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Asked by: sventre
Keldaria on Nov 27, 2012
Depends on the state and the form of income its being gained in. Estate, Income, Investment Income, Ect
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tro on Nov 27, 2012
about $ 148750
Bash Limpbutt's Oozing Cyst© on Nov 27, 2012
If you’re planning on winning the Power Ball jackpot, keep in mind that to collect the full $ 425 million you must take the 20 year annuity payout. If you take the lump sum you’ll only receive the present value of the annuity which is about half or $ 212,500,000.
The current top federal bracket is 35%, but it’s very likely to return to 39.6% beginning next year so the tax may increase if you take the annuity. If you take the lump sum, figure 35% for federal income taxes and if you take the payout after Jan 1, 2013, tack on another 3.9% Medicare tax. State taxes depend upon your state and range from 0% to close to 10%.
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