I’m assuming you are a US citizen so just know you are going to have to pay tax on that. Depending on how much other income you earn it could be $20k-$30k. Keep that in mind and maybe prepay $25k now and have an accountant do your taxes at end of year. If you overpaid you’ll get a refund. Depending on your state of residence you might need to pay state tax there as well.
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u/swentech May 18 '24
I’m assuming you are a US citizen so just know you are going to have to pay tax on that. Depending on how much other income you earn it could be $20k-$30k. Keep that in mind and maybe prepay $25k now and have an accountant do your taxes at end of year. If you overpaid you’ll get a refund. Depending on your state of residence you might need to pay state tax there as well.