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So you had a total of $21,400 in lump sum payouts? Is that correct?
Did you also have any other income for the year besides those payouts?
Do you file your return as single or married?
yea income is in excess of 100,00 abot 105,000. im single
Does your income of $105,000 include the two payouts of $21,400?
Hello again indy,
It sounds like your total income for the year with the payouts will be $126,400. After applying your standard deduction and one personal allowance, your tax on this amount would be approximately $26,500.
This estimate was based on using the standard deduction of $5,700 for a single person. If you itemize your deductions and have a larger amount of deductions to claim, then your actual tax may be slightly lower than this amount.
You would need to see what was alreay withheld in taxes for the year from the income payments you received to determine if you will owe additional taxes to cover the amount that will be due.
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Thank you indy
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