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Mega Millions Annuity Jackpot Analysis for Georgia (Oct. 16, 2018 Drawing)

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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 $667,000,000 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:  Oct. 16, 2018
Jackpot:$667,000,000
Federal Tax:  24%
State Tax:5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,039,307$2,409,434$577,260$7,052,613
2$10,541,273$2,529,905$606,123$7,405,244
3$11,068,336$2,656,401$636,429$7,775,506
4$11,621,753$2,789,221$668,251$8,164,282
5$12,202,840$2,928,682$701,663$8,572,495
6$12,812,983$3,075,116$736,747$9,001,120
7$13,453,632$3,228,872$773,584$9,451,177
8$14,126,314$3,390,315$812,263$9,923,735
9$14,832,629$3,559,831$852,876$10,419,922
10$15,574,261$3,737,823$895,520$10,940,918
11$16,352,974$3,924,714$940,296$11,487,964
12$17,170,622$4,120,949$987,311$12,062,362
13$18,029,153$4,326,997$1,036,676$12,665,480
14$18,930,611$4,543,347$1,088,510$13,298,754
15$19,877,142$4,770,514$1,142,936$13,963,692
16$20,870,999$5,009,040$1,200,082$14,661,877
17$21,914,548$5,259,492$1,260,087$15,394,970
18$23,010,276$5,522,466$1,323,091$16,164,719
19$24,160,790$5,798,590$1,389,245$16,972,955
20$25,368,829$6,088,519$1,458,708$17,821,603
21$26,637,271$6,392,945$1,531,643$18,712,683
22$27,969,134$6,712,592$1,608,225$19,648,317
23$29,367,591$7,048,222$1,688,636$20,630,733
24$30,835,970$7,400,633$1,773,068$21,662,269
25$32,377,769$7,770,665$1,861,722$22,745,383
26$33,996,658$8,159,198$1,954,808$23,882,652
27$35,696,491$8,567,158$2,052,548$25,076,785
28$37,481,315$8,995,516$2,155,176$26,330,624
29$39,355,381$9,445,291$2,262,934$27,647,155
30$41,323,150$9,917,556$2,376,081$29,029,513
Total$667,000,001$160,080,000$38,352,500$468,567,501
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