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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 $80,000,000 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 28, 2015
Jackpot:$80,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,426,408$356,602$85,584$984,221
2$1,483,464$370,866$89,008$1,023,590
3$1,542,803$385,701$92,568$1,064,534
4$1,604,515$401,129$96,271$1,107,115
5$1,668,696$417,174$100,122$1,151,400
6$1,735,443$433,861$104,127$1,197,456
7$1,804,861$451,215$108,292$1,245,354
8$1,877,056$469,264$112,623$1,295,168
9$1,952,138$488,034$117,128$1,346,975
10$2,030,223$507,556$121,813$1,400,854
11$2,111,432$527,858$126,686$1,456,888
12$2,195,889$548,972$131,753$1,515,164
13$2,283,725$570,931$137,024$1,575,770
14$2,375,074$593,769$142,504$1,638,801
15$2,470,077$617,519$148,205$1,704,353
16$2,568,880$642,220$154,133$1,772,527
17$2,671,635$667,909$160,298$1,843,428
18$2,778,501$694,625$166,710$1,917,165
19$2,889,641$722,410$173,378$1,993,852
20$3,005,226$751,307$180,314$2,073,606
21$3,125,435$781,359$187,526$2,156,550
22$3,250,453$812,613$195,027$2,242,812
23$3,380,471$845,118$202,828$2,332,525
24$3,515,690$878,922$210,941$2,425,826
25$3,656,317$914,079$219,379$2,522,859
26$3,802,570$950,643$228,154$2,623,773
27$3,954,673$988,668$237,280$2,728,724
28$4,112,860$1,028,215$246,772$2,837,873
29$4,277,374$1,069,344$256,642$2,951,388
30$4,448,469$1,112,117$266,908$3,069,444
Total$80,000,000$20,000,000$4,800,000$55,200,000
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