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Mega Millions Annuity Jackpot Analysis for Georgia (Aug. 7, 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 $55,000,000 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. 7, 2018
Jackpot:$55,000,000
Federal Tax:  24%
State Tax:5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$827,829$198,679$47,600$581,550
2$869,220$208,613$49,980$610,627
3$912,681$219,044$52,479$641,159
4$958,315$229,996$55,103$673,217
5$1,006,231$241,495$57,858$706,877
6$1,056,543$253,570$60,751$742,221
7$1,109,370$266,249$63,789$779,332
8$1,164,838$279,561$66,978$818,299
9$1,223,080$293,539$70,327$859,214
10$1,284,234$308,216$73,843$902,175
11$1,348,446$323,627$77,536$947,283
12$1,415,868$339,808$81,412$994,648
13$1,486,662$356,799$85,483$1,044,380
14$1,560,995$374,639$89,757$1,096,599
15$1,639,045$393,371$94,245$1,151,429
16$1,720,997$413,039$98,957$1,209,000
17$1,807,047$433,691$103,905$1,269,450
18$1,897,399$455,376$109,100$1,332,923
19$1,992,269$478,145$114,555$1,399,569
20$2,091,882$502,052$120,283$1,469,547
21$2,196,477$527,154$126,297$1,543,025
22$2,306,300$553,512$132,612$1,620,176
23$2,421,615$581,188$139,243$1,701,185
24$2,542,696$610,247$146,205$1,786,244
25$2,669,831$640,759$153,515$1,875,556
26$2,803,323$672,797$161,191$1,969,334
27$2,943,489$706,437$169,251$2,067,801
28$3,090,663$741,759$177,713$2,171,191
29$3,245,196$778,847$186,599$2,279,750
30$3,407,456$817,789$195,929$2,393,738
Total$55,000,000$13,200,000$3,162,500$38,637,500
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