# How much does Kentucky make off the Lottery?

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## How much does Kentucky Lottery make a year?

Their total sales for fiscal year 2021 totaled \$1.6 billion and the proceeds to the Commonwealth total \$355 million. That’s \$76 million more than last year. “More funds than ever before are available for college scholarships and grants funded by the Kentucky Lottery,” Harville said.

## How much does Kentucky take from Lottery winnings?

Kentucky imposes a ​6 percent​ tax rate on all lottery winnings. That may not sound like a lot, but it adds up very quickly. Recently, the Mega Millions hit a whopping ​\$1 billion​. If you held the winning ticket for that drawing, you would have paid ​\$60 million​ right off the top to the state of Kentucky alone.

## Who owns the KY Lottery?

The Kentucky Lottery, began in April 1989 after a November 1988 vote in which over 60% of voters cast ballots in favor of it.

Kentucky Lottery.

Formation April 4, 1989
President & CEO Mary Harville
Website www.kylottery.com

## What does KY Lottery Fund?

The Kentucky Lottery has contributed over 4 Billion to Kentucky Education! Lottery proceeds annually fund student financial aid awards, including the merit-based Kentucky Educational Excellence Scholarship (KEES).

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## How much does the lottery make in 2020?

All told, the Lottery produced \$979 million in profit from \$5.252 billion in revenue during fiscal 2020, compared to \$1.104 billion in net profit from \$5.509 billion in revenue during fiscal 2019.

## How much taxes do you have to pay on \$1000000?

Your total federal income taxes are estimated at \$11,000 per year or \$220,000 after 20 years since we’re assuming the tax rate for this example won’t change.

Minimizing Lottery Jackpot Taxes.

Total Winnings \$1,000,000 \$1,000,000
Taxes in Year 1 \$370,000 \$11,000
Total Taxes Paid \$370,000 \$220,000
Tax Savings \$0 \$150,000

## How much taxes do you pay if you win 500000?

The federal government and all but a few state governments will immediately have their hands out for a bit of your prize. The top federal tax rate is 37% for income over \$500,000. The first thing that happens when you turn in that winning ticket is that the federal government takes 24% of the winnings off the top.

## How much federal tax do you pay on lottery winnings?

Before you see a dollar of lottery winnings, the IRS will take 25%. Up to an additional 13% could be withheld in state and local taxes, depending on where you live. Still, you’ll probably owe more when taxes are due, since the top federal tax rate is 37%.

## Can Ky lottery winners remain anonymous?

If you know of, or suspect, any impropriety involving anyone associated with the Kentucky Lottery Corporation, please contact us at (502)560-1813 or at klcfraudwatch@kylottery.com. You may remain anonymous.

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## How is KEES money funded?

State financial aid programs funded by the Kentucky Lottery

KHEAA gratefully acknowledges the Kentucky Lottery for its support and major commitment to Kentucky students. … The KEES program is a merit–based scholarship given to Kentucky students based on their high school GPAs and ACT/SAT scores. Find out more about KEES.