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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 $235,000,000 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 31, 2016
Jackpot:$235,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,537,087$884,272$212,225$2,440,590
2$3,713,942$928,485$222,836$2,562,620
3$3,899,639$974,910$233,978$2,690,751
4$4,094,621$1,023,655$245,677$2,825,288
5$4,299,352$1,074,838$257,961$2,966,553
6$4,514,319$1,128,580$270,859$3,114,880
7$4,740,035$1,185,009$284,402$3,270,624
8$4,977,037$1,244,259$298,622$3,434,156
9$5,225,889$1,306,472$313,553$3,605,863
10$5,487,183$1,371,796$329,231$3,786,156
11$5,761,542$1,440,386$345,693$3,975,464
12$6,049,620$1,512,405$362,977$4,174,238
13$6,352,101$1,588,025$381,126$4,382,949
14$6,669,706$1,667,426$400,182$4,602,097
15$7,003,191$1,750,798$420,191$4,832,202
16$7,353,350$1,838,338$441,201$5,073,812
17$7,721,018$1,930,254$463,261$5,327,502
18$8,107,069$2,026,767$486,424$5,593,877
19$8,512,422$2,128,106$510,745$5,873,571
20$8,938,043$2,234,511$536,283$6,167,250
21$9,384,945$2,346,236$563,097$6,475,612
22$9,854,193$2,463,548$591,252$6,799,393
23$10,346,902$2,586,726$620,814$7,139,363
24$10,864,247$2,716,062$651,855$7,496,331
25$11,407,460$2,851,865$684,448$7,871,147
26$11,977,833$2,994,458$718,670$8,264,705
27$12,576,725$3,144,181$754,603$8,677,940
28$13,205,561$3,301,390$792,334$9,111,837
29$13,865,839$3,466,460$831,950$9,567,429
30$14,559,131$3,639,783$873,548$10,045,800
Total$235,000,000$58,750,000$14,100,000$162,150,000
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