Rhode Island Lottery

RILottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jan 21, 2025 is estimated to be $20 Million, with a cash option of 8.9 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 21, 2025

Draw Date	Jackpot	Cash Option
Tue Jan 21, 2025	$20,000,000	$8,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$8,900,000
Federal Tax(24%)	$2,136,000
Additional Federal Tax	$1,117,330
State Tax(5.99%)	$533,110
Net Lumpsum Payment	$5,113,560

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$18,031	$211,281
2	$316,080	-$77,280 -$18,933	$219,867
3	$331,880	-$83,126 -$19,880	$228,874
4	$348,480	-$89,268 -$20,874	$238,338
5	$365,900	-$95,713 -$21,917	$248,270
6	$384,200	-$102,484 -$23,014	$258,702
7	$403,400	-$109,588 -$24,164	$269,648
8	$423,580	-$117,055 -$25,372	$281,153
9	$444,760	-$124,892 -$26,641	$293,227
10	$467,000	-$133,120 -$27,973	$305,907
11	$490,340	-$141,756 -$29,371	$319,213
12	$514,860	-$150,829 -$30,840	$333,191
13	$540,600	-$160,352 -$32,382	$347,866
14	$567,640	-$170,357 -$34,002	$363,281
15	$596,020	-$180,858 -$35,702	$379,460
16	$625,820	-$191,884 -$37,487	$396,449
17	$657,100	-$203,457 -$39,360	$414,283
18	$689,960	-$215,616 -$41,329	$433,015
19	$724,460	-$228,381 -$43,395	$452,684
20	$760,680	-$241,782 -$45,565	$473,333
21	$798,720	-$255,857 -$47,843	$495,020
22	$838,660	-$270,635 -$50,236	$517,789
23	$880,580	-$286,145 -$52,747	$541,688
24	$924,620	-$302,440 -$55,385	$566,795
25	$970,840	-$319,541 -$58,153	$593,146
26	$1,019,400	-$337,508 -$61,062	$620,830
27	$1,070,360	-$356,364 -$64,115	$649,881
28	$1,123,880	-$376,166 -$67,320	$680,394
29	$1,180,080	-$396,960 -$70,687	$712,433
30	$1,239,080	-$418,790 -$74,221	$746,069