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Old 05-25-2013, 07:56 PM   #1
bmd
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Default To the people who said Kevin Durant will get his $1 million back from tax return...

How did you come up with such an idea?

Giving to charity simply reduces your taxable income by that amount.

So if Durant made $18 million, and he donated $1 million, then you subtract 1 from 18 and so only $17 million of his income is subject to be taxed.

Here is an actual example:

Durant made $18,000,000. Based on where he falls on the tax bracket, he should have $7,085,762 taken from his pay check in income tax.

When he files his tax return, he can put down the $1,000,000 he gave to charity as a deduction.

Now he has $17,000,000 in taxable income since you deduct the $1,000,000 from $18,000,000.

And based on where he falls on the tax bracket, he would have to pay $6,689,762 in tax on his $17,000,000 in taxable income.

So now you take the difference between $7,085,762 and $6,689,762, meaning Durant gets back $396,000 of his $1,000,000.

So he gets back about 40%.

His donation will cost him $604,000.
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Old 05-25-2013, 07:58 PM   #2
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Default Re: To the people who said Kevin Durant will get his $1 million back from tax return...

will bookmark and read again
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Old 05-25-2013, 07:59 PM   #3
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Default Re: To the people who said Kevin Durant will get his $1 million back from tax return...

He only did it for the publicity.

Pathetic
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Old 05-25-2013, 08:00 PM   #4
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Default Re: To the people who said Kevin Durant will get his $1 million back from tax return...

So, why exactly did you care enough to do this research and bring this topic up several days after its dead? You are not his financial adviser or his accountant.
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Old 05-25-2013, 08:02 PM   #5
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Default Re: To the people who said Kevin Durant will get his $1 million back from tax return...

Quote:
Originally Posted by KyrieTheFuture
So, why exactly did you care enough to do this research and bring this topic up several days after its dead? You are not his financial adviser or his accountant.
To educate others. It's not research it's just how tax returns work.
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Old 05-26-2013, 04:17 AM   #6
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Default Re: To the people who said Kevin Durant will get his $1 million back from tax return...

good post. Back in the other post I found it to be really funny. Really? 1 million goes to charity and you don't get taxed? Then everyone would simply do that and get bragging rights. That's just not how the world works.
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Old 05-26-2013, 05:05 AM   #7
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Default Re: To the people who said Kevin Durant will get his $1 million back from tax return...

Quote:
Originally Posted by IncarceratedBob
He only did it for the publicity.

Pathetic

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Old 05-26-2013, 05:07 AM   #8
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Default Re: To the people who said Kevin Durant will get his $1 million back from tax return...

why the hell do people criticize something like this? I don't even understand. ISH posters just need something to cry about.

on the bright side Nike and OKC Thunder matched his donation
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Old 05-26-2013, 05:07 AM   #9
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Default Re: To the people who said Kevin Durant will get his $1 million back from tax return...

Quote:
Originally Posted by IncarceratedBob
He only did it for the publicity.

Pathetic

Bandwagon.
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Old 05-26-2013, 08:45 AM   #10
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Default Re: To the people who said Kevin Durant will get his $1 million back from tax return...

OP schooled us, OP schooled us all
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Old 05-26-2013, 11:27 AM   #11
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Default Re: To the people who said Kevin Durant will get his $1 million back from tax return...

Quote:
Originally Posted by bmd
To educate others. It's not research it's just how tax returns work.


Except he donated the money from his foundation, so absolutely nothing that you posted applies in any way. Congratulations.

Learn the subject matter before you attempt to educate others.
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Old 05-26-2013, 12:14 PM   #12
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Default Re: To the people who said Kevin Durant will get his $1 million back from tax return...

he had to do it, or he would have gotten Jesus on his back
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Old 05-26-2013, 12:20 PM   #13
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Default Re: To the people who said Kevin Durant will get his $1 million back from tax return...

Why respond to it?

Cause haters gonna hate.
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Old 05-26-2013, 01:35 PM   #14
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Default Re: To the people who said Kevin Durant will get his $1 million back from tax return...

Quote:
Originally Posted by JMT
Except he donated the money from his foundation, so absolutely nothing that you posted applies in any way. Congratulations.

Learn the subject matter before you attempt to educate others.
Obviously. But I'm responding to people who think individuals who donate get all their money back.

His foundation donated, not Durant personally.

But it works like my OP for money Durant has donated to his foundation.
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