Kentucky’s Powerball Jackpot: Annuity Analysis

admin
By admin September 3, 2017 11:18

Kentucky’s Powerball Jackpot: Annuity Analysis

The rate schedule in Powerball jackpot is continuously increasing. So, the annuity payment is changing every year. A table is given here which shows the payout schedule for a $68 million jackpot. All the given amounts are close approximations and not intended to specify the final tax burden.

State:                                   Kentucky

Drawing Date:                Sat, Sep 2, 2017

Jackpot:                             $68,000,000

Federal Tax:                     25%

State Tax:                          6.00%

Report:                               Powerball annuity payout schedule (30 annual payments)

Year        Gross Payment        Federal Taxes           State Taxes           Net Payment

1               $1,023,498                      $255,874                    $61,410                $706,213

2              $1,074,672                      $268,668                   $64,480               $741,524

3               $1,128,406                      $282,102                    $67,704               $778,600

4               $1,184,826                      $296,207                    $71,090               $817,530

5               $1,244,068                     $311,017                       $74,644              $858,407

6               $1,306,271                      $326,568                     $78,376               $901,327

7               $1,371,585                       $342,896                    $82,295               $946,393

8               $1,440,164                      $360,041                    $86,410              $993,713

9               $1,512,172                        $378,043                   $90,730               $1,043,399

10             $1,587,781                       $396,945                    $95,267                $1,095,569

11              $1,667,170                       $416,792                    $100,030             $1,150,347

12             $1,750,528                       $437,632                    $105,032             $1,207,864

13             $1,838,055                       $459,514                    $110,283              $1,268,258

14             $1,929,957                        $482,489                  $115,797               $1,331,671

15           $2,026,455                         $506,614                   $121,587               $1,398,254

16           $2,127,778                         $531,945                    $127,667               $1,468,167

17           $2,234,167                         $558,542                    $134,050              $1,541,575

18           $2,345,875                         $586,469                   $140,753              $1,618,654

19           $2,463,169                         $615,792                    $147,790              $1,699,587

20           $2,586,327                        $646,582                   $155,180              $1,784,566

21           $2,715,644                         $678,911                     $162,939             $1,873,794

22           $2,851,426                         $712,856                    $171,086             $1,967,484

23           $2,993,997                         $748,499                   $179,640             $2,065,858

24           $3,143,697                         $785,924                    $188,622            $2,169,151

25           $3,300,882                         $825,220                  $198,053            $2,277,609

26           $3,465,926                         $866,482                   $207,956           $2,391,489

27           $3,639,222                         $909,806                   $218,353            $2,511,063

28           $3,821,184                         $955,296                    $229,271            $2,636,617

29           $4,012,243                         $1,003,061                 $240,735           $2,768,447

30           $4,212,855                         $1,053,214                 $252,771             $2,906,870

Total     $68,000,000                     $17,000,000              $4,080,000          $46,920,000

admin
By admin September 3, 2017 11:18
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