Rhode Island Lottery

RILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 11, 2024 is estimated to be $36 Million, with a cash option of 16.8 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 May 11, 2024

Draw Date	Jackpot	Cash Option
Sat May 11, 2024	$36,000,000	$16,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$16,800,000
Federal Tax(24%)	$4,032,000
Additional Federal Tax	$2,144,330
State Tax(5.99%)	$1,006,320
Net Lumpsum Payment	$9,617,350

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$541,836	-$160,810 -$32,456	$348,570
2	$568,944	-$170,840 -$34,080	$364,024
3	$597,384	-$181,362 -$35,783	$380,239
4	$627,264	-$192,418 -$37,573	$397,273
5	$658,620	-$204,020 -$39,451	$415,149
6	$691,560	-$216,208 -$41,424	$433,928
7	$726,120	-$228,995 -$43,495	$453,630
8	$762,444	-$242,435 -$45,670	$474,339
9	$800,568	-$256,541 -$47,954	$496,073
10	$840,600	-$271,352 -$50,352	$518,896
11	$882,612	-$286,897 -$52,868	$542,847
12	$926,748	-$303,227 -$55,512	$568,009
13	$973,080	-$320,370 -$58,287	$594,423
14	$1,021,752	-$338,379 -$61,203	$622,170
15	$1,072,836	-$357,280 -$64,263	$651,293
16	$1,126,476	-$377,127 -$67,476	$681,873
17	$1,182,780	-$397,959 -$70,849	$713,972
18	$1,241,928	-$419,844 -$74,391	$747,693
19	$1,304,028	-$442,821 -$78,111	$783,096
20	$1,369,224	-$466,943 -$82,017	$820,264
21	$1,437,696	-$492,278 -$86,118	$859,300
22	$1,509,588	-$518,878 -$90,424	$900,286
23	$1,585,044	-$546,797 -$94,944	$943,303
24	$1,664,316	-$576,127 -$99,693	$988,496
25	$1,747,512	-$606,910 -$104,676	$1,035,926
26	$1,834,920	-$639,251 -$109,912	$1,085,757
27	$1,926,648	-$673,190 -$115,406	$1,138,052
28	$2,022,984	-$708,834 -$121,177	$1,192,973
29	$2,124,144	-$746,264 -$127,236	$1,250,644
30	$2,230,344	-$785,558 -$133,598	$1,311,188