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Mega Millions Annuity Jackpot Analysis for Rhode Island (Nov. 2, 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 $52,000,000 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:  Nov. 2, 2018
Jackpot:$52,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$782,675$187,842$46,882$547,951
2$821,808$197,234$49,226$575,348
3$862,899$207,096$51,688$604,115
4$906,044$217,450$54,272$634,321
5$951,346$228,323$56,986$666,037
6$998,913$239,739$59,835$699,339
7$1,048,859$251,726$62,827$734,306
8$1,101,302$264,312$65,968$771,021
9$1,156,367$277,528$69,266$809,572
10$1,214,185$291,404$72,730$850,051
11$1,274,895$305,975$76,366$892,554
12$1,338,639$321,273$80,184$937,181
13$1,405,571$337,337$84,194$984,040
14$1,475,850$354,204$88,403$1,033,242
15$1,549,642$371,914$92,824$1,084,905
16$1,627,124$390,510$97,465$1,139,150
17$1,708,481$410,035$102,338$1,196,107
18$1,793,905$430,537$107,455$1,255,913
19$1,883,600$452,064$112,828$1,318,708
20$1,977,780$474,667$118,469$1,384,644
21$2,076,669$498,401$124,392$1,453,876
22$2,180,502$523,321$130,612$1,526,570
23$2,289,527$549,487$137,143$1,602,898
24$2,404,004$576,961$144,000$1,683,043
25$2,524,204$605,809$151,200$1,767,195
26$2,650,414$636,099$158,760$1,855,555
27$2,782,935$667,904$166,698$1,948,333
28$2,922,082$701,300$175,033$2,045,749
29$3,068,186$736,365$183,784$2,148,037
30$3,221,595$773,183$192,974$2,255,439
Total$52,000,000$12,480,000$3,114,800$36,405,200
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