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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 $35,000,000 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, Dec 6, 2016
Jackpot:$35,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$526,800$131,700$31,608$363,492
2$553,140$138,285$33,188$381,667
3$580,797$145,199$34,848$400,750
4$609,837$152,459$36,590$420,788
5$640,329$160,082$38,420$441,827
6$672,345$168,086$40,341$463,918
7$705,963$176,491$42,358$487,114
8$741,261$185,315$44,476$511,470
9$778,324$194,581$46,699$537,043
10$817,240$204,310$49,034$563,896
11$858,102$214,526$51,486$592,090
12$901,007$225,252$54,060$621,695
13$946,058$236,514$56,763$652,780
14$993,360$248,340$59,602$685,419
15$1,043,028$260,757$62,582$719,690
16$1,095,180$273,795$65,711$755,674
17$1,149,939$287,485$68,996$793,458
18$1,207,436$301,859$72,446$833,131
19$1,267,808$316,952$76,068$874,787
20$1,331,198$332,799$79,872$918,527
21$1,397,758$349,439$83,865$964,453
22$1,467,646$366,911$88,059$1,012,676
23$1,541,028$385,257$92,462$1,063,309
24$1,618,079$404,520$97,085$1,116,475
25$1,698,983$424,746$101,939$1,172,299
26$1,783,933$445,983$107,036$1,230,913
27$1,873,129$468,282$112,388$1,292,459
28$1,966,786$491,696$118,007$1,357,082
29$2,065,125$516,281$123,907$1,424,936
30$2,168,381$542,095$130,103$1,496,183
Total$35,000,000$8,750,000$2,100,000$24,150,000
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