USA Mega

Kentucky Mega Millions Jackpot Annuity Payout Schedule for Sep 8, 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 $12,000,000 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 8, 1998
Jackpot:$12,000,000
Federal Tax:37% marginal rate
State Tax: 4%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$180,617$36,391$7,225$137,002
2$189,648$38,558$7,586$143,504
3$199,130$41,408$7,965$149,757
4$209,087$44,594$8,363$156,129
5$219,541$47,940$8,782$162,820
6$230,518$51,452$9,221$169,845
7$242,044$55,141$9,682$177,222
8$254,147$59,326$10,166$184,655
9$266,854$63,774$10,674$192,406
10$280,197$68,444$11,208$200,545
11$294,206$73,347$11,768$209,091
12$308,917$78,496$12,357$218,064
13$324,363$83,902$12,975$227,486
14$340,581$89,578$13,623$237,379
15$357,610$95,538$14,304$247,767
16$375,490$101,796$15,020$258,674
17$394,265$108,367$15,771$270,127
18$413,978$115,267$16,559$282,152
19$434,677$122,512$17,387$294,778
20$456,411$130,119$18,256$308,036
21$479,231$138,106$19,169$321,956
22$503,193$146,492$20,128$336,573
23$528,352$155,298$21,134$351,920
24$554,770$164,544$22,191$368,035
25$582,509$174,253$23,300$384,955
26$611,634$184,492$24,465$402,676
27$642,216$195,808$25,689$420,720
28$674,327$207,689$26,973$439,665
29$708,043$220,164$28,322$459,558
30$743,445$233,262$29,738$480,445
Total$12,000,000$3,326,058$480,001$8,193,942

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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.