Rhode Island Lottery

RILottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Sep 20, 2024 is estimated to be $47 Million, with a cash option of 23.9 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 Fri Sep 20, 2024

Draw Date	Jackpot	Cash Option
Fri Sep 20, 2024	$47,000,000	$23,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$23,900,000
Federal Tax(24%)	$5,736,000
Additional Federal Tax	$3,067,330
State Tax(5.99%)	$1,431,610
Net Lumpsum Payment	$13,665,060

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$42,373	$442,957
2	$742,788	-$235,162 -$44,493	$463,133
3	$779,918	-$248,900 -$46,717	$484,301
4	$818,928	-$263,334 -$49,054	$506,540
5	$859,865	-$278,480 -$51,506	$529,879
6	$902,870	-$294,392 -$54,082	$554,396
7	$947,990	-$311,087 -$56,785	$580,118
8	$995,413	-$328,633 -$59,625	$607,155
9	$1,045,186	-$347,049 -$62,607	$635,530
10	$1,097,450	-$366,387 -$65,737	$665,326
11	$1,152,299	-$386,681 -$69,023	$696,595
12	$1,209,921	-$408,001 -$72,474	$729,446
13	$1,270,410	-$430,382 -$76,098	$763,930
14	$1,333,954	-$453,893 -$79,904	$800,157
15	$1,400,647	-$478,570 -$83,899	$838,178
16	$1,470,677	-$504,481 -$88,094	$878,102
17	$1,544,185	-$531,679 -$92,497	$920,009
18	$1,621,406	-$560,251 -$97,122	$964,033
19	$1,702,481	-$590,248 -$101,979	$1,010,254
20	$1,787,598	-$621,742 -$107,077	$1,058,779
21	$1,876,992	-$654,817 -$112,432	$1,109,743
22	$1,970,851	-$689,545 -$118,054	$1,163,252
23	$2,069,363	-$725,995 -$123,955	$1,219,413
24	$2,172,857	-$764,287 -$130,154	$1,278,416
25	$2,281,474	-$804,476 -$136,660	$1,340,338
26	$2,395,590	-$846,699 -$143,496	$1,405,395
27	$2,515,346	-$891,008 -$150,669	$1,473,669
28	$2,641,118	-$937,544 -$158,203	$1,545,371
29	$2,773,188	-$986,410 -$166,114	$1,620,664
30	$2,911,838	-$1,037,710 -$174,419	$1,699,709