This first version estimates federal tax only. State tax will go underneath this next.
Federal filing status: Single
| Line Item | Annuity | Cash |
|---|---|---|
| Gross Prize |
$172,000,000 30 average annual payments of $5,733,333 |
$76,900,000 Cash option |
| - 24% federal tax withheld now | - $1,376,000 | - $18,456,000 |
| - Add'l federal taxes due | - $695,334 | - $9,947,000 |
| Subtotal after estimated federal tax | $3,662,000 | $48,497,000 |
Federal filing status: Single
| Line Item | Annuity | Cash |
|---|---|---|
| Gross Prize |
$346,000,000 30 average annual payments of $11,533,333 |
$153,800,000 Cash option |
| - 24% federal tax withheld now | - $2,768,000 | - $36,912,000 |
| - Add'l federal taxes due | - $1,449,334 | - $19,944,000 |
| Subtotal after estimated federal tax | $7,316,000 | $96,944,000 |