Rhode Island Lottery

RILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Dec 21, 2024 is estimated to be $88 Million, with a cash option of 41 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 Dec 21, 2024

Draw Date	Jackpot	Cash Option
Sat Dec 21, 2024	$88,000,000	$41,000,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$41,000,000
Federal Tax(24%)	$9,840,000
Additional Federal Tax	$5,290,330
State Tax(5.99%)	$2,455,900
Net Lumpsum Payment	$23,413,770

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$79,337	$794,760
2	$1,390,752	-$474,909 -$83,306	$832,537
3	$1,460,272	-$500,631 -$87,470	$872,171
4	$1,533,312	-$527,656 -$91,845	$913,811
5	$1,609,960	-$556,016 -$96,437	$957,507
6	$1,690,480	-$585,808 -$101,260	$1,003,412
7	$1,774,960	-$617,066 -$106,320	$1,051,574
8	$1,863,752	-$649,919 -$111,639	$1,102,194
9	$1,956,944	-$684,400 -$117,221	$1,155,323
10	$2,054,800	-$720,606 -$123,083	$1,211,111
11	$2,157,496	-$758,604 -$129,234	$1,269,658
12	$2,265,384	-$798,522 -$135,697	$1,331,165
13	$2,378,640	-$840,427 -$142,481	$1,395,732
14	$2,497,616	-$884,448 -$149,607	$1,463,561
15	$2,622,488	-$930,651 -$157,087	$1,534,750
16	$2,753,608	-$979,165 -$164,941	$1,609,502
17	$2,891,240	-$1,030,089 -$173,185	$1,687,966
18	$3,035,824	-$1,083,585 -$181,846	$1,770,393
19	$3,187,624	-$1,139,751 -$190,939	$1,856,934
20	$3,346,992	-$1,198,717 -$200,485	$1,947,790
21	$3,514,368	-$1,260,647 -$210,511	$2,043,210
22	$3,690,104	-$1,325,669 -$221,037	$2,143,398
23	$3,874,552	-$1,393,915 -$232,086	$2,248,551
24	$4,068,328	-$1,465,612 -$243,693	$2,359,023
25	$4,271,696	-$1,540,858 -$255,875	$2,474,963
26	$4,485,360	-$1,619,914 -$268,673	$2,596,773
27	$4,709,584	-$1,702,876 -$282,104	$2,724,604
28	$4,945,072	-$1,790,007 -$296,210	$2,858,855
29	$5,192,352	-$1,881,501 -$311,022	$2,999,829
30	$5,451,952	-$1,977,553 -$326,572	$3,147,827