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Kentucky Mega Millions Jackpot Annuity Payout Schedule for Dec 15, 2023

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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 $28,000,000 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 15, 2023
Jackpot:$28,000,000
Federal Tax:37% marginal rate
State Tax: 4%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$421,440$117,879$16,858$286,704
2$442,512$125,254$17,700$299,558
3$464,638$132,998$18,586$313,054
4$487,870$141,129$19,515$327,226
5$512,263$149,667$20,491$342,106
6$537,876$158,631$21,515$357,730
7$564,770$168,044$22,591$374,135
8$593,009$177,928$23,720$391,361
9$622,659$188,572$24,906$409,181
10$653,792$200,091$26,152$427,550
11$686,482$212,186$27,459$446,836
12$720,806$224,886$28,832$467,088
13$756,846$238,221$30,274$488,351
14$794,688$252,222$31,788$510,678
15$834,423$266,924$33,377$534,122
16$876,144$282,361$35,046$558,737
17$919,951$298,570$36,798$584,583
18$965,949$315,589$38,638$611,722
19$1,014,246$333,459$40,570$640,217
20$1,064,958$352,222$42,598$670,138
21$1,118,206$371,924$44,728$701,554
22$1,174,117$392,611$46,965$734,541
23$1,232,822$414,332$49,313$769,177
24$1,294,464$437,139$51,779$805,546
25$1,359,187$461,087$54,367$843,732
26$1,427,146$486,232$57,086$883,828
27$1,498,503$512,634$59,940$925,929
28$1,573,429$540,356$62,937$970,135
29$1,652,100$569,465$66,084$1,016,551
30$1,734,705$600,029$69,388$1,065,288
Total$28,000,000$9,122,642$1,120,001$17,757,358

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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.