USA Mega

Georgia Mega Millions Jackpot Annuity Payout Schedule for Sep 29, 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 $24,000,000 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, Sep 29, 1998
Jackpot:$24,000,000
Federal Tax:37% marginal rate
State Tax: 5.49%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$361,234$96,807$19,832$244,596
2$379,296$103,128$20,823$255,344
3$398,261$109,766$21,865$266,630
4$418,174$116,736$22,958$278,481
5$439,083$124,054$24,106$290,923
6$461,037$131,738$25,311$303,988
7$484,089$139,806$26,576$317,706
8$508,293$148,277$27,905$332,110
9$533,708$157,172$29,301$347,235
10$560,393$166,512$30,766$363,115
11$588,413$176,319$32,304$379,790
12$617,833$186,786$33,919$397,128
13$648,725$198,216$35,615$414,894
14$681,161$210,217$37,396$433,548
15$715,219$222,819$39,266$453,135
16$750,980$236,051$41,229$473,701
17$788,529$249,944$43,290$495,296
18$827,956$264,531$45,455$517,970
19$869,354$279,849$47,728$541,778
20$912,821$295,932$50,114$566,776
21$958,463$312,819$52,620$593,024
22$1,006,386$330,550$55,251$620,585
23$1,056,705$349,169$58,013$649,523
24$1,109,540$368,718$60,914$679,909
25$1,165,017$389,244$63,959$711,814
26$1,223,268$410,797$67,157$745,314
27$1,284,431$433,427$70,515$780,489
28$1,348,653$457,189$74,041$817,423
29$1,416,086$482,139$77,743$856,203
30$1,486,890$508,337$81,630$896,923
Total$24,000,000$7,657,049$1,317,602$15,025,351

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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.