Rhode Island Lottery

RILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Nov 23, 2024 is estimated to be $171 Million, with a cash option of 78.7 Million. If you win the Powerball 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 Powerball Jackpot/Cash Option for Sat Nov 23, 2024

Draw Date	Jackpot	Cash Option
Sat Nov 23, 2024	$171,000,000	$78,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$78,700,000
Federal Tax(24%)	$18,888,000
Additional Federal Tax	$10,191,330
State Tax(5.99%)	$4,714,130
Net Lumpsum Payment	$44,906,540

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,573,721	-$912,607 -$154,166	$1,506,948
2	$2,702,484	-$960,249 -$161,879	$1,580,356
3	$2,837,574	-$1,010,233 -$169,971	$1,657,370
4	$2,979,504	-$1,062,747 -$178,472	$1,738,285
5	$3,128,445	-$1,117,855 -$187,394	$1,823,196
6	$3,284,910	-$1,175,747 -$196,766	$1,912,397
7	$3,449,070	-$1,236,486 -$206,599	$2,005,985
8	$3,621,609	-$1,300,326 -$216,934	$2,104,349
9	$3,802,698	-$1,367,329 -$227,782	$2,207,587
10	$3,992,850	-$1,437,685 -$239,172	$2,315,993
11	$4,192,407	-$1,511,521 -$251,125	$2,429,761
12	$4,402,053	-$1,589,090 -$263,683	$2,549,280
13	$4,622,130	-$1,670,518 -$276,866	$2,674,746
14	$4,853,322	-$1,756,060 -$290,714	$2,806,548
15	$5,095,971	-$1,845,840 -$305,249	$2,944,882
16	$5,350,761	-$1,940,112 -$320,511	$3,090,138
17	$5,618,205	-$2,039,066 -$336,530	$3,242,609
18	$5,899,158	-$2,143,019 -$353,360	$3,402,779
19	$6,194,133	-$2,252,160 -$371,029	$3,570,944
20	$6,503,814	-$2,366,742 -$389,578	$3,747,494
21	$6,829,056	-$2,487,081 -$409,060	$3,932,915
22	$7,170,543	-$2,613,431 -$429,516	$4,127,596
23	$7,528,959	-$2,746,045 -$450,985	$4,331,929
24	$7,905,501	-$2,885,366 -$473,540	$4,546,595
25	$8,300,682	-$3,031,583 -$497,211	$4,771,888
26	$8,715,870	-$3,185,202 -$522,081	$5,008,587
27	$9,151,578	-$3,346,414 -$548,180	$5,256,984
28	$9,609,174	-$3,515,725 -$575,590	$5,517,859
29	$10,089,684	-$3,693,513 -$604,372	$5,791,799
30	$10,594,134	-$3,880,160 -$634,589	$6,079,385