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Powerball Annuity Jackpot Analysis for Georgia (Oct. 24, 2018 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 $602,500,000 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:  Oct. 24, 2018
Jackpot:$602,500,000
Federal Tax:  24%
State Tax:5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,068,490$2,176,438$521,438$6,370,614
2$9,521,914$2,285,259$547,510$6,689,145
3$9,998,010$2,399,522$574,886$7,023,602
4$10,497,911$2,519,499$603,630$7,374,782
5$11,022,806$2,645,473$633,811$7,743,521
6$11,573,946$2,777,747$665,502$8,130,697
7$12,152,644$2,916,634$698,777$8,537,232
8$12,760,276$3,062,466$733,716$8,964,094
9$13,398,290$3,215,589$770,402$9,412,298
10$14,068,204$3,376,369$808,922$9,882,913
11$14,771,614$3,545,187$849,368$10,377,059
12$15,510,195$3,722,447$891,836$10,895,912
13$16,285,705$3,908,569$936,428$11,440,707
14$17,099,990$4,103,998$983,249$12,012,743
15$17,954,989$4,309,197$1,032,412$12,613,380
16$18,852,739$4,524,657$1,084,032$13,244,049
17$19,795,375$4,750,890$1,138,234$13,906,251
18$20,785,144$4,988,435$1,195,146$14,601,564
19$21,824,401$5,237,856$1,254,903$15,331,642
20$22,915,622$5,499,749$1,317,648$16,098,224
21$24,061,403$5,774,737$1,383,531$16,903,135
22$25,264,473$6,063,473$1,452,707$17,748,292
23$26,527,697$6,366,647$1,525,343$18,635,707
24$27,854,081$6,684,979$1,601,610$19,567,492
25$29,246,785$7,019,228$1,681,690$20,545,867
26$30,709,125$7,370,190$1,765,775$21,573,160
27$32,244,581$7,738,699$1,854,063$22,651,818
28$33,856,810$8,125,634$1,946,767$23,784,409
29$35,549,650$8,531,916$2,044,105$24,973,629
30$37,327,133$8,958,512$2,146,310$26,222,311
Total$602,500,001$144,600,000$34,643,750$423,256,251
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