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Mega Millions Annuity Jackpot Analysis for Rhode Island

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The Mega Millions annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $31,000,000 would be for a resident of Rhode Island, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Rhode Island

Drawing Date:  Fri, Aug 14, 2020
Jackpot:$31,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$111,983$27,949$326,663
2$489,924$117,582$29,346$342,996
3$514,420$123,461$30,814$360,146
4$540,141$129,634$32,354$378,153
5$567,149$136,116$33,972$397,061
6$595,506$142,921$35,671$416,914
7$625,281$150,068$37,454$437,759
8$656,545$157,571$39,327$459,647
9$689,373$165,449$41,293$482,630
10$723,841$173,722$43,358$506,761
11$760,033$182,408$45,526$532,099
12$798,035$191,528$47,802$558,704
13$837,937$201,105$50,192$586,639
14$879,834$211,160$52,702$615,971
15$923,825$221,718$55,337$646,770
16$970,016$232,804$58,104$679,109
17$1,018,517$244,444$61,009$713,064
18$1,069,443$256,666$64,060$748,717
19$1,122,915$269,500$67,263$786,153
20$1,179,061$282,975$70,626$825,461
21$1,238,014$297,123$74,157$866,734
22$1,299,915$311,980$77,865$910,070
23$1,364,911$327,579$81,758$955,574
24$1,433,156$343,957$85,846$1,003,353
25$1,504,814$361,155$90,138$1,053,520
26$1,580,055$379,213$94,645$1,106,196
27$1,659,057$398,174$99,378$1,161,506
28$1,742,010$418,082$104,346$1,219,581
29$1,829,111$438,987$109,564$1,280,560
30$1,920,566$460,936$115,042$1,344,588
Total$31,000,000$7,440,000$1,856,900$21,703,100
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