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Mega Millions Annuity Jackpot Analysis for Georgia (Nov. 6, 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 $70,000,000 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:  Nov. 6, 2018
Jackpot:$70,000,000
Federal Tax:  24%
State Tax:5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,053,600$252,864$60,582$740,154
2$1,106,280$265,507$63,611$777,162
3$1,161,594$278,783$66,792$816,020
4$1,219,674$292,722$70,131$856,821
5$1,280,658$307,358$73,638$899,662
6$1,344,691$322,726$77,320$944,645
7$1,411,925$338,862$81,186$991,878
8$1,482,522$355,805$85,245$1,041,471
9$1,556,648$373,595$89,507$1,093,545
10$1,634,480$392,275$93,983$1,148,222
11$1,716,204$411,889$98,682$1,205,633
12$1,802,014$432,483$103,616$1,265,915
13$1,892,115$454,108$108,797$1,329,211
14$1,986,721$476,813$114,236$1,395,671
15$2,086,057$500,654$119,948$1,465,455
16$2,190,360$525,686$125,946$1,538,728
17$2,299,878$551,971$132,243$1,615,664
18$2,414,872$579,569$138,855$1,696,447
19$2,535,615$608,548$145,798$1,781,270
20$2,662,396$638,975$153,088$1,870,333
21$2,795,516$670,924$160,742$1,963,850
22$2,935,291$704,470$168,779$2,062,042
23$3,082,056$739,693$177,218$2,165,144
24$3,236,159$776,678$186,079$2,273,402
25$3,397,967$815,512$195,383$2,387,072
26$3,567,865$856,288$205,152$2,506,425
27$3,746,258$899,102$215,410$2,631,747
28$3,933,571$944,057$226,180$2,763,334
29$4,130,250$991,260$237,489$2,901,501
30$4,336,762$1,040,823$249,364$3,046,576
Total$70,000,000$16,800,000$4,025,000$49,175,000
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