Rhode Island Lottery

RILottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Dec 24, 2024 is estimated to be $944 Million, with a cash option of 429.4 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 Dec 24, 2024

Draw Date	Jackpot	Cash Option
Tue Dec 24, 2024	$944,000,000	$429,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$429,400,000
Federal Tax(24%)	$103,056,000
Additional Federal Tax	$55,782,330
State Tax(5.99%)	$25,721,060
Net Lumpsum Payment	$244,840,610

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$851,068	$8,139,732
2	$14,918,976	-$5,480,352 -$893,647	$8,544,977
3	$15,664,736	-$5,756,283 -$938,318	$8,970,135
4	$16,448,256	-$6,046,185 -$985,251	$9,416,820
5	$17,270,480	-$6,350,408 -$1,034,502	$9,885,570
6	$18,134,240	-$6,669,999 -$1,086,241	$10,378,000
7	$19,040,480	-$7,005,308 -$1,140,525	$10,894,647
8	$19,992,976	-$7,357,732 -$1,197,579	$11,437,665
9	$20,992,672	-$7,727,619 -$1,257,461	$12,007,592
10	$22,042,400	-$8,116,018 -$1,320,340	$12,606,042
11	$23,144,048	-$8,523,628 -$1,386,328	$13,234,092
12	$24,301,392	-$8,951,845 -$1,455,653	$13,893,894
13	$25,516,320	-$9,401,369 -$1,528,428	$14,586,523
14	$26,792,608	-$9,873,595 -$1,604,877	$15,314,136
15	$28,132,144	-$10,369,224 -$1,685,115	$16,077,805
16	$29,538,704	-$10,889,651 -$1,769,368	$16,879,685
17	$31,015,120	-$11,435,925 -$1,857,806	$17,721,389
18	$32,566,112	-$12,009,792 -$1,950,710	$18,605,610
19	$34,194,512	-$12,612,300 -$2,048,251	$19,533,961
20	$35,904,096	-$13,244,846 -$2,150,655	$20,508,595
21	$37,699,584	-$13,909,176 -$2,258,205	$21,532,203
22	$39,584,752	-$14,606,689 -$2,371,127	$22,606,936
23	$41,563,376	-$15,338,780 -$2,489,646	$23,734,950
24	$43,642,064	-$16,107,894 -$2,614,160	$24,920,010
25	$45,823,648	-$16,915,080 -$2,744,837	$26,163,731
26	$48,115,680	-$17,763,132 -$2,882,129	$27,470,419
27	$50,520,992	-$18,653,097 -$3,026,207	$28,841,688
28	$53,047,136	-$19,587,771 -$3,177,523	$30,281,842
29	$55,699,776	-$20,569,248 -$3,336,417	$31,794,111
30	$58,484,576	-$21,599,624 -$3,503,226	$33,381,726