Rhode Island Lottery

RILottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Jan 10, 2025 is estimated to be $77 Million, with a cash option of 34.1 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 Jan 10, 2025

Draw Date	Jackpot	Cash Option
Fri Jan 10, 2025	$77,000,000	$34,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$34,100,000
Federal Tax(24%)	$8,184,000
Additional Federal Tax	$4,393,330
State Tax(5.99%)	$2,042,590
Net Lumpsum Payment	$19,480,080

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,158,927	-$389,133 -$69,420	$700,374
2	$1,216,908	-$410,586 -$72,893	$733,429
3	$1,277,738	-$433,093 -$76,537	$768,108
4	$1,341,648	-$456,740 -$80,365	$804,543
5	$1,408,715	-$481,555 -$84,382	$842,778
6	$1,479,170	-$507,623 -$88,602	$882,945
7	$1,553,090	-$534,974 -$93,030	$925,086
8	$1,630,783	-$563,720 -$97,684	$969,379
9	$1,712,326	-$593,891 -$102,568	$1,015,867
10	$1,797,950	-$625,572 -$107,697	$1,064,681
11	$1,887,809	-$658,820 -$113,080	$1,115,909
12	$1,982,211	-$693,748 -$118,734	$1,169,729
13	$2,081,310	-$730,415 -$124,670	$1,226,225
14	$2,185,414	-$768,934 -$130,906	$1,285,574
15	$2,294,677	-$809,361 -$137,451	$1,347,865
16	$2,409,407	-$851,811 -$144,323	$1,413,273
17	$2,529,835	-$896,369 -$151,537	$1,481,929
18	$2,656,346	-$943,178 -$159,115	$1,554,053
19	$2,789,171	-$992,324 -$167,071	$1,629,776
20	$2,928,618	-$1,043,919 -$175,424	$1,709,275
21	$3,075,072	-$1,098,107 -$184,197	$1,792,768
22	$3,228,841	-$1,155,002 -$193,408	$1,880,431
23	$3,390,233	-$1,214,717 -$203,075	$1,972,441
24	$3,559,787	-$1,277,452 -$213,231	$2,069,104
25	$3,737,734	-$1,343,292 -$223,890	$2,170,552
26	$3,924,690	-$1,412,466 -$235,089	$2,277,135
27	$4,120,886	-$1,485,058 -$246,841	$2,388,987
28	$4,326,938	-$1,561,297 -$259,184	$2,506,457
29	$4,543,308	-$1,641,354 -$272,144	$2,629,810
30	$4,770,458	-$1,725,400 -$285,750	$2,759,308