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Mega Millions Annuity Jackpot Analysis for Rhode Island (Aug. 7, 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 $55,000,000 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:  Aug. 7, 2018
Jackpot:$55,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$827,829$198,679$49,587$579,563
2$869,220$208,613$52,066$608,541
3$912,681$219,044$54,670$638,968
4$958,315$229,996$57,403$670,917
5$1,006,231$241,495$60,273$704,462
6$1,056,543$253,570$63,287$739,686
7$1,109,370$266,249$66,451$776,670
8$1,164,838$279,561$69,774$815,503
9$1,223,080$293,539$73,263$856,279
10$1,284,234$308,216$76,926$899,092
11$1,348,446$323,627$80,772$944,047
12$1,415,868$339,808$84,811$991,249
13$1,486,662$356,799$89,051$1,040,812
14$1,560,995$374,639$93,504$1,092,853
15$1,639,045$393,371$98,179$1,147,495
16$1,720,997$413,039$103,088$1,204,870
17$1,807,047$433,691$108,242$1,265,113
18$1,897,399$455,376$113,654$1,328,369
19$1,992,269$478,145$119,337$1,394,788
20$2,091,882$502,052$125,304$1,464,527
21$2,196,477$527,154$131,569$1,537,753
22$2,306,300$553,512$138,147$1,614,641
23$2,421,615$581,188$145,055$1,695,373
24$2,542,696$610,247$152,308$1,780,142
25$2,669,831$640,759$159,923$1,869,149
26$2,803,323$672,797$167,919$1,962,606
27$2,943,489$706,437$176,315$2,060,736
28$3,090,663$741,759$185,131$2,163,773
29$3,245,196$778,847$194,387$2,271,962
30$3,407,456$817,789$204,107$2,385,560
Total$55,000,000$13,200,000$3,294,500$38,505,500
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