Wilfork having a Super Bowl tix raffle

[ctpatsfan77]

https://www.netraffle.org/raffle/index.php?rid=838

Proceeds go to his foundation to help fight diabetes.

 

[Darrone]

"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.

 

[ctpatsfan77]

"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.

FWIW, every Patriot-sponsored raffle I've seen in the last year or two has done this.

 

[Gwedd]

"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.

 

[TBR]

Most contests I see are for US residents only. I'm in Canada. Can I enter this one?

 

[ctpatsfan77]

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.

Strictly speaking, what's actually happening is that they're giving you the "cash on hand" that constitutes your prize. To get the full stated amount, you have to let them buy you an annuity that's paid out over time.

 

[pencilneckgeek]

Bump, in case you missed it...