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Powerball Annuity Jackpot Analysis for Georgia (Sep. 23, 2020 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 $22,000,000 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:  Sep. 23, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$19,040$232,620
2$347,688$83,445$19,992$244,251
3$365,073$87,617$20,992$256,463
4$383,326$91,998$22,041$269,287
5$402,492$96,598$23,143$282,751
6$422,617$101,428$24,300$296,889
7$443,748$106,500$25,516$311,733
8$465,935$111,824$26,791$327,320
9$489,232$117,416$28,131$343,686
10$513,694$123,287$29,537$360,870
11$539,378$129,451$31,014$378,913
12$566,347$135,923$32,565$397,859
13$594,665$142,720$34,193$417,752
14$624,398$149,856$35,903$438,640
15$655,618$157,348$37,698$460,572
16$688,399$165,216$39,583$483,600
17$722,819$173,476$41,562$507,780
18$758,960$182,150$43,640$533,169
19$796,908$191,258$45,822$559,828
20$836,753$200,821$48,113$587,819
21$878,591$210,862$50,519$617,210
22$922,520$221,405$53,045$648,070
23$968,646$232,475$55,697$680,474
24$1,017,078$244,099$58,482$714,498
25$1,067,932$256,304$61,406$750,223
26$1,121,329$269,119$64,476$787,734
27$1,177,395$282,575$67,700$827,120
28$1,236,265$296,704$71,085$868,476
29$1,298,079$311,539$74,640$911,900
30$1,362,982$327,116$78,371$957,495
Total$22,000,000$5,280,000$1,265,000$15,455,000
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