Rhode Island Lottery

RILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Sep 21, 2024 is estimated to be $195 Million, with a cash option of 99.1 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 Sep 21, 2024

Draw Date	Jackpot	Cash Option
Sat Sep 21, 2024	$195,000,000	$99,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,100,000
Federal Tax(24%)	$23,784,000
Additional Federal Tax	$12,843,330
State Tax(5.99%)	$5,936,090
Net Lumpsum Payment	$56,536,580

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$175,803	$1,712,882
2	$3,081,780	-$1,100,589 -$184,599	$1,796,592
3	$3,235,830	-$1,157,587 -$193,826	$1,884,417
4	$3,397,680	-$1,217,472 -$203,521	$1,976,687
5	$3,567,525	-$1,280,315 -$213,695	$2,073,515
6	$3,745,950	-$1,346,332 -$224,382	$2,175,236
7	$3,933,150	-$1,415,596 -$235,596	$2,281,958
8	$4,129,905	-$1,488,395 -$247,381	$2,394,129
9	$4,336,410	-$1,564,802 -$259,751	$2,511,857
10	$4,553,250	-$1,645,033 -$272,740	$2,635,477
11	$4,780,815	-$1,729,232 -$286,371	$2,765,212
12	$5,019,885	-$1,817,688 -$300,691	$2,901,506
13	$5,270,850	-$1,910,545 -$315,724	$3,044,581
14	$5,534,490	-$2,008,092 -$331,516	$3,194,882
15	$5,811,195	-$2,110,473 -$348,091	$3,352,631
16	$6,101,745	-$2,217,976 -$365,495	$3,518,274
17	$6,406,725	-$2,330,819 -$383,763	$3,692,143
18	$6,727,110	-$2,449,361 -$402,954	$3,874,795
19	$7,063,485	-$2,573,820 -$423,103	$4,066,562
20	$7,416,630	-$2,704,483 -$444,256	$4,267,891
21	$7,787,520	-$2,841,713 -$466,472	$4,479,335
22	$8,176,935	-$2,985,796 -$489,798	$4,701,341
23	$8,585,655	-$3,137,023 -$514,281	$4,934,351
24	$9,015,045	-$3,295,897 -$540,001	$5,179,147
25	$9,465,690	-$3,462,636 -$566,995	$5,436,059
26	$9,939,150	-$3,637,816 -$595,355	$5,705,979
27	$10,436,010	-$3,821,654 -$625,117	$5,989,239
28	$10,957,830	-$4,014,727 -$656,374	$6,286,729
29	$11,505,780	-$4,217,469 -$689,196	$6,599,115
30	$12,081,030	-$4,430,311 -$723,654	$6,927,065