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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 $71,000,000 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, Feb 5, 2016
Jackpot:$71,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,068,652$267,163$64,119$737,370
2$1,122,084$280,521$67,325$774,238
3$1,178,189$294,547$70,691$812,950
4$1,237,098$309,275$74,226$853,598
5$1,298,953$324,738$77,937$896,278
6$1,363,901$340,975$81,834$941,091
7$1,432,096$358,024$85,926$988,146
8$1,503,701$375,925$90,222$1,037,553
9$1,578,886$394,721$94,733$1,089,431
10$1,657,830$414,457$99,470$1,143,903
11$1,740,721$435,180$104,443$1,201,098
12$1,827,757$456,939$109,665$1,261,153
13$1,919,145$479,786$115,149$1,324,210
14$2,015,103$503,776$120,906$1,390,421
15$2,115,858$528,964$126,951$1,459,942
16$2,221,651$555,413$133,299$1,532,939
17$2,332,733$583,183$139,964$1,609,586
18$2,449,370$612,342$146,962$1,690,065
19$2,571,838$642,960$154,310$1,774,568
20$2,700,430$675,108$162,026$1,863,297
21$2,835,452$708,863$170,127$1,956,462
22$2,977,224$744,306$178,633$2,054,285
23$3,126,085$781,521$187,565$2,156,999
24$3,282,390$820,597$196,943$2,264,849
25$3,446,509$861,627$206,791$2,378,091
26$3,618,835$904,709$217,130$2,496,996
27$3,799,776$949,944$227,987$2,621,846
28$3,989,765$997,441$239,386$2,752,938
29$4,189,253$1,047,313$251,355$2,890,585
30$4,398,716$1,099,679$263,923$3,035,114
Total$71,000,000$17,750,000$4,260,000$48,990,000
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