Rhode Island Lottery

RILottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jan 28, 2025 is estimated to be $44 Million, with a cash option of 19.5 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 MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Rhode Island MEGA Millions Jackpot/Cash Option for Tue Jan 28, 2025

Draw Date	Jackpot	Cash Option
Tue Jan 28, 2025	$44,000,000	$19,500,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$19,500,000
Federal Tax(24%)	$4,680,000
Additional Federal Tax	$2,495,330
State Tax(5.99%)	$1,168,050
Net Lumpsum Payment	$11,156,620

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$662,244	-$205,361 -$39,668	$417,215
2	$695,376	-$217,620 -$41,653	$436,103
3	$730,136	-$230,481 -$43,735	$455,920
4	$766,656	-$243,993 -$45,923	$476,740
5	$804,980	-$258,173 -$48,218	$498,589
6	$845,240	-$273,069 -$50,630	$521,541
7	$887,480	-$288,698 -$53,160	$545,622
8	$931,876	-$305,125 -$55,819	$570,932
9	$978,472	-$322,365 -$58,610	$597,497
10	$1,027,400	-$340,468 -$61,541	$625,391
11	$1,078,748	-$359,467 -$64,617	$654,664
12	$1,132,692	-$379,426 -$67,848	$685,418
13	$1,189,320	-$400,379 -$71,240	$717,701
14	$1,248,808	-$422,389 -$74,804	$751,615
15	$1,311,244	-$445,491 -$78,544	$787,209
16	$1,376,804	-$469,748 -$82,471	$824,585
17	$1,445,620	-$495,210 -$86,593	$863,817
18	$1,517,912	-$521,958 -$90,923	$905,031
19	$1,593,812	-$550,041 -$95,469	$948,302
20	$1,673,496	-$579,524 -$100,242	$993,730
21	$1,757,184	-$610,488 -$105,255	$1,041,441
22	$1,845,052	-$643,000 -$110,519	$1,091,533
23	$1,937,276	-$677,123 -$116,043	$1,144,110
24	$2,034,164	-$712,971 -$121,846	$1,199,347
25	$2,135,848	-$750,594 -$127,937	$1,257,317
26	$2,242,680	-$790,122 -$134,337	$1,318,221
27	$2,354,792	-$831,603 -$141,052	$1,382,137
28	$2,472,536	-$875,169 -$148,105	$1,449,262
29	$2,596,176	-$920,916 -$155,511	$1,519,749
30	$2,725,976	-$968,942 -$163,286	$1,593,748