This version estimates federal and state tax using the current jackpot feed plus the state-rate table we built.
Federal filing status: Single
State selected: Florida
| 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 |
| - State tax withheld now | $0 | $0 |
| - Add'l state taxes due | $0 | $0 |
| Estimated net after federal + state tax | $3,662,000 | $48,497,000 |
Federal filing status: Single
State selected: Florida
| 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 |
| - State tax withheld now | $0 | $0 |
| - Add'l state taxes due | $0 | $0 |
| Estimated net after federal + state tax | $7,316,000 | $96,944,000 |