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Rhode Island Mega Millions Jackpot Annuity Payout Schedule for Oct 3, 2014

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The tax information provided here is based on 2022 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Mega Millions annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $120,000,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money, as well as deductions claimed.

State:

Rhode Island

Drawing Date:Fri, Oct 3, 2014
Jackpot:$120,000,000
Federal Tax:37% marginal rate
State Tax: 5.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,806,172$631,239$108,190$1,066,744
2$1,896,481$664,653$113,599$1,118,229
3$1,991,305$699,738$119,279$1,172,288
4$2,090,870$736,577$125,243$1,229,050
5$2,195,414$775,258$131,505$1,288,650
6$2,305,184$815,873$138,081$1,351,231
7$2,420,444$858,519$144,985$1,416,940
8$2,541,466$903,297$152,234$1,485,935
9$2,668,539$950,314$159,845$1,558,379
10$2,801,966$999,682$167,838$1,634,446
11$2,942,064$1,051,519$176,230$1,714,316
12$3,089,167$1,105,947$185,041$1,798,179
13$3,243,626$1,163,097$194,293$1,886,236
14$3,405,807$1,223,104$204,008$1,978,696
15$3,576,097$1,286,111$214,208$2,075,778
16$3,754,902$1,352,269$224,919$2,177,715
17$3,942,647$1,421,735$236,165$2,284,748
18$4,139,780$1,494,674$247,973$2,397,133
19$4,346,769$1,571,259$260,371$2,515,138
20$4,564,107$1,651,675$273,390$2,639,043
21$4,792,313$1,736,111$287,060$2,769,142
22$5,031,928$1,824,768$301,412$2,905,747
23$5,283,525$1,917,859$316,483$3,049,182
24$5,547,701$2,015,604$332,307$3,199,789
25$5,825,086$2,118,237$348,923$3,357,926
26$6,116,340$2,226,001$366,369$3,523,971
27$6,422,157$2,339,153$384,687$3,698,317
28$6,743,265$2,457,963$403,922$3,881,380
29$7,080,428$2,582,713$424,118$4,073,597
30$7,434,450$2,713,701$445,324$4,275,425
Total$120,000,000$43,288,650$7,188,002$69,523,350

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.