Rhode Island Lottery

RILottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Mar 11, 2025 is estimated to be $256 Million, with a cash option of 119.5 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Rhode Island, your state will take 5.99% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Rhode Island MEGA Millions Jackpot/Cash Option for Tue Mar 11, 2025

Draw Date	Jackpot	Cash Option
Tue Mar 11, 2025	$256,000,000	$119,500,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$119,500,000
Federal Tax(24%)	$28,680,000
Additional Federal Tax	$15,495,330
State Tax(5.99%)	$7,158,050
Net Lumpsum Payment	$68,166,620

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,853,056	-$1,385,961 -$230,798	$2,236,297
2	$4,045,824	-$1,457,285 -$242,345	$2,346,194
3	$4,248,064	-$1,532,114 -$254,459	$2,461,491
4	$4,460,544	-$1,610,732 -$267,187	$2,582,625
5	$4,683,520	-$1,693,233 -$280,543	$2,709,744
6	$4,917,760	-$1,779,902 -$294,574	$2,843,284
7	$5,163,520	-$1,870,833 -$309,295	$2,983,392
8	$5,421,824	-$1,966,405 -$324,767	$3,130,652
9	$5,692,928	-$2,066,714 -$341,006	$3,285,208
10	$5,977,600	-$2,172,042 -$358,058	$3,447,500
11	$6,276,352	-$2,282,581 -$375,953	$3,617,818
12	$6,590,208	-$2,398,707 -$394,753	$3,796,748
13	$6,919,680	-$2,520,612 -$414,489	$3,984,579
14	$7,265,792	-$2,648,673 -$435,221	$4,181,898
15	$7,629,056	-$2,783,081 -$456,980	$4,388,995
16	$8,010,496	-$2,924,214 -$479,829	$4,606,453
17	$8,410,880	-$3,072,356 -$503,812	$4,834,712
18	$8,831,488	-$3,227,981 -$529,006	$5,074,501
19	$9,273,088	-$3,391,373 -$555,458	$5,326,257
20	$9,736,704	-$3,562,911 -$583,229	$5,590,564
21	$10,223,616	-$3,743,068 -$612,395	$5,868,153
22	$10,734,848	-$3,932,224 -$643,017	$6,159,607
23	$11,271,424	-$4,130,757 -$675,158	$6,465,509
24	$11,835,136	-$4,339,331 -$708,925	$6,786,880
25	$12,426,752	-$4,558,229 -$744,362	$7,124,161
26	$13,048,320	-$4,788,209 -$781,594	$7,478,517
27	$13,700,608	-$5,029,555 -$820,666	$7,850,387
28	$14,385,664	-$5,283,026 -$861,701	$8,240,937
29	$15,105,024	-$5,549,189 -$904,791	$8,651,044
30	$15,860,224	-$5,828,613 -$950,027	$9,081,584