'The formula you typed contains an error' in Excel Nested IF formula

I'm trying to create an excel formula for the below logic:

    If ((Value in A1 - 250000) >= 250000){
          Then Value in A2 = (0.05*(250000))
       }
    Else{
       If ((Value in A1 - 250000) <= 0){
           Then Value in A2 = 0
       Else{
           Value in A2 = (0.05*(Value in A1-250000))
       }
    }

Below is the formula I wrote:

    =IF(((L10-1250000)>=1250000), ((0.25*(250000))), IF (L10-1250000)<=0, 0, (0.25*(L10-1250000)))

And Excel throws following error

    The formula you typed contains an error

Any help with identifying the error is appreciated.