Rhode Island Lottery

RILottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 10, 2024 is estimated to be $331 Million, with a cash option of 153.1 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 May 10, 2024

Draw Date	Jackpot	Cash Option
Fri May 10, 2024	$331,000,000	$153,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$153,100,000
Federal Tax(24%)	$36,744,000
Additional Federal Tax	$19,863,330
State Tax(5.99%)	$9,170,690
Net Lumpsum Payment	$87,321,980

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$298,415	$2,879,840
2	$5,231,124	-$1,895,846 -$313,344	$3,021,934
3	$5,492,614	-$1,992,598 -$329,008	$3,171,008
4	$5,767,344	-$2,094,248 -$345,464	$3,327,632
5	$6,055,645	-$2,200,919 -$362,733	$3,491,993
6	$6,358,510	-$2,312,979 -$380,875	$3,664,656
7	$6,676,270	-$2,430,550 -$399,909	$3,845,811
8	$7,010,249	-$2,554,123 -$419,914	$4,036,212
9	$7,360,778	-$2,683,818 -$440,911	$4,236,049
10	$7,728,850	-$2,820,005 -$462,958	$4,445,887
11	$8,115,127	-$2,962,927 -$486,096	$4,666,104
12	$8,520,933	-$3,113,076 -$510,404	$4,897,453
13	$8,946,930	-$3,270,694 -$535,921	$5,140,315
14	$9,394,442	-$3,436,274 -$562,727	$5,395,441
15	$9,864,131	-$3,610,059 -$590,861	$5,663,211
16	$10,357,321	-$3,792,539 -$620,404	$5,944,378
17	$10,875,005	-$3,984,082 -$651,413	$6,239,510
18	$11,418,838	-$4,185,300 -$683,988	$6,549,550
19	$11,989,813	-$4,396,561 -$718,190	$6,875,062
20	$12,589,254	-$4,618,354 -$754,096	$7,216,804
21	$13,218,816	-$4,851,292 -$791,807	$7,575,717
22	$13,879,823	-$5,095,865 -$831,401	$7,952,557
23	$14,573,599	-$5,352,562 -$872,959	$8,348,078
24	$15,302,461	-$5,622,241 -$916,617	$8,763,603
25	$16,067,402	-$5,905,269 -$962,437	$9,199,696
26	$16,871,070	-$6,202,626 -$1,010,577	$9,657,867
27	$17,714,458	-$6,514,680 -$1,061,096	$10,138,682
28	$18,600,214	-$6,842,410 -$1,114,153	$10,643,651
29	$19,530,324	-$7,186,550 -$1,169,866	$11,173,908
30	$20,506,774	-$7,547,837 -$1,228,356	$11,730,581