, NY
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Jul 11, 2016, 7:51 pm

Quote: Originally posted by gogidolim on Jul 11, 2016
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.

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Albeone

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January 4, 2016
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Jul 11, 2016, 10:44 pm

Quote: Originally posted by gogidolim on Jul 11, 2016
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.
GYM RICE

NH
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Jul 13, 2016, 1:24 am

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

Brooklyn, NY
United States
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Jul 13, 2016, 7:19 am

Quote: Originally posted by GYM RICE on Jul 13, 2016
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.

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!

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