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Mega Millions Annuity Jackpot Analysis for Georgia (Oct. 26, 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 $40,000,000 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. 26, 2018
Jackpot:$40,000,000
Federal Tax:  24%
State Tax:5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$602,057$144,494$34,618$422,945
2$632,160$151,718$36,349$444,093
3$663,768$159,304$38,167$466,297
4$696,957$167,270$40,075$489,612
5$731,805$175,633$42,079$514,093
6$768,395$184,415$44,183$539,797
7$806,815$193,635$46,392$566,787
8$847,155$203,317$48,711$595,127
9$889,513$213,483$51,147$624,883
10$933,989$224,157$53,704$656,127
11$980,688$235,365$56,390$688,933
12$1,029,722$247,133$59,209$723,380
13$1,081,209$259,490$62,169$759,549
14$1,135,269$272,465$65,278$797,527
15$1,192,032$286,088$68,542$837,403
16$1,251,634$300,392$71,969$879,273
17$1,314,216$315,412$75,567$923,237
18$1,379,927$331,182$79,346$969,398
19$1,448,923$347,742$83,313$1,017,868
20$1,521,369$365,129$87,479$1,068,762
21$1,597,438$383,385$91,853$1,122,200
22$1,677,309$402,554$96,445$1,178,310
23$1,761,175$422,682$101,268$1,237,225
24$1,849,234$443,816$106,331$1,299,087
25$1,941,695$466,007$111,647$1,364,041
26$2,038,780$489,307$117,230$1,432,243
27$2,140,719$513,773$123,091$1,503,855
28$2,247,755$539,461$129,246$1,579,048
29$2,360,143$566,434$135,708$1,658,000
30$2,478,150$594,756$142,494$1,740,900
Total$40,000,000$9,600,000$2,300,000$28,100,000
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