Guess How Much the Fan Who Won $75K (and a Huge Hug From LeBron James) for Epic Half-Court Shot Will Have to Pay in Taxes
Basketball star LeBron James practically tackled 50-year-old Michael Drysch in excitement after Drysch sunk a half-court shot Friday night, winning $75,000.
DeadSpin described the event:
During [the] Pistons-Heat game, one lucky fan got the opportunity to shoot a half-court hook shot for $75,000. By some miracle, the shot went in, and nobody found themselves more excited about that fact than LeBron James, who rushed onto the court and leaped onto our cargo-shorted hero in a display of unbridled joy. No matter what your opinion on LeBron James is, you have to admit that this moment was absolutely wonderful. We have all just witnessed one man’s life reaching its absolute pinnacle.
“That was crazy,” Heat guard Dwyane Wade said according to AOL Sporting News. “The place erupted. It was like it was when we won the finals.”
Watch the heartwarming video below:
Unfortunately, ESPN notes, that $75,000 prize will be closer to $50,000 by the time the government is through with it. The now-famous computer technician even joked about the taxes he would have to pay before sinking the shot, it seems!
Drysch got tackled by James after the shot went in, but the government also will tackle his $75,000 prize.
“A lot of people don’t realize: You don’t win what you win,” said Robert Raiola, an accountant with FMRTL in Cranford, N.J., whose clients include athletes.
It’s not something Drysch was unaware of. When asked Friday night on NBA TV what he would do with the money, Drysch responded, “Give the government half.”
Well, at least it won’t be that much.
Drysch’s prize is a lump sum based on that $75,000 number, but IRS regulations stipulate that 25 percent of the prize must be withheld for federal income tax.
That leaves Drysch with a check of $56,250.
Then consider the fact that he is a resident of Illinois, which will take out a 5 percent state tax on the prize, regardless of income.
His winnings now are $52,770.
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