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jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3159
Experience:  I've prepared all types of taxes since 1987.
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i won a $100000.00 lottery scratch off ticket that was givin

Resolved Question:

i won a $100000.00 lottery scratch off ticket that was givin to me for my birthday. i normally make a gross income of $100000.00 including my wifes income . the irs had $250000.00 taken out instantly leaving me with $750000.00 . i thought thats is all the taxes that would taken out for that money . so how much more do i owe if my wife and i had $33000.00 withholding taken out of our regular income ? bobby thank you
Submitted: 4 years ago.
Category: Tax
Expert:  jgordosea replied 4 years ago.



For married filing joint with standard deduction and two exemptions using total income of 1,100,000 the taxable income of 1,081,000 is estimated tax at 348,222.


Tax of 348,222 and withholding of 283,000 is a balance due of about 65,200.


There should not be any penalty for underpayment of estimated tax (even though the balance due is more than 1,000) because more than 110% of the prior year total tax was paid during the year.


Please ask if you need clarification.

Thank you.

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