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Mega Millions Annuity Jackpot Analysis for Rhode Island (Jan. 8, 2019 Drawing)

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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 $45,000,000 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:  Jan. 8, 2019
Jackpot:$45,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$677,315$162,555$40,571$474,188
2$711,180$170,683$42,600$497,897
3$746,739$179,217$44,730$522,792
4$784,076$188,178$46,966$548,932
5$823,280$197,587$49,314$576,378
6$864,444$207,467$51,780$605,197
7$907,666$217,840$54,369$635,457
8$953,050$228,732$57,088$667,230
9$1,000,702$240,169$59,942$700,592
10$1,050,737$252,177$62,939$735,621
11$1,103,274$264,786$66,086$772,402
12$1,158,438$278,025$69,390$811,022
13$1,216,360$291,926$72,860$851,573
14$1,277,178$306,523$76,503$894,152
15$1,341,037$321,849$80,328$938,860
16$1,408,088$337,941$84,344$985,803
17$1,478,493$354,838$88,562$1,035,093
18$1,552,417$372,580$92,990$1,086,847
19$1,630,038$391,209$97,639$1,141,190
20$1,711,540$410,770$102,521$1,198,249
21$1,797,117$431,308$107,647$1,258,162
22$1,886,973$452,874$113,030$1,321,070
23$1,981,322$475,517$118,681$1,387,123
24$2,080,388$499,293$124,615$1,456,479
25$2,184,407$524,258$130,846$1,529,303
26$2,293,628$550,471$137,388$1,605,769
27$2,408,309$577,994$144,258$1,686,057
28$2,528,724$606,894$151,471$1,770,360
29$2,655,161$637,239$159,044$1,858,878
30$2,787,919$669,100$166,996$1,951,822
Total$45,000,000$10,800,000$2,695,500$31,504,500
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