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Powerball Annuity Jackpot Analysis for Kentucky

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $102,000,000 would be for a resident of 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 final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Kentucky

Drawing Date:  Sat, Oct 24, 2020
Jackpot:$102,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,535,246$368,459$76,762$1,090,025
2$1,612,009$386,882$80,600$1,144,526
3$1,692,609$406,226$84,630$1,201,752
4$1,777,240$426,538$88,862$1,261,840
5$1,866,102$447,864$93,305$1,324,932
6$1,959,407$470,258$97,970$1,391,179
7$2,057,377$493,770$102,869$1,460,738
8$2,160,246$518,459$108,012$1,533,775
9$2,268,258$544,382$113,413$1,610,463
10$2,381,671$571,601$119,084$1,690,986
11$2,500,755$600,181$125,038$1,775,536
12$2,625,792$630,190$131,290$1,864,313
13$2,757,082$661,700$137,854$1,957,528
14$2,894,936$694,785$144,747$2,055,405
15$3,039,683$729,524$151,984$2,158,175
16$3,191,667$766,000$159,583$2,266,084
17$3,351,250$804,300$167,563$2,379,388
18$3,518,813$844,515$175,941$2,498,357
19$3,694,753$886,741$184,738$2,623,275
20$3,879,491$931,078$193,975$2,754,439
21$4,073,466$977,632$203,673$2,892,161
22$4,277,139$1,026,513$213,857$3,036,769
23$4,490,996$1,077,839$224,550$3,188,607
24$4,715,546$1,131,731$235,777$3,348,037
25$4,951,323$1,188,318$247,566$3,515,439
26$5,198,889$1,247,733$259,944$3,691,211
27$5,458,834$1,310,120$272,942$3,875,772
28$5,731,775$1,375,626$286,589$4,069,560
29$6,018,364$1,444,407$300,918$4,273,038
30$6,319,282$1,516,628$315,964$4,486,690
Total$102,000,000$24,480,000$5,100,000$72,420,000
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