georgia lottery tax

Atlanta Tax Law Blog

What’s a “soft letter” from the IRS?

You get a notice in the mail from the IRS. Your heart sinks to your stomach. Is this an audit? The odds are high that you’ve actually received a “soft letter” instead. While you can heave an immediate sigh of relief, your troubles really aren’t over just because this.

What do you do if you have a problem with your self-employment taxes?

Being self-employed, you may think that it’s easier to do your taxes yourself. However, even though you’re excited about building your business, you should know that it’s very easy to make mistakes that could come back to haunt you later. For some people, simple.

You have to pay taxes on your cryptocurrency earnings

Cryptocurrencies like Bitcoin have been around for more than a decade. With massive gains and market adjustments in recent years, cryptocurrencies have started to go mainstream. Bitcoin, Ethereum and Litecoin are all known brands of digital currency, but there are.

How does the IRS catch tax fraud?

According to the Internal Revenue Service (IRS), there’s about $450 billion missing from its coffers. The money wasn’t stolen so much as it was never delivered in the first place. That’s the estimated “tax gap” the IRS believes exists between what taxpayers should be.

Common payroll mistakes made at companies

Your payroll department should consist of a team that is reliable, trustworthy, experienced and can meet deadlines. At the same time, this team of bookkeepers should have a solid business background and technology skills and a firm understanding of compliance matters.

What happens if a loved one dies owing money to the IRS?

You’ve always paid your income taxes in full and on time. You’ve never had a problem with the Internal Revenue Service. Now a loved one has died, and it turns out they owed the IRS some money – a lot. While some debts disappear after the debtor dies, that’s not true.

Tax deductions you may be able to claim when you’re self-employed

There’s a big difference between not paying your taxes and avoiding unnecessary taxation — especially when you’re self-employed. Knowing what you can legally deduct from your self-employment taxes can save you hundreds — even thousands — of your hard-earned.

Tax mistakes vs. tax fraud: There’s a difference

When filing your income tax return, it goes without saying that you want to avoid mistakes. Doing so gives you peace of mind, while also reducing the risk of an audit. But of course, the IRS may still find reason to take a closer look at your return. If you’re.

Atlanta Tax Law Blog

Georgia Powerball Jackpot Annuity Payout Schedule for Jan 13, 2021

Media: You may freely use any information on this page, but you must credit

The tax information provided here is based on 2021 federal marginal rates and state tax rates. It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Powerball annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year. The table below shows the payout schedule for a jackpot of $550,000,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money, as well as deductions claimed.


Federal Filing Status:

Year Gross Payment Federal Taxes State Taxes Net Payment
1 $8,278,289 $3,027,039 $476,002 $4,775,248
2 $8,692,204 $3,180,188 $499,802 $5,012,214
3 $9,126,814 $3,340,993 $524,792 $5,261,029
4 $9,583,155 $3,509,840 $551,031 $5,522,284
5 $10,062,312 $3,687,128 $578,583 $5,796,601
6 $10,565,428 $3,873,281 $607,512 $6,084,635
7 $11,093,700 $4,068,741 $637,888 $6,387,071
8 $11,648,385 $4,273,975 $669,782 $6,704,628
9 $12,230,804 $4,489,470 $703,271 $7,038,063
10 $12,842,344 $4,715,739 $738,435 $7,388,170
11 $13,484,461 $4,953,323 $775,357 $7,755,782
12 $14,158,684 $5,202,785 $814,124 $8,141,774
13 $14,866,618 $5,464,721 $854,831 $8,547,067
14 $15,609,949 $5,739,753 $897,572 $8,972,624
15 $16,390,447 $6,028,537 $942,451 $9,419,458
16 $17,209,969 $6,331,761 $989,573 $9,888,635
17 $18,070,467 $6,650,145 $1,039,052 $10,381,270
18 $18,973,991 $6,984,449 $1,091,004 $10,898,537
19 $19,922,690 $7,335,468 $1,145,555 $11,441,668
20 $20,918,825 $7,704,037 $1,202,832 $12,011,955
21 $21,964,766 $8,091,036 $1,262,974 $12,610,756
22 $23,063,004 $8,497,384 $1,326,123 $13,239,498
23 $24,216,155 $8,924,049 $1,392,429 $13,899,676
24 $25,426,962 $9,372,048 $1,462,050 $14,592,863
25 $26,698,310 $9,842,447 $1,535,153 $15,320,710
26 $28,033,226 $10,336,366 $1,611,911 $16,084,950
27 $29,434,887 $10,854,981 $1,692,506 $16,887,401
28 $30,906,631 $11,399,526 $1,777,131 $17,729,974
29 $32,451,963 $11,971,299 $1,865,988 $18,614,677
30 $34,074,561 $12,571,660 $1,959,287 $19,543,614
Total $550,000,001 $202,422,169 $31,625,001 $315,952,832

Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.

Powerball annuity chart shows the annual net payout a Georgia jackpot winner would get after federal and state taxes.