Rhode Island Lottery

RILottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue May 6, 2025 is estimated to be $90 Million, with a cash option of 40.8 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 May 6, 2025

Draw Date	Jackpot	Cash Option
Tue May 6, 2025	$90,000,000	$40,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$40,800,000
Federal Tax(24%)	$9,792,000
Additional Federal Tax	$5,264,330
State Tax(5.99%)	$2,443,920
Net Lumpsum Payment	$23,299,750

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,354,590	-$461,529 -$81,140	$811,921
2	$1,422,360	-$486,604 -$85,199	$850,557
3	$1,493,460	-$512,911 -$89,458	$891,091
4	$1,568,160	-$540,550 -$93,933	$933,677
5	$1,646,550	-$569,554 -$98,628	$978,368
6	$1,728,900	-$600,023 -$103,561	$1,025,316
7	$1,815,300	-$631,991 -$108,736	$1,074,573
8	$1,906,110	-$665,591 -$114,176	$1,126,343
9	$2,001,420	-$700,856 -$119,885	$1,180,679
10	$2,101,500	-$737,885 -$125,880	$1,237,735
11	$2,206,530	-$776,746 -$132,171	$1,297,613
12	$2,316,870	-$817,572 -$138,781	$1,360,517
13	$2,432,700	-$860,429 -$145,719	$1,426,552
14	$2,554,380	-$905,451 -$153,007	$1,495,922
15	$2,682,090	-$952,704 -$160,657	$1,568,729
16	$2,816,190	-$1,002,321 -$168,690	$1,645,179
17	$2,956,950	-$1,054,402 -$177,121	$1,725,427
18	$3,104,820	-$1,109,114 -$185,979	$1,809,727
19	$3,260,070	-$1,166,556 -$195,278	$1,898,236
20	$3,423,060	-$1,226,863 -$205,041	$1,991,156
21	$3,594,240	-$1,290,199 -$215,295	$2,088,746
22	$3,773,970	-$1,356,699 -$226,061	$2,191,210
23	$3,962,610	-$1,426,496 -$237,360	$2,298,754
24	$4,160,790	-$1,499,823 -$249,231	$2,411,736
25	$4,368,780	-$1,576,779 -$261,690	$2,530,311
26	$4,587,300	-$1,657,631 -$274,779	$2,654,890
27	$4,816,620	-$1,742,480 -$288,516	$2,785,624
28	$5,057,460	-$1,831,591 -$302,942	$2,922,927
29	$5,310,360	-$1,925,164 -$318,091	$3,067,105
30	$5,575,860	-$2,023,399 -$333,994	$3,218,467