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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 $77,000,000 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:  Tue, Jul 29, 2014
Jackpot:$77,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,158,960$289,740$69,538$799,683
2$1,216,909$304,227$73,015$839,667
3$1,277,754$319,438$76,665$881,650
4$1,341,642$335,410$80,499$925,733
5$1,408,724$352,181$84,523$972,019
6$1,479,160$369,790$88,750$1,020,620
7$1,553,118$388,279$93,187$1,071,651
8$1,630,774$407,693$97,846$1,125,234
9$1,712,313$428,078$102,739$1,181,496
10$1,797,928$449,482$107,876$1,240,570
11$1,887,825$471,956$113,269$1,302,599
12$1,982,216$495,554$118,933$1,367,729
13$2,081,327$520,332$124,880$1,436,115
14$2,185,393$546,348$131,124$1,507,921
15$2,294,663$573,666$137,680$1,583,317
16$2,409,396$602,349$144,564$1,662,483
17$2,529,865$632,466$151,792$1,745,607
18$2,656,359$664,090$159,382$1,832,888
19$2,789,177$697,294$167,351$1,924,532
20$2,928,635$732,159$175,718$2,020,758
21$3,075,067$768,767$184,504$2,121,796
22$3,228,821$807,205$193,729$2,227,886
23$3,390,262$847,565$203,416$2,339,281
24$3,559,775$889,944$213,586$2,456,245
25$3,737,763$934,441$224,266$2,579,057
26$3,924,652$981,163$235,479$2,708,010
27$4,120,884$1,030,221$247,253$2,843,410
28$4,326,928$1,081,732$259,616$2,985,581
29$4,543,275$1,135,819$272,596$3,134,860
30$4,770,439$1,192,610$286,226$3,291,603
Total$77,000,000$19,250,000$4,620,000$53,130,000
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