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Powerball Annuity Jackpot Analysis for Kentucky

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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 $110,000,000 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:  Wed, Apr 16, 2014
Jackpot:$110,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,961,311$490,328$117,679$1,353,305
2$2,039,763$509,941$122,386$1,407,437
3$2,121,354$530,338$127,281$1,463,734
4$2,206,208$551,552$132,372$1,522,284
5$2,294,456$573,614$137,667$1,583,175
6$2,386,235$596,559$143,174$1,646,502
7$2,481,684$620,421$148,901$1,712,362
8$2,580,951$645,238$154,857$1,780,856
9$2,684,189$671,047$161,051$1,852,091
10$2,791,557$697,889$167,493$1,926,174
11$2,903,219$725,805$174,193$2,003,221
12$3,019,348$754,837$181,161$2,083,350
13$3,140,122$785,030$188,407$2,166,684
14$3,265,727$816,432$195,944$2,253,352
15$3,396,356$849,089$203,781$2,343,486
16$3,532,210$883,053$211,933$2,437,225
17$3,673,499$918,375$220,410$2,534,714
18$3,820,438$955,110$229,226$2,636,103
19$3,973,256$993,314$238,395$2,741,547
20$4,132,186$1,033,047$247,931$2,851,209
21$4,297,474$1,074,368$257,848$2,965,257
22$4,469,373$1,117,343$268,162$3,083,867
23$4,648,148$1,162,037$278,889$3,207,222
24$4,834,073$1,208,518$290,044$3,335,511
25$5,027,436$1,256,859$301,646$3,468,931
26$5,228,534$1,307,133$313,712$3,607,688
27$5,437,675$1,359,419$326,261$3,751,996
28$5,655,182$1,413,796$339,311$3,902,076
29$5,881,390$1,470,347$352,883$4,058,159
30$6,116,645$1,529,161$366,999$4,220,485
Total$110,000,000$27,500,000$6,600,000$75,900,000
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