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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 $128,000,000 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 3, 2016
Jackpot:$128,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,926,584$481,646$115,595$1,329,343
2$2,022,913$505,728$121,375$1,395,810
3$2,124,058$531,015$127,444$1,465,600
4$2,230,262$557,565$133,816$1,538,880
5$2,341,774$585,444$140,506$1,615,824
6$2,458,863$614,716$147,532$1,696,616
7$2,581,806$645,452$154,908$1,781,446
8$2,710,897$677,724$162,654$1,870,519
9$2,846,442$711,610$170,786$1,964,045
10$2,988,764$747,191$179,326$2,062,247
11$3,138,202$784,550$188,292$2,165,359
12$3,295,112$823,778$197,707$2,273,627
13$3,459,868$864,967$207,592$2,387,309
14$3,632,861$908,215$217,972$2,506,674
15$3,814,504$953,626$228,870$2,632,008
16$4,005,229$1,001,307$240,314$2,763,608
17$4,205,491$1,051,373$252,329$2,901,788
18$4,415,765$1,103,941$264,946$3,046,878
19$4,636,553$1,159,138$278,193$3,199,222
20$4,868,381$1,217,095$292,103$3,359,183
21$5,111,800$1,277,950$306,708$3,527,142
22$5,367,390$1,341,848$322,043$3,703,499
23$5,635,760$1,408,940$338,146$3,888,674
24$5,917,548$1,479,387$355,053$4,083,108
25$6,213,425$1,553,356$372,805$4,287,263
26$6,524,096$1,631,024$391,446$4,501,626
27$6,850,301$1,712,575$411,018$4,726,708
28$7,192,816$1,798,204$431,569$4,963,043
29$7,552,457$1,888,114$453,147$5,211,195
30$7,930,080$1,982,520$475,805$5,471,755
Total$128,000,000$32,000,000$7,680,000$88,320,000
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