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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 $20,000,000 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, Mar 6, 2015
Jackpot:$20,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$75,257$18,062$207,710
2$316,080$79,020$18,965$218,095
3$331,884$82,971$19,913$229,000
4$348,478$87,120$20,909$240,450
5$365,902$91,476$21,954$252,473
6$384,197$96,049$23,052$265,096
7$403,407$100,852$24,204$278,351
8$423,578$105,894$25,415$292,269
9$444,757$111,189$26,685$306,882
10$466,994$116,749$28,020$322,226
11$490,344$122,586$29,421$338,337
12$514,861$128,715$30,892$355,254
13$540,604$135,151$32,436$373,017
14$567,635$141,909$34,058$391,668
15$596,016$149,004$35,761$411,251
16$625,817$156,454$37,549$431,814
17$657,108$164,277$39,426$453,404
18$689,963$172,491$41,398$476,075
19$724,461$181,115$43,468$499,878
20$760,685$190,171$45,641$524,872
21$798,719$199,680$47,923$551,116
22$838,655$209,664$50,319$578,672
23$880,587$220,147$52,835$607,605
24$924,617$231,154$55,477$637,986
25$970,848$242,712$58,251$669,885
26$1,019,390$254,848$61,163$703,379
27$1,070,360$267,590$64,222$738,548
28$1,123,878$280,969$67,433$775,475
29$1,180,071$295,018$70,804$814,249
30$1,239,075$309,769$74,344$854,962
Total$20,000,000$5,000,000$1,200,000$13,800,000
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