Kentucky’s Powerball Jackpot: Annuity Analysis
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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
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