Kantuckkeean
Bronze Member
- Apr 30, 2009
- 1,608
- 1,879
- Detector(s) used
- F-22, cheapo pinpointer
- Primary Interest:
- All Treasure Hunting
CONGRATULATIONS!!!
Kindest regards,
Kantuck
Kindest regards,
Kantuck
I doubt that you are, so you may as well keep singing like I'll be doingArent we like cousins that never met and always wish we had..... well, be careful of those kinds.
Arent we like cousins that never met and always wish we had..... well, be careful of those kinds.
Didn't we go to different schools together?
We just returned from the lottery office.
Lump sum payment = $680,000
Federal = 28%
State = 4%
Take home = $489,000
Expect to pay more in federal taxes when you file your 2020 return, assuming you have income from other sources in 2020. The top federal bracket is 37%, and you will be into that bracket in 2020. You should definitely see a CPA.
Congrats on the win. Enjoy your windfall, but you should take care to ensure this event has a long-term positive impact on you and your family.
Did you pay estimated tax based solely on the prize, not figuring in your other income? It’s only August..You may still have time to do something to capitalize on tax credits some way...definitely consult with a CPA.We've already paid the federal and state taxes on the prize. Are you saying we are going to be taxed again on that? I understand paying tax because it is income but it is only income once.