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Powerball Annuity Jackpot Analysis for Georgia (Nov. 3, 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 $53,000,000 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:  Nov. 3, 2018
Jackpot:$53,000,000
Federal Tax:  24%
State Tax:5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$797,726$191,454$45,869$560,403
2$837,612$201,027$48,163$588,423
3$879,493$211,078$50,571$617,844
4$923,468$221,632$53,099$648,736
5$969,641$232,714$55,754$681,173
6$1,018,123$244,350$58,542$715,231
7$1,069,029$256,567$61,469$750,993
8$1,122,481$269,395$64,543$788,543
9$1,178,605$282,865$67,770$827,970
10$1,237,535$297,008$71,158$869,368
11$1,299,412$311,859$74,716$912,837
12$1,364,382$327,452$78,452$958,479
13$1,432,601$343,824$82,375$1,006,402
14$1,504,231$361,016$86,493$1,056,723
15$1,579,443$379,066$90,818$1,109,559
16$1,658,415$398,020$95,359$1,165,037
17$1,741,336$417,921$100,127$1,223,288
18$1,828,403$438,817$105,133$1,284,453
19$1,919,823$460,757$110,390$1,348,676
20$2,015,814$483,795$115,909$1,416,109
21$2,116,605$507,985$121,705$1,486,915
22$2,222,435$533,384$127,790$1,561,261
23$2,333,557$560,054$134,180$1,639,324
24$2,450,235$588,056$140,888$1,721,290
25$2,572,746$617,459$147,933$1,807,354
26$2,701,384$648,332$155,330$1,897,722
27$2,836,453$680,749$163,096$1,992,608
28$2,978,275$714,786$171,251$2,092,238
29$3,127,189$750,525$179,813$2,196,850
30$3,283,549$788,052$188,804$2,306,693
Total$53,000,000$12,720,000$3,047,500$37,232,500
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