USA Mega

Georgia Mega Millions Jackpot Annuity Payout Schedule for Sep 8, 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 $12,000,000 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 8, 1998
Jackpot:$12,000,000
Federal Tax:37% marginal rate
State Tax: 5.49%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$180,617$36,391$9,916$134,311
2$189,648$38,558$10,412$140,678
3$199,130$41,408$10,932$146,790
4$209,087$44,594$11,479$153,014
5$219,541$47,940$12,053$159,549
6$230,518$51,452$12,655$166,411
7$242,044$55,141$13,288$173,615
8$254,147$59,326$13,953$180,868
9$266,854$63,774$14,650$188,430
10$280,197$68,444$15,383$196,370
11$294,206$73,347$16,152$204,707
12$308,917$78,496$16,960$213,462
13$324,363$83,902$17,808$222,653
14$340,581$89,578$18,698$232,305
15$357,610$95,538$19,633$242,439
16$375,490$101,796$20,614$253,079
17$394,265$108,367$21,645$264,252
18$413,978$115,267$22,727$275,984
19$434,677$122,512$23,864$288,301
20$456,411$130,119$25,057$301,235
21$479,231$138,106$26,310$314,816
22$503,193$146,492$27,625$329,075
23$528,352$155,298$29,007$344,048
24$554,770$164,544$30,457$359,769
25$582,509$174,253$31,980$376,276
26$611,634$184,492$33,579$393,563
27$642,216$195,808$35,258$411,151
28$674,327$207,689$37,021$429,617
29$708,043$220,164$38,872$449,008
30$743,445$233,262$40,815$469,367
Total$12,000,000$3,326,058$658,803$8,015,143

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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.