• bhdevault

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  • casper

    All Denver’s guys probably out again I hope brogdon sits so I can fade them won today but I took ish out for TJ hit 377 oh well

  • ELopez432

    @tmarohl said...

    You are going to be taxed at the end of the year anyway when you pay your income taxes. My general rule every time I have a decent cash is to save at least 40% for the tax man. Remember this 15K goes on top of any income you make if you work. That could make your work tax withholdings inadequate. I would let DK take the 25%, and then you should probably put 15% more away for taxes, assuming you work.

    Thank you for the advice

  • fluffynuggets

    You would do much better to take the full payout; then invest 30%+ in an FDIC insured vehicle (CD, money market, etc) on a 6-9 month term.
    Why let DK earn interest on your tax payment, when you can do so yourself?

    Edit: To ELopez432; reply button not functioning.

  • depalma13

    @ELopez432 said...

    When withdrawing 15,000 they want to tax me 25% on Draftkings is that right? Seems like a lot

    First off Congratulations!

    Second, unless you are horrible at saving, do not let them withhold anything. The first $40,125 of your income for the year is going to be taxed at 12%. The next $45,399 will be taxed at 22%. So your effective tax rate is going to be much lower than 25% at the Federal Level.

    I don’t know what state you are in, so I don’t know if you have to pay state taxes or not.

    Just put 20% in a savings account or a 6 or 9 month cd and forget about it.

    Last, take a thousand or so and splurge on something you never would have bought without a windfall.

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