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Kentucky Mega Millions Jackpot Annuity Payout Schedule for Oct 9, 1998

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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 $32,000,000 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, Oct 9, 1998
Jackpot:$32,000,000
Federal Tax:37% marginal rate
State Tax: 4%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$481,646$138,951$19,266$323,429
2$505,728$147,380$20,229$338,119
3$531,015$156,230$21,241$353,544
4$557,565$165,523$22,303$369,740
5$585,444$175,280$23,418$386,746
6$614,716$185,633$24,589$404,495
7$645,452$197,005$25,818$422,629
8$677,724$208,946$27,109$441,670
9$711,610$221,484$28,464$461,662
10$747,191$234,648$29,888$482,655
11$784,550$248,471$31,382$504,697
12$823,778$262,986$32,951$527,841
13$864,967$278,225$34,599$552,143
14$908,215$294,227$36,329$577,659
15$953,626$311,029$38,145$604,452
16$1,001,307$328,671$40,052$632,584
17$1,051,373$347,196$42,055$662,122
18$1,103,941$366,646$44,158$693,138
19$1,159,138$387,069$46,366$725,704
20$1,217,095$408,513$48,684$759,898
21$1,277,950$431,029$51,118$795,803
22$1,341,848$454,671$53,674$833,502
23$1,408,940$479,496$56,358$873,087
24$1,479,387$505,561$59,175$914,651
25$1,553,356$532,930$62,134$958,292
26$1,631,024$561,667$65,241$1,004,116
27$1,712,575$591,841$68,503$1,052,232
28$1,798,204$623,523$71,928$1,102,753
29$1,888,114$656,790$75,525$1,155,800
30$1,982,520$691,720$79,301$1,211,499
Total$32,000,000$10,593,341$1,280,003$20,126,662

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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.