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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 $84,000,000 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, Aug 30, 2016
Jackpot:$84,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,264,321$316,080$75,859$872,381
2$1,327,537$331,884$79,652$916,000
3$1,393,913$348,478$83,635$961,800
4$1,463,609$365,902$87,817$1,009,890
5$1,536,789$384,197$92,207$1,060,385
6$1,613,629$403,407$96,818$1,113,404
7$1,694,310$423,578$101,659$1,169,074
8$1,779,026$444,757$106,742$1,227,528
9$1,867,977$466,994$112,079$1,288,904
10$1,961,376$490,344$117,683$1,353,350
11$2,059,445$514,861$123,567$1,421,017
12$2,162,417$540,604$129,745$1,492,068
13$2,270,538$567,635$136,232$1,566,671
14$2,384,065$596,016$143,044$1,645,005
15$2,503,268$625,817$150,196$1,727,255
16$2,628,432$657,108$157,706$1,813,618
17$2,759,853$689,963$165,591$1,904,299
18$2,897,846$724,461$173,871$1,999,514
19$3,042,738$760,685$182,564$2,099,489
20$3,194,875$798,719$191,693$2,204,464
21$3,354,619$838,655$201,277$2,314,687
22$3,522,350$880,587$211,341$2,430,421
23$3,698,467$924,617$221,908$2,551,942
24$3,883,391$970,848$233,003$2,679,539
25$4,077,560$1,019,390$244,654$2,813,516
26$4,281,438$1,070,360$256,886$2,954,192
27$4,495,510$1,123,878$269,731$3,101,902
28$4,720,286$1,180,071$283,217$3,256,997
29$4,956,300$1,239,075$297,378$3,419,847
30$5,204,115$1,301,029$312,247$3,590,839
Total$84,000,000$21,000,000$5,040,000$57,960,000
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