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Mega Millions Annuity Jackpot Analysis for Kentucky

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The Mega Millions 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 $67,000,000 would be for a resident of Kentucky, 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:

Kentucky

Drawing Date:  Fri, Jul 25, 2014
Jackpot:$67,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,008,446$252,112$60,507$695,828
2$1,058,868$264,717$63,532$730,619
3$1,111,812$277,953$66,709$767,150
4$1,167,403$291,851$70,044$805,508
5$1,225,773$306,443$73,546$845,783
6$1,287,061$321,765$77,224$888,072
7$1,351,414$337,854$81,085$932,476
8$1,418,985$354,746$85,139$979,100
9$1,489,934$372,484$89,396$1,028,055
10$1,564,431$391,108$93,866$1,079,457
11$1,642,653$410,663$98,559$1,133,430
12$1,724,785$431,196$103,487$1,190,102
13$1,811,024$452,756$108,661$1,249,607
14$1,901,576$475,394$114,095$1,312,087
15$1,996,654$499,164$119,799$1,377,692
16$2,096,487$524,122$125,789$1,446,576
17$2,201,311$550,328$132,079$1,518,905
18$2,311,377$577,844$138,683$1,594,850
19$2,426,946$606,736$145,617$1,674,593
20$2,548,293$637,073$152,898$1,758,322
21$2,675,708$668,927$160,542$1,846,238
22$2,809,493$702,373$168,570$1,938,550
23$2,949,968$737,492$176,998$2,035,478
24$3,097,466$774,367$185,848$2,137,252
25$3,252,340$813,085$195,140$2,244,114
26$3,414,957$853,739$204,897$2,356,320
27$3,585,704$896,426$215,142$2,474,136
28$3,764,990$941,247$225,899$2,597,843
29$3,953,239$988,310$237,194$2,727,735
30$4,150,901$1,037,725$249,054$2,864,122
Total$67,000,000$16,750,000$4,020,000$46,230,000
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