Rhode Island Lottery

RILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed May 8, 2024 is estimated to be $20 Million, with a cash option of 9.3 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 Wed May 8, 2024

Draw Date	Jackpot	Cash Option
Wed May 8, 2024	$20,000,000	$9,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$9,300,000
Federal Tax(24%)	$2,232,000
Additional Federal Tax	$1,169,330
State Tax(5.99%)	$557,070
Net Lumpsum Payment	$5,341,600

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$18,031	$211,281
2	$316,080	-$77,280 -$18,933	$219,867
3	$331,880	-$83,126 -$19,880	$228,874
4	$348,480	-$89,268 -$20,874	$238,338
5	$365,900	-$95,713 -$21,917	$248,270
6	$384,200	-$102,484 -$23,014	$258,702
7	$403,400	-$109,588 -$24,164	$269,648
8	$423,580	-$117,055 -$25,372	$281,153
9	$444,760	-$124,892 -$26,641	$293,227
10	$467,000	-$133,120 -$27,973	$305,907
11	$490,340	-$141,756 -$29,371	$319,213
12	$514,860	-$150,829 -$30,840	$333,191
13	$540,600	-$160,352 -$32,382	$347,866
14	$567,640	-$170,357 -$34,002	$363,281
15	$596,020	-$180,858 -$35,702	$379,460
16	$625,820	-$191,884 -$37,487	$396,449
17	$657,100	-$203,457 -$39,360	$414,283
18	$689,960	-$215,616 -$41,329	$433,015
19	$724,460	-$228,381 -$43,395	$452,684
20	$760,680	-$241,782 -$45,565	$473,333
21	$798,720	-$255,857 -$47,843	$495,020
22	$838,660	-$270,635 -$50,236	$517,789
23	$880,580	-$286,145 -$52,747	$541,688
24	$924,620	-$302,440 -$55,385	$566,795
25	$970,840	-$319,541 -$58,153	$593,146
26	$1,019,400	-$337,508 -$61,062	$620,830
27	$1,070,360	-$356,364 -$64,115	$649,881
28	$1,123,880	-$376,166 -$67,320	$680,394
29	$1,180,080	-$396,960 -$70,687	$712,433
30	$1,239,080	-$418,790 -$74,221	$746,069