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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 $122,000,000 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:  Wed, Jun 26, 2019
Jackpot:$122,000,000
Federal Tax:  24%
State Tax:5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,836,275$440,706$105,586$1,289,983
2$1,928,089$462,741$110,865$1,354,482
3$2,024,493$485,878$116,408$1,422,207
4$2,125,718$510,172$122,229$1,493,317
5$2,232,004$535,681$128,340$1,567,983
6$2,343,604$562,465$134,757$1,646,382
7$2,460,784$590,588$141,495$1,728,701
8$2,583,823$620,118$148,570$1,815,136
9$2,713,015$651,124$155,998$1,905,893
10$2,848,665$683,680$163,798$2,001,187
11$2,991,099$717,864$171,988$2,101,247
12$3,140,654$753,757$180,588$2,206,309
13$3,297,686$791,445$189,617$2,316,625
14$3,462,571$831,017$199,098$2,432,456
15$3,635,699$872,568$209,053$2,554,079
16$3,817,484$916,196$219,505$2,681,783
17$4,008,358$962,006$230,481$2,815,872
18$4,208,776$1,010,106$242,005$2,956,665
19$4,419,215$1,060,612$254,105$3,104,498
20$4,640,176$1,113,642$266,810$3,259,723
21$4,872,184$1,169,324$280,151$3,422,710
22$5,115,794$1,227,790$294,158$3,593,845
23$5,371,583$1,289,180$308,866$3,773,537
24$5,640,162$1,353,639$324,309$3,962,214
25$5,922,171$1,421,321$340,525$4,160,325
26$6,218,279$1,492,387$357,551$4,368,341
27$6,529,193$1,567,006$375,429$4,586,758
28$6,855,653$1,645,357$394,200$4,816,096
29$7,198,435$1,727,625$413,910$5,056,901
30$7,558,357$1,814,006$434,606$5,309,746
Total$122,000,000$29,280,000$7,015,000$85,705,000
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