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Powerball Annuity Jackpot Analysis for Kentucky (Oct. 27, 2018 Drawing)

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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 $687,800,000 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:  Oct. 27, 2018
Jackpot:$687,800,000
Federal Tax:  24%
State Tax:5.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,352,377$2,484,570$517,619$7,350,188
2$10,869,996$2,608,799$543,500$7,717,697
3$11,413,496$2,739,239$570,675$8,103,582
4$11,984,171$2,876,201$599,209$8,508,761
5$12,583,379$3,020,011$629,169$8,934,199
6$13,212,548$3,171,011$660,627$9,380,909
7$13,873,176$3,329,562$693,659$9,849,955
8$14,566,834$3,496,040$728,342$10,342,452
9$15,295,176$3,670,842$764,759$10,859,575
10$16,059,935$3,854,384$802,997$11,402,554
11$16,862,932$4,047,104$843,147$11,972,681
12$17,706,078$4,249,459$885,304$12,571,315
13$18,591,382$4,461,932$929,569$13,199,881
14$19,520,951$4,685,028$976,048$13,859,875
15$20,496,998$4,919,280$1,024,850$14,552,869
16$21,521,849$5,165,244$1,076,092$15,280,513
17$22,597,941$5,423,506$1,129,897$16,044,538
18$23,727,838$5,694,681$1,186,392$16,846,765
19$24,914,230$5,979,415$1,245,711$17,689,103
20$26,159,941$6,278,386$1,307,997$18,573,558
21$27,467,938$6,592,305$1,373,397$19,502,236
22$28,841,335$6,921,920$1,442,067$20,477,348
23$30,283,402$7,268,016$1,514,170$21,501,215
24$31,797,572$7,631,417$1,589,879$22,576,276
25$33,387,450$8,012,988$1,669,373$23,705,090
26$35,056,823$8,413,638$1,752,841$24,890,345
27$36,809,665$8,834,319$1,840,483$26,134,862
28$38,650,147$9,276,035$1,932,507$27,441,605
29$40,582,655$9,739,837$2,029,133$28,813,685
30$42,611,788$10,226,829$2,130,589$30,254,369
Total$687,800,001$165,072,000$34,390,000$488,338,001
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