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Powerball Annuity Jackpot Analysis for Georgia

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The Powerball 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 $304,000,000 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:  Sat, Feb 23, 2019
Jackpot:$304,000,000
Federal Tax:  24%
State Tax:5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,575,636$1,098,153$263,099$3,214,384
2$4,804,418$1,153,060$276,254$3,375,104
3$5,044,639$1,210,713$290,067$3,543,859
4$5,296,871$1,271,249$304,570$3,721,052
5$5,561,714$1,334,811$319,799$3,907,104
6$5,839,800$1,401,552$335,789$4,102,460
7$6,131,790$1,471,630$352,578$4,307,583
8$6,438,380$1,545,211$370,207$4,522,962
9$6,760,299$1,622,472$388,717$4,749,110
10$7,098,314$1,703,595$408,153$4,986,565
11$7,453,229$1,788,775$428,561$5,235,894
12$7,825,891$1,878,214$449,989$5,497,688
13$8,217,185$1,972,124$472,488$5,772,573
14$8,628,045$2,070,731$496,113$6,061,201
15$9,059,447$2,174,267$520,918$6,364,261
16$9,512,419$2,282,981$546,964$6,682,475
17$9,988,040$2,397,130$574,312$7,016,598
18$10,487,442$2,516,986$603,028$7,367,428
19$11,011,814$2,642,835$633,179$7,735,799
20$11,562,405$2,774,977$664,838$8,122,590
21$12,140,525$2,913,726$698,080$8,528,719
22$12,747,551$3,059,412$732,984$8,955,155
23$13,384,929$3,212,383$769,633$9,402,913
24$14,054,175$3,373,002$808,115$9,873,058
25$14,756,884$3,541,652$848,521$10,366,711
26$15,494,729$3,718,735$890,947$10,885,047
27$16,269,465$3,904,672$935,494$11,429,299
28$17,082,938$4,099,905$982,269$12,000,764
29$17,937,085$4,304,900$1,031,382$12,600,802
30$18,833,939$4,520,145$1,082,952$13,230,842
Total$304,000,001$72,960,000$17,480,000$213,560,000
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