USA Mega

Kentucky Mega Millions Jackpot Annuity Payout Schedule for Sep 15, 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 $16,000,000 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:Tue, Sep 15, 1998
Jackpot:$16,000,000
Federal Tax:37% marginal rate
State Tax: 4%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$240,823$54,750$9,633$176,440
2$252,864$58,877$10,115$183,872
3$265,507$63,302$10,620$191,585
4$278,783$67,949$11,151$199,683
5$292,722$72,827$11,709$208,186
6$307,358$77,950$12,294$217,114
7$322,726$83,329$12,909$226,488
8$338,862$88,976$13,554$236,331
9$355,805$94,907$14,232$246,666
10$373,595$101,133$14,944$257,518
11$392,275$107,671$15,691$268,913
12$411,889$114,536$16,476$280,878
13$432,483$121,744$17,299$293,440
14$454,108$129,312$18,164$306,631
15$476,813$137,259$19,073$320,481
16$500,654$145,604$20,026$335,024
17$525,686$154,365$21,027$350,294
18$551,971$163,564$22,079$366,327
19$579,569$173,224$23,183$383,162
20$608,548$183,366$24,342$400,839
21$638,975$194,609$25,559$418,808
22$670,924$206,430$26,837$437,657
23$704,470$218,842$28,179$457,450
24$739,693$231,874$29,588$478,231
25$776,678$245,559$31,067$500,052
26$815,512$259,927$32,620$522,964
27$856,288$275,014$34,252$547,022
28$899,102$290,855$35,964$572,282
29$944,057$307,489$37,762$598,806
30$991,260$324,954$39,650$626,656
Total$16,000,000$4,750,198$639,999$10,609,800

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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.