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Mega Millions Annuity Jackpot Analysis for Georgia (Nov. 9, 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 $90,000,000 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. 9, 2018
Jackpot:$90,000,000
Federal Tax:  24%
State Tax:5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,354,629$325,111$77,891$951,627
2$1,422,361$341,367$81,786$999,208
3$1,493,479$358,435$85,875$1,049,169
4$1,568,153$376,357$90,169$1,101,627
5$1,646,560$395,174$94,677$1,156,709
6$1,728,888$414,933$99,411$1,214,544
7$1,815,333$435,680$104,382$1,275,271
8$1,906,099$457,464$109,601$1,339,035
9$2,001,404$480,337$115,081$1,405,986
10$2,101,474$504,354$120,835$1,476,286
11$2,206,548$529,572$126,877$1,550,100
12$2,316,876$556,050$133,220$1,627,605
13$2,432,719$583,853$139,881$1,708,985
14$2,554,355$613,045$146,875$1,794,435
15$2,682,073$643,698$154,219$1,884,156
16$2,816,177$675,882$161,930$1,978,364
17$2,956,986$709,677$170,027$2,077,282
18$3,104,835$745,160$178,528$2,181,146
19$3,260,077$782,418$187,454$2,290,204
20$3,423,080$821,539$196,827$2,404,714
21$3,594,234$862,616$206,668$2,524,950
22$3,773,946$905,747$217,002$2,651,197
23$3,962,643$951,034$227,852$2,783,757
24$4,160,776$998,586$239,245$2,922,945
25$4,368,814$1,048,515$251,207$3,069,092
26$4,587,255$1,100,941$263,767$3,222,547
27$4,816,618$1,155,988$276,956$3,383,674
28$5,057,449$1,213,788$290,803$3,552,858
29$5,310,321$1,274,477$305,343$3,730,501
30$5,575,837$1,338,201$320,611$3,917,026
Total$90,000,000$21,600,000$5,175,000$63,225,000
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