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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 $192,000,000 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, Apr 23, 2019
Jackpot:$192,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,889,876$693,570$173,104$2,023,202
2$3,034,369$728,249$181,759$2,124,362
3$3,186,088$764,661$190,847$2,230,580
4$3,345,392$802,894$200,389$2,342,109
5$3,512,662$843,039$210,408$2,459,214
6$3,688,295$885,191$220,929$2,582,175
7$3,872,710$929,450$231,975$2,711,284
8$4,066,345$975,923$243,574$2,846,848
9$4,269,662$1,024,719$255,753$2,989,191
10$4,483,145$1,075,955$268,540$3,138,650
11$4,707,303$1,129,753$281,967$3,295,583
12$4,942,668$1,186,240$296,066$3,460,362
13$5,189,801$1,245,552$310,869$3,633,380
14$5,449,291$1,307,830$326,413$3,815,049
15$5,721,756$1,373,221$342,733$4,005,801
16$6,007,844$1,441,883$359,870$4,206,091
17$6,308,236$1,513,977$377,863$4,416,396
18$6,623,648$1,589,675$396,756$4,637,216
19$6,954,830$1,669,159$416,594$4,869,076
20$7,302,572$1,752,617$437,424$5,112,530
21$7,667,700$1,840,248$459,295$5,368,157
22$8,051,085$1,932,260$482,260$5,636,565
23$8,453,639$2,028,873$506,373$5,918,393
24$8,876,321$2,130,317$531,692$6,214,313
25$9,320,137$2,236,833$558,276$6,525,028
26$9,786,144$2,348,675$586,190$6,851,280
27$10,275,452$2,466,108$615,500$7,193,844
28$10,789,224$2,589,414$646,275$7,553,536
29$11,328,685$2,718,884$678,588$7,931,213
30$11,895,120$2,854,829$712,518$8,327,773
Total$192,000,000$46,080,000$11,500,800$134,419,200
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