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https://www.netraffle.org/raffle/index.php?rid=838
Proceeds go to his foundation to help fight diabetes.
Proceeds go to his foundation to help fight diabetes.
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CLICK HERE to Register for a free account and login for a smoother ad-free experience. It's easy, and only takes a few moments."Winner will be awarded a cash prize in the amount of $3,325.00 to mitigate the winner's tax liability that results from winning the raffle. This prize is withheld and paid, on behalf of the winner, directly to the Internal Revenue Service ($2,800.00) and the Commonwealth of Massachusetts ($525.00). CFC reserves the right to adjust the value of this prize item depending on the actual value of prizes received."
Having worked in promotion for a number of years, that's a nice touch. The thing people always forget when they win a trip, is they have to pay 30% of the cost in taxes.
"Winner will be awarded a cash prize in the amount of $3,325.00 to mitigate the winner's tax liability that results from winning the raffle. This prize is withheld and paid, on behalf of the winner, directly to the Internal Revenue Service ($2,800.00) and the Commonwealth of Massachusetts ($525.00). CFC reserves the right to adjust the value of this prize item depending on the actual value of prizes received."
Having worked in promotion for a number of years, that's a nice touch. The thing people always forget when they win a trip, is they have to pay 30% of the cost in taxes.
Same with the lottery. The actual amount you win is reduced by 30% (for taxes) then paid out over 25 years.
If you take the lump sum cash award, they cut the prize amount in half, then take out 30% for taxes. So, if you win, say, $1 million, you get a lump sum cash payment of $500K, less 30% for a cash total of $350K. Still a nice chink of change, but not quite the Million Dollars you thought you won.