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Charitable deduction question

If you decide to give a huge chunk ($100M+) away to charity, can you file for a refund for the taxable portion they are withholding? Specifically the taxes on that portion of your "take home" amount.

Guess if you want to give huge donations, best to do it the year you win it? If you wait to donate down the road, the federal & state governments have already gotten their chunk of taxes, right?

(In response to this post by Hokie CPA)

Posted: 10/17/2018 at 10:11AM

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Current Thread:

Sum-beach! I see that the lottery rolled. My party, for ALL, ain't -- thankbud 10/17/2018 04:06AM

Next drawing is THIS Friday....in 2 days. GT game is Next Week. -- Late 80s Hokie 10/17/2018 07:21AM

Which you take home what, half of that? -- EDGEMAN 10/17/2018 07:40AM

868M for Friday or $494M cash option. Then you lose 1/3 of that? So ~$360 -- hoosnowahokie 10/17/2018 08:23AM

It's usually around 50% of the net non annuity payment -- fordham 10/17/2018 11:08AM

You can live on the interest on the rest and never touch the principle. -- Hokie CPA 10/17/2018 12:40PM

Well until every cousin you never know you had comes crying -- fordham 10/17/2018 5:13PM

I'll start pointing out that A) I know which cousins I'll give money to... -- Hokie CPA 10/17/2018 5:27PM

I think it's a little higher than 1/3 when you factor in state & local tax -- EDGEMAN 10/17/2018 08:53AM

Maybe HokieCPA can chime in...what would be the total percentage... -- EDGEMAN 10/17/2018 09:09AM

I'd guess 57% of half. Top federal rate this year is 37% and Virginia is -- Hokie CPA 10/17/2018 10:01AM

Charitable deduction question -- EDGEMAN 10/17/2018 10:11AM

Yes. Give away your chunk the year you win it and it -- Hokie CPA 10/17/2018 10:20AM

Is there a jackpot where it makes more sense to take the annual vs cash? -- HokieAl 10/17/2018 11:30AM

Personal preference. Of course, $800MM paid over 25 years is $32MM per yr. -- Hokie CPA 10/17/2018 1:11PM