Rhode Island Lottery

RILottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Mar 11, 2025 is estimated to be $256 Million, with a cash option of 119.5 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 Mar 11, 2025

Draw Date	Jackpot	Cash Option
Tue Mar 11, 2025	$256,000,000	$119,500,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$119,500,000
Federal Tax(24%)	$28,680,000
Additional Federal Tax	$15,495,330
State Tax(5.99%)	$7,158,050
Net Lumpsum Payment	$68,166,620

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,853,056	-$1,385,961 -$230,798	$2,236,297
2	$4,045,824	-$1,457,285 -$242,345	$2,346,194
3	$4,248,064	-$1,532,114 -$254,459	$2,461,491
4	$4,460,544	-$1,610,732 -$267,187	$2,582,625
5	$4,683,520	-$1,693,233 -$280,543	$2,709,744
6	$4,917,760	-$1,779,902 -$294,574	$2,843,284
7	$5,163,520	-$1,870,833 -$309,295	$2,983,392
8	$5,421,824	-$1,966,405 -$324,767	$3,130,652
9	$5,692,928	-$2,066,714 -$341,006	$3,285,208
10	$5,977,600	-$2,172,042 -$358,058	$3,447,500
11	$6,276,352	-$2,282,581 -$375,953	$3,617,818
12	$6,590,208	-$2,398,707 -$394,753	$3,796,748
13	$6,919,680	-$2,520,612 -$414,489	$3,984,579
14	$7,265,792	-$2,648,673 -$435,221	$4,181,898
15	$7,629,056	-$2,783,081 -$456,980	$4,388,995
16	$8,010,496	-$2,924,214 -$479,829	$4,606,453
17	$8,410,880	-$3,072,356 -$503,812	$4,834,712
18	$8,831,488	-$3,227,981 -$529,006	$5,074,501
19	$9,273,088	-$3,391,373 -$555,458	$5,326,257
20	$9,736,704	-$3,562,911 -$583,229	$5,590,564
21	$10,223,616	-$3,743,068 -$612,395	$5,868,153
22	$10,734,848	-$3,932,224 -$643,017	$6,159,607
23	$11,271,424	-$4,130,757 -$675,158	$6,465,509
24	$11,835,136	-$4,339,331 -$708,925	$6,786,880
25	$12,426,752	-$4,558,229 -$744,362	$7,124,161
26	$13,048,320	-$4,788,209 -$781,594	$7,478,517
27	$13,700,608	-$5,029,555 -$820,666	$7,850,387
28	$14,385,664	-$5,283,026 -$861,701	$8,240,937
29	$15,105,024	-$5,549,189 -$904,791	$8,651,044
30	$15,860,224	-$5,828,613 -$950,027	$9,081,584