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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:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,861,614$1,166,787$291,697$3,403,129
2$5,104,694$1,225,127$306,282$3,573,286
3$5,359,929$1,286,383$321,596$3,751,950
4$5,627,926$1,350,702$337,676$3,939,548
5$5,909,321$1,418,237$354,559$4,136,525
6$6,204,788$1,489,149$372,287$4,343,351
7$6,515,027$1,563,607$390,902$4,560,519
8$6,840,779$1,641,787$410,447$4,788,545
9$7,182,817$1,723,876$430,969$5,027,972
10$7,541,958$1,810,070$452,517$5,279,371
11$7,919,056$1,900,573$475,143$5,543,339
12$8,315,009$1,995,602$498,901$5,820,506
13$8,730,759$2,095,382$523,846$6,111,532
14$9,167,297$2,200,151$550,038$6,417,108
15$9,625,662$2,310,159$577,540$6,737,964
16$10,106,946$2,425,667$606,417$7,074,862
17$10,612,293$2,546,950$636,738$7,428,605
18$11,142,907$2,674,298$668,574$7,800,035
19$11,700,053$2,808,013$702,003$8,190,037
20$12,285,055$2,948,413$737,103$8,599,539
21$12,899,308$3,095,834$773,958$9,029,516
22$13,544,273$3,250,626$812,656$9,480,991
23$14,221,487$3,413,157$853,289$9,955,041
24$14,932,561$3,583,815$895,954$10,452,793
25$15,679,189$3,763,005$940,751$10,975,433
26$16,463,149$3,951,156$987,789$11,524,204
27$17,286,307$4,148,714$1,037,178$12,100,415
28$18,150,622$4,356,149$1,089,037$12,705,435
29$19,058,153$4,573,957$1,143,489$13,340,707
30$20,011,061$4,802,655$1,200,664$14,007,742
Total$323,000,001$77,520,000$19,380,000$226,100,000
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