USA Mega

Georgia Mega Millions Jackpot Annuity Payout Schedule for Feb 24, 1998

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Mega Millions annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $7,000,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

Georgia

Drawing Date:Tue, Feb 24, 1998
Jackpot:$7,000,000
Federal Tax:37% marginal rate
State Tax: 5.49%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$105,360$18,329$5,784$81,247
2$110,628$19,593$6,073$84,961
3$116,159$20,921$6,377$88,862
4$121,967$22,315$6,696$92,957
5$128,066$23,778$7,031$97,257
6$134,469$25,315$7,382$101,772
7$141,193$26,929$7,751$106,512
8$148,252$28,623$8,139$111,490
9$155,665$30,402$8,546$116,717
10$163,448$32,270$8,973$122,205
11$171,620$34,231$9,422$127,967
12$180,201$36,291$9,893$134,018
13$189,212$38,453$10,388$140,371
14$198,672$41,262$10,907$146,503
15$208,606$44,440$11,452$152,713
16$219,036$47,778$12,025$159,233
17$229,988$51,283$12,626$166,079
18$241,487$54,962$13,258$173,267
19$253,562$59,121$13,921$180,520
20$266,240$63,559$14,617$188,064
21$279,552$68,218$15,347$195,986
22$293,529$73,110$16,115$204,304
23$308,206$78,247$16,920$213,038
24$323,616$83,640$17,767$222,209
25$339,797$89,304$18,655$231,838
26$356,787$95,250$19,588$241,949
27$374,626$101,494$20,567$252,565
28$393,357$108,050$21,595$263,712
29$413,025$114,933$22,675$275,416
30$433,676$122,161$23,809$287,706
Total$7,000,000$1,654,262$384,299$4,961,438

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.