Rhode Island Lottery

RILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Jan 11, 2025 is estimated to be $263 Million, with a cash option of 117.7 Million. If you win the Powerball 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 Powerball Jackpot/Cash Option for Sat Jan 11, 2025

Draw Date	Jackpot	Cash Option
Sat Jan 11, 2025	$263,000,000	$117,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$117,700,000
Federal Tax(24%)	$28,248,000
Additional Federal Tax	$15,261,330
State Tax(5.99%)	$7,050,230
Net Lumpsum Payment	$67,140,440

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,958,413	-$1,424,943 -$237,109	$2,296,361
2	$4,156,452	-$1,498,218 -$248,971	$2,409,263
3	$4,364,222	-$1,575,093 -$261,417	$2,527,712
4	$4,582,512	-$1,655,860 -$274,492	$2,652,160
5	$4,811,585	-$1,740,617 -$288,214	$2,782,754
6	$5,052,230	-$1,829,655 -$302,629	$2,919,946
7	$5,304,710	-$1,923,073 -$317,752	$3,063,885
8	$5,570,077	-$2,021,259 -$333,648	$3,215,170
9	$5,848,594	-$2,124,310 -$350,331	$3,373,953
10	$6,141,050	-$2,232,519 -$367,849	$3,540,682
11	$6,447,971	-$2,346,080 -$386,233	$3,715,658
12	$6,770,409	-$2,465,382 -$405,547	$3,899,480
13	$7,108,890	-$2,590,620 -$425,823	$4,092,447
14	$7,464,466	-$2,722,183 -$447,122	$4,295,161
15	$7,837,663	-$2,860,266 -$469,476	$4,507,921
16	$8,229,533	-$3,005,258 -$492,949	$4,731,326
17	$8,640,865	-$3,157,450 -$517,588	$4,965,827
18	$9,072,974	-$3,317,331 -$543,471	$5,212,172
19	$9,526,649	-$3,485,191 -$570,646	$5,470,812
20	$10,002,942	-$3,661,419 -$599,176	$5,742,347
21	$10,503,168	-$3,846,503 -$629,140	$6,027,525
22	$11,028,379	-$4,040,831 -$660,600	$6,326,948
23	$11,579,627	-$4,244,792 -$693,620	$6,641,215
24	$12,158,753	-$4,459,069 -$728,309	$6,971,375
25	$12,766,546	-$4,683,952 -$764,716	$7,317,878
26	$13,405,110	-$4,920,221 -$802,966	$7,681,923
27	$14,075,234	-$5,168,167 -$843,107	$8,063,960
28	$14,779,022	-$5,428,569 -$885,263	$8,465,190
29	$15,518,052	-$5,702,010 -$929,531	$8,886,511
30	$16,293,902	-$5,989,074 -$976,005	$9,328,823