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Mega Millions Annuity Jackpot Analysis for Georgia

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The Mega Millions annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $59,000,000 would be for a resident of Georgia, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Georgia

Drawing Date:  Fri, Apr 25, 2014
Jackpot:$59,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$888,035$222,009$53,282$612,744
2$932,436$233,109$55,946$643,381
3$979,058$244,765$58,743$675,550
4$1,028,011$257,003$61,681$709,328
5$1,079,412$269,853$64,765$744,794
6$1,133,382$283,346$68,003$782,034
7$1,190,051$297,513$71,403$821,135
8$1,249,554$312,388$74,973$862,192
9$1,312,032$328,008$78,722$905,302
10$1,377,633$344,408$82,658$950,567
11$1,446,515$361,629$86,791$998,095
12$1,518,841$379,710$91,130$1,048,000
13$1,594,783$398,696$95,687$1,100,400
14$1,674,522$418,630$100,471$1,155,420
15$1,758,248$439,562$105,495$1,213,191
16$1,846,160$461,540$110,770$1,273,851
17$1,938,468$484,617$116,308$1,337,543
18$2,035,392$508,848$122,124$1,404,420
19$2,137,161$534,290$128,230$1,474,641
20$2,244,019$561,005$134,641$1,548,373
21$2,356,220$589,055$141,373$1,625,792
22$2,474,031$618,508$148,442$1,707,082
23$2,597,733$649,433$155,864$1,792,436
24$2,727,620$681,905$163,657$1,882,057
25$2,864,001$716,000$171,840$1,976,160
26$3,007,201$751,800$180,432$2,074,968
27$3,157,561$789,390$189,454$2,178,717
28$3,315,439$828,860$198,926$2,287,653
29$3,481,211$870,303$208,873$2,402,035
30$3,655,271$913,818$219,316$2,522,137
Total$59,000,000$14,750,000$3,540,000$40,710,000
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