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Powerball Annuity Jackpot Analysis for Georgia (Jan. 5, 2019 Drawing)

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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 $69,000,000 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:  Jan. 5, 2019
Jackpot:$69,000,000
Federal Tax:  24%
State Tax:5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,038,549$249,252$59,717$729,581
2$1,090,476$261,714$62,702$766,060
3$1,145,000$274,800$65,838$804,363
4$1,202,250$288,540$69,129$844,581
5$1,262,363$302,967$72,586$886,810
6$1,325,481$318,115$76,215$931,150
7$1,391,755$334,021$80,026$977,708
8$1,461,343$350,722$84,027$1,026,593
9$1,534,410$368,258$88,229$1,077,923
10$1,611,130$386,671$92,640$1,131,819
11$1,691,687$406,005$97,272$1,188,410
12$1,776,271$426,305$102,136$1,247,831
13$1,865,085$447,620$107,242$1,310,222
14$1,958,339$470,001$112,604$1,375,733
15$2,056,256$493,501$118,235$1,444,520
16$2,159,069$518,177$124,146$1,516,746
17$2,267,022$544,085$130,354$1,592,583
18$2,380,373$571,290$136,871$1,672,212
19$2,499,392$599,854$143,715$1,755,823
20$2,624,362$629,847$150,901$1,843,614
21$2,755,580$661,339$158,446$1,935,795
22$2,893,359$694,406$166,368$2,032,584
23$3,038,027$729,126$174,687$2,134,214
24$3,189,928$765,583$183,421$2,240,924
25$3,349,424$803,862$192,592$2,352,971
26$3,516,896$844,055$202,221$2,470,619
27$3,692,740$886,258$212,333$2,594,150
28$3,877,377$930,571$222,949$2,723,858
29$4,071,246$977,099$234,097$2,860,050
30$4,274,809$1,025,954$245,801$3,003,053
Total$69,000,000$16,560,000$3,967,500$48,472,500
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