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Mega Millions Annuity Jackpot Analysis for Georgia (Jul. 28, 2020 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 $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:  Jul. 28, 2020
Jackpot:$20,000,000
Federal Tax:  24%
State Tax:5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$72,247$17,309$211,473
2$316,080$75,859$18,175$222,046
3$331,884$79,652$19,083$233,149
4$348,478$83,635$20,038$244,806
5$365,902$87,817$21,039$257,046
6$384,197$92,207$22,091$269,899
7$403,407$96,818$23,196$283,394
8$423,578$101,659$24,356$297,563
9$444,757$106,742$25,573$312,441
10$466,994$112,079$26,852$328,064
11$490,344$117,683$28,195$344,467
12$514,861$123,567$29,605$361,690
13$540,604$129,745$31,085$379,775
14$567,635$136,232$32,639$398,763
15$596,016$143,044$34,271$418,701
16$625,817$150,196$35,984$439,636
17$657,108$157,706$37,784$461,618
18$689,963$165,591$39,673$484,699
19$724,461$173,871$41,657$508,934
20$760,685$182,564$43,739$534,381
21$798,719$191,693$45,926$561,100
22$838,655$201,277$48,223$589,155
23$880,587$211,341$50,634$618,613
24$924,617$221,908$53,165$649,543
25$970,848$233,003$55,824$682,020
26$1,019,390$244,654$58,615$716,122
27$1,070,360$256,886$61,546$751,928
28$1,123,878$269,731$64,623$789,524
29$1,180,071$283,217$67,854$829,000
30$1,239,075$297,378$71,247$870,450
Total$20,000,000$4,800,000$1,150,000$14,050,000
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