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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 $51,000,000 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, Dec 13, 2016
Jackpot:$51,000,000
Federal Tax:  25%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$767,623$191,906$46,057$529,660
2$806,004$201,501$48,360$556,143
3$846,305$211,576$50,778$583,950
4$888,620$222,155$53,317$613,148
5$933,051$233,263$55,983$643,805
6$979,703$244,926$58,782$675,995
7$1,028,689$257,172$61,721$709,795
8$1,080,123$270,031$64,807$745,285
9$1,134,129$283,532$68,048$782,549
10$1,190,836$297,709$71,450$821,677
11$1,250,377$312,594$75,023$862,760
12$1,312,896$328,224$78,774$905,898
13$1,378,541$344,635$82,712$951,193
14$1,447,468$361,867$86,848$998,753
15$1,519,841$379,960$91,190$1,048,691
16$1,595,834$398,958$95,750$1,101,125
17$1,675,625$418,906$100,538$1,156,181
18$1,759,406$439,852$105,564$1,213,990
19$1,847,377$461,844$110,843$1,274,690
20$1,939,746$484,936$116,385$1,338,424
21$2,036,733$509,183$122,204$1,405,346
22$2,138,569$534,642$128,314$1,475,613
23$2,245,498$561,374$134,730$1,549,394
24$2,357,773$589,443$141,466$1,626,863
25$2,475,661$618,915$148,540$1,708,206
26$2,599,445$649,861$155,967$1,793,617
27$2,729,417$682,354$163,765$1,883,298
28$2,865,888$716,472$171,953$1,977,462
29$3,009,182$752,296$180,551$2,076,336
30$3,159,641$789,910$189,578$2,180,152
Total$51,000,000$12,750,000$3,060,000$35,190,000
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