If you take only the standard deduction
and file single, claiming only yourself as a dependent, your federal income tax
burden on $1 million would be $324,837. Since you live in Georgia, you would also pay about $60,000 in State income tax.
It would, of course, be advisable to itemize your deductions
. This would likely reduce your federal income tax burden. Your exact deductions would depend on your personal situation, but for example, say you deducted the $60,000 you paid in state income tax, as well as another $40,000 in mortgage interest and/or charitable contributions, and put the maximum $5000 into an IRA. That would reduce your federal tax
burden to $295,829.
You may want to speak with a tax adviser to discuss ways of sheltering additional income with use of other tax shelters.
I hope this helps!
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