Rhode Island Lottery

RILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jan 22, 2025 is estimated to be $31 Million, with a cash option of 13.8 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 Wed Jan 22, 2025

Draw Date	Jackpot	Cash Option
Wed Jan 22, 2025	$31,000,000	$13,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$13,800,000
Federal Tax(24%)	$3,312,000
Additional Federal Tax	$1,754,330
State Tax(5.99%)	$826,620
Net Lumpsum Payment	$7,907,050

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$27,948	$305,668
2	$489,924	-$141,602 -$29,346	$318,976
3	$514,414	-$150,664 -$30,813	$332,937
4	$540,144	-$160,184 -$32,355	$347,605
5	$567,145	-$170,174 -$33,972	$362,999
6	$595,510	-$180,669 -$35,671	$379,170
7	$625,270	-$191,680 -$37,454	$396,136
8	$656,549	-$203,254 -$39,327	$413,968
9	$689,378	-$215,400 -$41,294	$432,684
10	$723,850	-$228,155 -$43,359	$452,336
11	$760,027	-$241,540 -$45,526	$472,961
12	$798,033	-$255,603 -$47,802	$494,628
13	$837,930	-$270,364 -$50,192	$517,374
14	$879,842	-$285,872 -$52,703	$541,267
15	$923,831	-$302,148 -$55,337	$566,346
16	$970,021	-$319,238 -$58,104	$592,679
17	$1,018,505	-$337,177 -$61,008	$620,320
18	$1,069,438	-$356,022 -$64,059	$649,357
19	$1,122,913	-$375,808 -$67,262	$679,843
20	$1,179,054	-$396,580 -$70,625	$711,849
21	$1,238,016	-$418,396 -$74,157	$745,463
22	$1,299,923	-$441,302 -$77,865	$780,756
23	$1,364,899	-$465,343 -$81,757	$817,799
24	$1,433,161	-$490,600 -$85,846	$856,715
25	$1,504,802	-$517,107 -$90,138	$897,557
26	$1,580,070	-$544,956 -$94,646	$940,468
27	$1,659,058	-$574,182 -$99,378	$985,498
28	$1,742,014	-$604,876 -$104,347	$1,032,791
29	$1,829,124	-$637,106 -$109,565	$1,082,453
30	$1,920,574	-$670,943 -$115,042	$1,134,589