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Mega Millions Annuity Jackpot Analysis for Georgia (Aug. 4, 2017 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 $323,000,000 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:  Aug. 4, 2017
Jackpot:$323,000,000
Federal Tax:  24%
State Tax:5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,861,614$1,166,787$279,543$3,415,283
2$5,104,694$1,225,127$293,520$3,586,048
3$5,359,929$1,286,383$308,196$3,765,350
4$5,627,926$1,350,702$323,606$3,953,618
5$5,909,321$1,418,237$339,786$4,151,298
6$6,204,788$1,489,149$356,775$4,358,863
7$6,515,027$1,563,607$374,614$4,576,807
8$6,840,779$1,641,787$393,345$4,805,647
9$7,182,817$1,723,876$413,012$5,045,929
10$7,541,958$1,810,070$433,663$5,298,226
11$7,919,056$1,900,573$455,346$5,563,137
12$8,315,009$1,995,602$478,113$5,841,294
13$8,730,759$2,095,382$502,019$6,133,359
14$9,167,297$2,200,151$527,120$6,440,026
15$9,625,662$2,310,159$553,476$6,762,028
16$10,106,946$2,425,667$581,149$7,100,129
17$10,612,293$2,546,950$610,207$7,455,136
18$11,142,907$2,674,298$640,717$7,827,892
19$11,700,053$2,808,013$672,753$8,219,287
20$12,285,055$2,948,413$706,391$8,630,251
21$12,899,308$3,095,834$741,710$9,061,764
22$13,544,273$3,250,626$778,796$9,514,852
23$14,221,487$3,413,157$817,736$9,990,595
24$14,932,561$3,583,815$858,622$10,490,124
25$15,679,189$3,763,005$901,553$11,014,631
26$16,463,149$3,951,156$946,631$11,565,362
27$17,286,307$4,148,714$993,963$12,143,630
28$18,150,622$4,356,149$1,043,661$12,750,812
29$19,058,153$4,573,957$1,095,844$13,388,352
30$20,011,061$4,802,655$1,150,636$14,057,770
Total$323,000,001$77,520,000$18,572,500$226,907,500
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