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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 $38,000,000 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, Apr 18, 2014
Jackpot:$38,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$571,955$142,989$34,317$394,649
2$600,552$150,138$36,033$414,381
3$630,580$157,645$37,835$435,100
4$662,109$165,527$39,727$456,855
5$695,214$173,804$41,713$479,698
6$729,975$182,494$43,799$503,683
7$766,474$191,618$45,988$528,867
8$804,797$201,199$48,288$555,310
9$845,037$211,259$50,702$583,076
10$887,289$221,822$53,237$612,230
11$931,654$232,913$55,899$642,841
12$978,236$244,559$58,694$674,983
13$1,027,148$256,787$61,629$708,732
14$1,078,506$269,626$64,710$744,169
15$1,132,431$283,108$67,946$781,377
16$1,189,052$297,263$71,343$820,446
17$1,248,505$312,126$74,910$861,468
18$1,310,930$327,733$78,656$904,542
19$1,376,477$344,119$82,589$949,769
20$1,445,301$361,325$86,718$997,257
21$1,517,566$379,391$91,054$1,047,120
22$1,593,444$398,361$95,607$1,099,476
23$1,673,116$418,279$100,387$1,154,450
24$1,756,772$439,193$105,406$1,212,173
25$1,844,611$461,153$110,677$1,272,781
26$1,936,841$484,210$116,210$1,336,420
27$2,033,683$508,421$122,021$1,403,241
28$2,135,367$533,842$128,122$1,473,403
29$2,242,136$560,534$134,528$1,547,074
30$2,354,242$588,561$141,255$1,624,427
Total$38,000,000$9,500,000$2,280,000$26,220,000
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