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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 $214,000,000 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, May 26, 2015
Jackpot:$214,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,221,007$805,252$193,260$2,222,495
2$3,382,057$845,514$202,923$2,333,620
3$3,551,160$887,790$213,070$2,450,301
4$3,728,718$932,180$223,723$2,572,816
5$3,915,154$978,789$234,909$2,701,456
6$4,110,912$1,027,728$246,655$2,836,529
7$4,316,458$1,079,114$258,987$2,978,356
8$4,532,281$1,133,070$271,937$3,127,274
9$4,758,895$1,189,724$285,534$3,283,637
10$4,996,839$1,249,210$299,810$3,447,819
11$5,246,681$1,311,670$314,801$3,620,210
12$5,509,015$1,377,254$330,541$3,801,221
13$5,784,466$1,446,117$347,068$3,991,282
14$6,073,689$1,518,422$364,421$4,190,846
15$6,377,374$1,594,343$382,642$4,400,388
16$6,696,243$1,674,061$401,775$4,620,407
17$7,031,055$1,757,764$421,863$4,851,428
18$7,382,607$1,845,652$442,956$5,093,999
19$7,751,738$1,937,934$465,104$5,348,699
20$8,139,325$2,034,831$488,359$5,616,134
21$8,546,291$2,136,573$512,777$5,896,941
22$8,973,605$2,243,401$538,416$6,191,788
23$9,422,286$2,355,571$565,337$6,501,377
24$9,893,400$2,473,350$593,604$6,826,446
25$10,388,070$2,597,017$623,284$7,167,768
26$10,907,473$2,726,868$654,448$7,526,157
27$11,452,847$2,863,212$687,171$7,902,464
28$12,025,489$3,006,372$721,529$8,297,588
29$12,626,764$3,156,691$757,606$8,712,467
30$13,258,102$3,314,526$795,486$9,148,090
Total$214,000,000$53,500,000$12,840,000$147,660,000
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