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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:6.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$797,726$191,454$47,864$558,408
2$837,612$201,027$50,257$586,329
3$879,493$211,078$52,770$615,645
4$923,468$221,632$55,408$646,427
5$969,641$232,714$58,178$678,749
6$1,018,123$244,350$61,087$712,686
7$1,069,029$256,567$64,142$748,320
8$1,122,481$269,395$67,349$785,736
9$1,178,605$282,865$70,716$825,023
10$1,237,535$297,008$74,252$866,274
11$1,299,412$311,859$77,965$909,588
12$1,364,382$327,452$81,863$955,068
13$1,432,601$343,824$85,956$1,002,821
14$1,504,231$361,016$90,254$1,052,962
15$1,579,443$379,066$94,767$1,105,610
16$1,658,415$398,020$99,505$1,160,891
17$1,741,336$417,921$104,480$1,218,935
18$1,828,403$438,817$109,704$1,279,882
19$1,919,823$460,757$115,189$1,343,876
20$2,015,814$483,795$120,949$1,411,070
21$2,116,605$507,985$126,996$1,481,623
22$2,222,435$533,384$133,346$1,555,704
23$2,333,557$560,054$140,013$1,633,490
24$2,450,235$588,056$147,014$1,715,164
25$2,572,746$617,459$154,365$1,800,922
26$2,701,384$648,332$162,083$1,890,969
27$2,836,453$680,749$170,187$1,985,517
28$2,978,275$714,786$178,697$2,084,793
29$3,127,189$750,525$187,631$2,189,032
30$3,283,549$788,052$197,013$2,298,484
Total$53,000,000$12,720,000$3,180,000$37,100,000
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