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Mega Millions Annuity Jackpot Analysis for Rhode Island (Apr. 3, 2020 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 $121,000,000 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:  Apr. 3, 2020
Jackpot:$121,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,821,224$437,094$109,091$1,275,039
2$1,912,285$458,948$114,546$1,338,791
3$2,007,899$481,896$120,273$1,405,730
4$2,108,294$505,991$126,287$1,476,017
5$2,213,709$531,290$132,601$1,549,817
6$2,324,394$557,855$139,231$1,627,308
7$2,440,614$585,747$146,193$1,708,674
8$2,562,645$615,035$153,502$1,794,107
9$2,690,777$645,786$161,178$1,883,813
10$2,825,316$678,076$169,236$1,978,003
11$2,966,581$711,980$177,698$2,076,904
12$3,114,911$747,579$186,583$2,180,749
13$3,270,656$784,957$195,912$2,289,786
14$3,434,189$824,205$205,708$2,404,276
15$3,605,898$865,416$215,993$2,524,489
16$3,786,193$908,686$226,793$2,650,714
17$3,975,503$954,121$238,133$2,783,250
18$4,174,278$1,001,827$250,039$2,922,412
19$4,382,992$1,051,918$262,541$3,068,533
20$4,602,141$1,104,514$275,668$3,221,959
21$4,832,248$1,159,740$289,452$3,383,057
22$5,073,861$1,217,727$303,924$3,552,210
23$5,327,554$1,278,613$319,120$3,729,821
24$5,593,932$1,342,544$335,077$3,916,312
25$5,873,628$1,409,671$351,830$4,112,127
26$6,167,310$1,480,154$369,422$4,317,734
27$6,475,675$1,554,162$387,893$4,533,620
28$6,799,459$1,631,870$407,288$4,760,301
29$7,139,432$1,713,464$427,652$4,998,316
30$7,496,404$1,799,137$449,035$5,248,232
Total$121,000,000$29,040,000$7,247,900$84,712,100
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