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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 $109,000,000 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, Oct 27, 2020
Jackpot:$109,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,640,606$393,746$98,272$1,148,589
2$1,722,637$413,433$103,186$1,206,018
3$1,808,769$434,104$108,345$1,266,319
4$1,899,207$455,810$113,763$1,329,635
5$1,994,167$478,600$119,451$1,396,117
6$2,093,876$502,530$125,423$1,465,922
7$2,198,570$527,657$131,694$1,539,219
8$2,308,498$554,040$138,279$1,616,179
9$2,423,923$581,742$145,193$1,696,988
10$2,545,119$610,829$152,453$1,781,838
11$2,672,375$641,370$160,075$1,870,930
12$2,805,994$673,439$168,079$1,964,476
13$2,946,293$707,110$176,483$2,062,700
14$3,093,608$742,466$185,307$2,165,835
15$3,248,289$779,589$194,572$2,274,127
16$3,410,703$818,569$204,301$2,387,833
17$3,581,238$859,497$214,516$2,507,225
18$3,760,300$902,472$225,242$2,632,586
19$3,948,315$947,596$236,504$2,764,215
20$4,145,731$994,975$248,329$2,902,426
21$4,353,017$1,044,724$260,746$3,047,547
22$4,570,668$1,096,960$273,783$3,199,925
23$4,799,202$1,151,808$287,472$3,359,921
24$5,039,162$1,209,399$301,846$3,527,917
25$5,291,120$1,269,869$316,938$3,704,313
26$5,555,676$1,333,362$332,785$3,889,529
27$5,833,459$1,400,030$349,424$4,084,005
28$6,125,132$1,470,032$366,895$4,288,205
29$6,431,389$1,543,533$385,240$4,502,615
30$6,752,959$1,620,710$404,502$4,727,746
Total$109,000,000$26,160,000$6,529,100$76,310,900
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