USA Mega

Kentucky Mega Millions Jackpot Annuity Payout Schedule for Dec 5, 1997

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Mega Millions annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $8,000,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

Kentucky

Drawing Date:Fri, Dec 5, 1997
Jackpot:$8,000,000
Federal Tax:37% marginal rate
State Tax: 4%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$120,411$21,941$4,816$93,654
2$126,432$23,386$5,057$97,989
3$132,754$24,903$5,310$102,540
4$139,391$26,496$5,576$107,319
5$146,361$28,169$5,854$112,337
6$153,679$29,925$6,147$117,606
7$161,363$31,770$6,455$123,139
8$169,431$33,706$6,777$128,948
9$177,903$35,739$7,116$135,047
10$186,798$37,874$7,472$141,452
11$196,138$40,451$7,846$147,842
12$205,944$43,589$8,238$154,118
13$216,242$46,884$8,650$160,708
14$227,054$50,344$9,082$167,628
15$238,406$53,977$9,536$174,894
16$250,327$57,989$10,013$182,325
17$262,843$62,370$10,514$189,960
18$275,985$66,970$11,039$197,976
19$289,785$71,799$11,591$206,394
20$304,274$76,871$12,171$215,232
21$319,488$82,195$12,780$224,513
22$335,462$87,786$13,418$234,257
23$352,235$93,657$14,089$244,489
24$369,847$99,821$14,794$255,232
25$388,339$106,293$15,534$266,512
26$407,756$113,089$16,310$278,356
27$428,144$120,225$17,126$290,793
28$449,551$127,718$17,982$303,851
29$472,029$135,585$18,881$317,563
30$495,630$143,845$19,825$331,960
Total$8,000,000$1,975,367$319,999$5,704,634

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.