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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 $60,000,000 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:  Tue, Jun 25, 2019
Jackpot:$60,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$903,086$216,741$54,095$632,251
2$948,240$227,578$56,800$663,863
3$995,652$238,957$59,640$697,056
4$1,045,435$250,904$62,622$731,909
5$1,097,707$263,450$65,753$768,505
6$1,152,592$276,622$69,040$806,930
7$1,210,222$290,453$72,492$847,276
8$1,270,733$304,976$76,117$889,640
9$1,334,270$320,225$79,923$934,122
10$1,400,983$336,236$83,919$980,828
11$1,471,032$353,048$88,115$1,029,870
12$1,544,584$370,700$92,521$1,081,363
13$1,621,813$389,235$97,147$1,135,431
14$1,702,904$408,697$102,004$1,192,203
15$1,788,049$429,132$107,104$1,251,813
16$1,877,451$450,588$112,459$1,314,404
17$1,971,324$473,118$118,082$1,380,124
18$2,069,890$496,774$123,986$1,449,130
19$2,173,384$521,612$130,186$1,521,586
20$2,282,054$547,693$136,695$1,597,666
21$2,396,156$575,078$143,530$1,677,549
22$2,515,964$603,831$150,706$1,761,426
23$2,641,762$634,023$158,242$1,849,498
24$2,773,850$665,724$166,154$1,941,973
25$2,912,543$699,010$174,461$2,039,071
26$3,058,170$733,961$183,184$2,141,025
27$3,211,079$770,659$192,344$2,248,076
28$3,371,633$809,192$201,961$2,360,480
29$3,540,214$849,651$212,059$2,478,504
30$3,717,225$892,134$222,662$2,602,429
Total$60,000,000$14,400,000$3,594,000$42,006,000
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