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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 $478,000,000 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, Jul 30, 2016
Jackpot:$478,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,194,586$1,798,646$431,675$4,964,264
2$7,554,315$1,888,579$453,259$5,212,478
3$7,932,031$1,983,008$475,922$5,473,101
4$8,328,633$2,082,158$499,718$5,746,757
5$8,745,064$2,186,266$524,704$6,034,094
6$9,182,317$2,295,579$550,939$6,335,799
7$9,641,434$2,410,358$578,486$6,652,589
8$10,123,505$2,530,876$607,410$6,985,219
9$10,629,680$2,657,420$637,781$7,334,479
10$11,161,164$2,790,291$669,670$7,701,203
11$11,719,223$2,929,806$703,153$8,086,264
12$12,305,184$3,076,296$738,311$8,490,577
13$12,920,443$3,230,111$775,227$8,915,106
14$13,566,465$3,391,616$813,988$9,360,861
15$14,244,788$3,561,197$854,687$9,828,904
16$14,957,028$3,739,257$897,422$10,320,349
17$15,704,879$3,926,220$942,293$10,836,366
18$16,490,123$4,122,531$989,407$11,378,185
19$17,314,629$4,328,657$1,038,878$11,947,094
20$18,180,361$4,545,090$1,090,822$12,544,449
21$19,089,378$4,772,345$1,145,363$13,171,671
22$20,043,847$5,010,962$1,202,631$13,830,255
23$21,046,040$5,261,510$1,262,762$14,521,767
24$22,098,342$5,524,585$1,325,900$15,247,856
25$23,203,259$5,800,815$1,392,196$16,010,248
26$24,363,422$6,090,855$1,461,805$16,810,761
27$25,581,593$6,395,398$1,534,896$17,651,299
28$26,860,672$6,715,168$1,611,640$18,533,864
29$28,203,706$7,050,926$1,692,222$19,460,557
30$29,613,892$7,403,473$1,776,833$20,433,585
Total$478,000,001$119,500,000$28,680,000$329,820,001
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