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Powerball Annuity Jackpot Analysis for Georgia

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The Powerball 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 $128,000,000 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:  Sat, Apr 19, 2014
Jackpot:$128,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,282,253$570,563$136,935$1,574,754
2$2,373,543$593,386$142,413$1,637,745
3$2,468,485$617,121$148,109$1,703,254
4$2,567,224$641,806$154,033$1,771,384
5$2,669,913$667,478$160,195$1,842,240
6$2,776,709$694,177$166,603$1,915,929
7$2,887,778$721,944$173,267$1,992,567
8$3,003,289$750,822$180,197$2,072,269
9$3,123,420$780,855$187,405$2,155,160
10$3,248,357$812,089$194,901$2,241,366
11$3,378,291$844,573$202,697$2,331,021
12$3,513,423$878,356$210,805$2,424,262
13$3,653,960$913,490$219,238$2,521,232
14$3,800,118$950,030$228,007$2,622,082
15$3,952,123$988,031$237,127$2,726,965
16$4,110,208$1,027,552$246,612$2,836,044
17$4,274,616$1,068,654$256,477$2,949,485
18$4,445,601$1,111,400$266,736$3,067,465
19$4,623,425$1,155,856$277,406$3,190,163
20$4,808,362$1,202,091$288,502$3,317,770
21$5,000,697$1,250,174$300,042$3,450,481
22$5,200,725$1,300,181$312,043$3,588,500
23$5,408,754$1,352,188$324,525$3,732,040
24$5,625,104$1,406,276$337,506$3,881,322
25$5,850,108$1,462,527$351,006$4,036,574
26$6,084,112$1,521,028$365,047$4,198,037
27$6,327,477$1,581,869$379,649$4,365,959
28$6,580,576$1,645,144$394,835$4,540,597
29$6,843,799$1,710,950$410,628$4,722,221
30$7,117,551$1,779,388$427,053$4,911,110
Total$128,000,000$32,000,000$7,680,000$88,320,000
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