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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 $74,000,000 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:  Tue, Sep 1, 2015
Jackpot:$74,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,113,806$278,452$66,828$768,526
2$1,169,497$292,374$70,170$806,953
3$1,227,971$306,993$73,678$847,300
4$1,289,370$322,342$77,362$889,665
5$1,353,838$338,460$81,230$934,148
6$1,421,530$355,383$85,292$980,856
7$1,492,607$373,152$89,556$1,029,899
8$1,567,237$391,809$94,034$1,081,394
9$1,645,599$411,400$98,736$1,135,463
10$1,727,879$431,970$103,673$1,192,236
11$1,814,273$453,568$108,856$1,251,848
12$1,904,987$476,247$114,299$1,314,441
13$2,000,236$500,059$120,014$1,380,163
14$2,100,248$525,062$126,015$1,449,171
15$2,205,260$551,315$132,316$1,521,629
16$2,315,523$578,881$138,931$1,597,711
17$2,431,299$607,825$145,878$1,677,596
18$2,552,864$638,216$153,172$1,761,476
19$2,680,507$670,127$160,830$1,849,550
20$2,814,533$703,633$168,872$1,942,028
21$2,955,259$738,815$177,316$2,039,129
22$3,103,022$775,756$186,181$2,141,085
23$3,258,174$814,543$195,490$2,248,140
24$3,421,082$855,271$205,265$2,360,547
25$3,592,136$898,034$215,528$2,478,574
26$3,771,743$942,936$226,305$2,602,503
27$3,960,330$990,083$237,620$2,732,628
28$4,158,347$1,039,587$249,501$2,869,259
29$4,366,264$1,091,566$261,976$3,012,722
30$4,584,577$1,146,144$275,075$3,163,358
Total$74,000,000$18,500,000$4,440,000$51,060,000
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