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Mega Millions Annuity Jackpot Analysis for Rhode Island (Oct. 16, 2018 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 $667,000,000 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:  Oct. 16, 2018
Jackpot:$667,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,039,307$2,409,434$601,354$7,028,519
2$10,541,273$2,529,905$631,422$7,379,945
3$11,068,336$2,656,401$662,993$7,748,942
4$11,621,753$2,789,221$696,143$8,136,389
5$12,202,840$2,928,682$730,950$8,543,209
6$12,812,983$3,075,116$767,498$8,970,369
7$13,453,632$3,228,872$805,873$9,418,888
8$14,126,314$3,390,315$846,166$9,889,832
9$14,832,629$3,559,831$888,474$10,384,324
10$15,574,261$3,737,823$932,898$10,903,540
11$16,352,974$3,924,714$979,543$11,448,717
12$17,170,622$4,120,949$1,028,520$12,021,153
13$18,029,153$4,326,997$1,079,946$12,622,210
14$18,930,611$4,543,347$1,133,944$13,253,321
15$19,877,142$4,770,514$1,190,641$13,915,987
16$20,870,999$5,009,040$1,250,173$14,611,786
17$21,914,548$5,259,492$1,312,681$15,342,375
18$23,010,276$5,522,466$1,378,316$16,109,494
19$24,160,790$5,798,590$1,447,231$16,914,969
20$25,368,829$6,088,519$1,519,593$17,760,717
21$26,637,271$6,392,945$1,595,573$18,648,753
22$27,969,134$6,712,592$1,675,351$19,581,191
23$29,367,591$7,048,222$1,759,119$20,560,251
24$30,835,970$7,400,633$1,847,075$21,588,263
25$32,377,769$7,770,665$1,939,428$22,667,676
26$33,996,658$8,159,198$2,036,400$23,801,060
27$35,696,491$8,567,158$2,138,220$24,991,113
28$37,481,315$8,995,516$2,245,131$26,240,668
29$39,355,381$9,445,291$2,357,387$27,552,702
30$41,323,150$9,917,556$2,475,257$28,930,337
Total$667,000,001$160,080,000$39,953,300$466,966,701
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