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Georgia Mega Millions Jackpot Annuity Payout Schedule for Jun 23, 2023

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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 $320,000,000 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:Fri, Jun 23, 2023
Jackpot:$320,000,000
Federal Tax:37% marginal rate
State Tax: 5.49%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,816,459$1,740,278$264,424$2,811,758
2$5,057,282$1,829,382$277,645$2,950,255
3$5,310,146$1,922,942$291,527$3,095,677
4$5,575,654$2,021,180$306,103$3,248,371
5$5,854,436$2,124,329$321,409$3,408,698
6$6,147,158$2,232,636$337,479$3,577,043
7$6,454,516$2,346,359$354,353$3,753,804
8$6,777,242$2,465,767$372,071$3,939,404
9$7,116,104$2,591,146$390,674$4,134,284
10$7,471,909$2,722,794$410,208$4,338,907
11$7,845,505$2,861,024$430,718$4,553,762
12$8,237,780$3,006,166$452,254$4,779,359
13$8,649,669$3,158,565$474,867$5,016,237
14$9,082,152$3,318,584$498,610$5,264,958
15$9,536,260$3,486,604$523,541$5,526,115
16$10,013,073$3,663,025$549,718$5,800,331
17$10,513,726$3,848,267$577,204$6,088,256
18$11,039,413$4,042,770$606,064$6,390,579
19$11,591,383$4,247,000$636,367$6,708,017
20$12,170,953$4,461,440$668,185$7,041,327
21$12,779,500$4,686,603$701,595$7,391,303
22$13,418,475$4,923,024$736,674$7,758,777
23$14,089,399$5,171,265$773,508$8,144,626
24$14,793,869$5,431,919$812,183$8,549,766
25$15,533,562$5,705,606$852,793$8,975,164
26$16,310,241$5,992,977$895,432$9,421,832
27$17,125,753$6,294,716$940,204$9,890,833
28$17,982,040$6,611,543$987,214$10,383,283
29$18,881,142$6,944,210$1,036,575$10,900,357
30$19,825,199$7,293,512$1,088,403$11,443,284
Total$320,000,001$117,145,633$17,568,002$185,286,367

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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.