What is the name of your state (only U.S. law)? NY
I'm after an estimate for the federal (and NY state if app.) tax rate that would apply where annual income for the year is under $10,000 with a prize (non-cash prize) value of $1.45million?
(i.e. is the tax rate at the top tier as if the income for the year was a total of $1.45m or is it at the current tax paid as you earn rate)
Also, would the IRS be open to a payment plan arrangement? Can they take into account the debtor's ability to pay and what period of time would they usually allow payment schedule in the above scenario (and would they consider reducing the total tax payable)?
Cheers
I'm after an estimate for the federal (and NY state if app.) tax rate that would apply where annual income for the year is under $10,000 with a prize (non-cash prize) value of $1.45million?
(i.e. is the tax rate at the top tier as if the income for the year was a total of $1.45m or is it at the current tax paid as you earn rate)
Also, would the IRS be open to a payment plan arrangement? Can they take into account the debtor's ability to pay and what period of time would they usually allow payment schedule in the above scenario (and would they consider reducing the total tax payable)?
Cheers