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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 $245,000,000 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, Feb 26, 2019
Jackpot:$245,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,687,602$885,024$220,887$2,581,690
2$3,871,982$929,276$231,932$2,710,774
3$4,065,581$975,739$243,528$2,846,313
4$4,268,860$1,024,526$255,705$2,988,629
5$4,482,303$1,075,753$268,490$3,138,060
6$4,706,418$1,129,540$281,914$3,294,963
7$4,941,739$1,186,017$296,010$3,459,711
8$5,188,826$1,245,318$310,811$3,632,697
9$5,448,267$1,307,584$326,351$3,814,332
10$5,720,680$1,372,963$342,669$4,005,048
11$6,006,714$1,441,611$359,802$4,205,301
12$6,307,050$1,513,692$377,792$4,415,566
13$6,622,403$1,589,377$396,682$4,636,344
14$6,953,523$1,668,845$416,516$4,868,161
15$7,301,199$1,752,288$437,342$5,111,569
16$7,666,259$1,839,902$459,209$5,367,148
17$8,049,572$1,931,897$482,169$5,635,505
18$8,452,050$2,028,492$506,278$5,917,281
19$8,874,653$2,129,917$531,592$6,213,144
20$9,318,386$2,236,413$558,171$6,523,802
21$9,784,305$2,348,233$586,080$6,849,992
22$10,273,520$2,465,645$615,384$7,192,491
23$10,787,196$2,588,927$646,153$7,552,116
24$11,326,556$2,718,373$678,461$7,929,722
25$11,892,884$2,854,292$712,384$8,326,208
26$12,487,528$2,997,007$748,003$8,742,518
27$13,111,904$3,146,857$785,403$9,179,644
28$13,767,499$3,304,200$824,673$9,638,626
29$14,455,874$3,469,410$865,907$10,120,558
30$15,178,668$3,642,880$909,202$10,626,586
Total$245,000,000$58,800,000$14,675,500$171,524,500
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