This first version estimates federal tax only. State tax will go underneath this next.
Federal filing status: Single
| Line Item | Annuity | Cash |
|---|---|---|
| Gross Prize |
$748,000,000 30 average annual payments of $24,933,333 |
$325,100,000 Cash option |
| - 24% federal tax withheld now | - $5,984,000 | - $78,024,000 |
| - Add'l federal taxes due | - $3,191,334 | - $42,213,000 |
| Subtotal after estimated federal tax | $15,758,000 | $204,863,000 |
Federal filing status: Single
| Line Item | Annuity | Cash |
|---|---|---|
| Gross Prize |
$60,000,000 30 average annual payments of $2,000,000 |
$25,500,000 Cash option |
| - 24% federal tax withheld now | - $480,000 | - $6,120,000 |
| - Add'l federal taxes due | - $210,000 | - $3,265,000 |
| Subtotal after estimated federal tax | $1,310,000 | $16,115,000 |