This first version estimates federal tax only. State tax will go underneath this next.
Federal filing status: Single
| Line Item | Annuity | Cash |
|---|---|---|
| Gross Prize |
$271,000,000 30 average annual payments of $9,033,333 |
$115,100,000 Cash option |
| - 24% federal tax withheld now | - $2,168,000 | - $27,624,000 |
| - Add'l federal taxes due | - $1,124,334 | - $14,913,000 |
| Subtotal after estimated federal tax | $5,741,000 | $72,563,000 |
Federal filing status: Single
| Line Item | Annuity | Cash |
|---|---|---|
| Gross Prize |
$244,000,000 30 average annual payments of $8,133,333 |
$103,500,000 Cash option |
| - 24% federal tax withheld now | - $1,952,000 | - $24,840,000 |
| - Add'l federal taxes due | - $1,007,334 | - $13,405,000 |
| Subtotal after estimated federal tax | $5,174,000 | $65,255,000 |