Hello, Thank you for using justanswer. I can assist you with your questions today.
Assuming the cash settlment is taxable then the federal tax rate on an income of 314,292 would be appoximately
Sorry I never finished before I posted the above - your effective tax rate is 28% while the tax bracket is 33%
Total federal tax owed would be appoximately $85,027
See link here for the estimate tax calculator - http://www.efile.com/tax-service/tax-calculator/
Note that the cash settlment may not be taxable if it is:
written instrument or agreement.• Retirement benefits that the other spouse
is entitled to receive based on division of
• Any voluntary payments made before they
are required by a divorce decree or
• Child support payments.
The California tax due would be approximately $26,579 - here is a link to the tax estimator - http://www.tax-brackets.org/californiataxtable
What if we bought a condo and he quit claimed it over to me and I would quit claim on the marital house. Do you avoid taxes then? - I don't really understand your question. If you receive the home in the divorce then the receipt would be non taxable as it was a property settlement, not alimony. If you then sold the home later then it would most likely not be taxable as I assume you would have lived in the home as your principal residence for at least 2 out of the last five years. If you sell your principal residence which you have lived in for at least 2/5 years before the date of sale you can exclude up to 250,000 of the gain on sale.
I hope this provides the clarity you were looking for. Please let me know if something is not clear or if you have any further questions.