This first version estimates federal tax only. State tax will go underneath this next.
Federal filing status: Single
| Line Item | Annuity | Cash |
|---|---|---|
| Gross Prize |
$760,000,000 30 average annual payments of $25,333,333 |
$325,700,000 Cash option |
| - 24% federal tax withheld now | - $6,080,000 | - $78,168,000 |
| - Add'l federal taxes due | - $3,243,334 | - $42,291,000 |
| Subtotal after estimated federal tax | $16,010,000 | $205,241,000 |
Federal filing status: Single
| Line Item | Annuity | Cash |
|---|---|---|
| Gross Prize |
$482,000,000 30 average annual payments of $16,066,667 |
$203,600,000 Cash option |
| - 24% federal tax withheld now | - $3,856,000 | - $48,864,000 |
| - Add'l federal taxes due | - $2,038,667 | - $26,418,000 |
| Subtotal after estimated federal tax | $10,172,000 | $128,318,000 |