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Powerball Annuity Jackpot Analysis for Georgia (Oct. 27, 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 $687,800,000 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. 27, 2018
Jackpot:$687,800,000
Federal Tax:  24%
State Tax:5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,352,377$2,484,570$595,262$7,272,545
2$10,869,996$2,608,799$625,025$7,636,172
3$11,413,496$2,739,239$656,276$8,017,981
4$11,984,171$2,876,201$689,090$8,418,880
5$12,583,379$3,020,011$723,544$8,839,824
6$13,212,548$3,171,011$759,722$9,281,815
7$13,873,176$3,329,562$797,708$9,745,906
8$14,566,834$3,496,040$837,593$10,233,201
9$15,295,176$3,670,842$879,473$10,744,861
10$16,059,935$3,854,384$923,446$11,282,104
11$16,862,932$4,047,104$969,619$11,846,209
12$17,706,078$4,249,459$1,018,099$12,438,520
13$18,591,382$4,461,932$1,069,004$13,060,446
14$19,520,951$4,685,028$1,122,455$13,713,468
15$20,496,998$4,919,280$1,178,577$14,399,141
16$21,521,849$5,165,244$1,237,506$15,119,099
17$22,597,941$5,423,506$1,299,382$15,875,053
18$23,727,838$5,694,681$1,364,351$16,668,806
19$24,914,230$5,979,415$1,432,568$17,502,246
20$26,159,941$6,278,386$1,504,197$18,377,359
21$27,467,938$6,592,305$1,579,406$19,296,227
22$28,841,335$6,921,920$1,658,377$20,261,038
23$30,283,402$7,268,016$1,741,296$21,274,090
24$31,797,572$7,631,417$1,828,360$22,337,794
25$33,387,450$8,012,988$1,919,778$23,454,684
26$35,056,823$8,413,638$2,015,767$24,627,418
27$36,809,665$8,834,319$2,116,556$25,858,789
28$38,650,147$9,276,035$2,222,383$27,151,728
29$40,582,655$9,739,837$2,333,503$28,509,315
30$42,611,788$10,226,829$2,450,178$29,934,781
Total$687,800,001$165,072,000$39,548,500$483,179,501
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