Rhode Island Lottery

RILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Feb 22, 2025 is estimated to be $215 Million, with a cash option of 99.3 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 Feb 22, 2025

Draw Date	Jackpot	Cash Option
Sat Feb 22, 2025	$215,000,000	$99,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,300,000
Federal Tax(24%)	$23,832,000
Additional Federal Tax	$12,869,330
State Tax(5.99%)	$5,948,070
Net Lumpsum Payment	$56,650,600

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,235,965	-$1,157,637 -$193,834	$1,884,494
2	$3,397,860	-$1,217,539 -$203,532	$1,976,789
3	$3,567,710	-$1,280,383 -$213,706	$2,073,621
4	$3,746,160	-$1,346,410 -$224,395	$2,175,355
5	$3,933,425	-$1,415,698 -$235,612	$2,282,115
6	$4,130,150	-$1,488,486 -$247,396	$2,394,268
7	$4,336,550	-$1,564,854 -$259,759	$2,511,937
8	$4,553,485	-$1,645,120 -$272,754	$2,635,611
9	$4,781,170	-$1,729,363 -$286,392	$2,765,415
10	$5,020,250	-$1,817,823 -$300,713	$2,901,714
11	$5,271,155	-$1,910,658 -$315,742	$3,044,755
12	$5,534,745	-$2,008,186 -$331,531	$3,195,028
13	$5,811,450	-$2,110,567 -$348,106	$3,352,777
14	$6,102,130	-$2,218,118 -$365,518	$3,518,494
15	$6,407,215	-$2,331,000 -$383,792	$3,692,423
16	$6,727,565	-$2,449,529 -$402,981	$3,875,055
17	$7,063,825	-$2,573,946 -$423,123	$4,066,756
18	$7,417,070	-$2,704,646 -$444,282	$4,268,142
19	$7,787,945	-$2,841,870 -$466,498	$4,479,577
20	$8,177,310	-$2,985,935 -$489,821	$4,701,554
21	$8,586,240	-$3,137,239 -$514,316	$4,934,685
22	$9,015,595	-$3,296,101 -$540,034	$5,179,460
23	$9,466,235	-$3,462,837 -$567,027	$5,436,371
24	$9,939,665	-$3,638,006 -$595,386	$5,706,273
25	$10,436,530	-$3,821,846 -$625,148	$5,989,536
26	$10,958,550	-$4,014,994 -$656,417	$6,287,139
27	$11,506,370	-$4,217,687 -$689,232	$6,599,451
28	$12,081,710	-$4,430,563 -$723,694	$6,927,453
29	$12,685,860	-$4,654,099 -$759,883	$7,271,878
30	$13,320,110	-$4,888,771 -$797,875	$7,633,464