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Rhode Island Mega Millions Jackpot Annuity Payout Schedule for Jul 18, 2023

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The tax information provided here is based on 2024 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 $640,000,000 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 money, as well as deductions claimed.

State:

Rhode Island

Drawing Date:Tue, Jul 18, 2023
Jackpot:$640,000,000
Federal Tax:37% marginal rate
State Tax: 5.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,632,918$3,522,368$577,012$5,533,539
2$10,114,564$3,700,577$605,862$5,808,125
3$10,620,292$3,887,696$636,156$6,096,441
4$11,151,308$4,084,172$667,963$6,399,173
5$11,708,872$4,290,471$701,361$6,717,040
6$12,294,316$4,507,085$736,430$7,050,802
7$12,909,032$4,734,530$773,251$7,401,252
8$13,554,484$4,973,347$811,914$7,769,223
9$14,232,208$5,224,105$852,509$8,155,594
10$14,943,818$5,487,400$895,135$8,561,283
11$15,691,009$5,763,861$939,891$8,987,257
12$16,475,560$6,054,145$986,886$9,434,529
13$17,299,338$6,358,943$1,036,230$9,904,165
14$18,164,305$6,678,980$1,088,042$10,397,282
15$19,072,520$7,015,020$1,142,444$10,915,056
16$20,026,146$7,367,862$1,199,566$11,458,718
17$21,027,453$7,738,345$1,259,544$12,029,563
18$22,078,826$8,127,353$1,322,522$12,628,951
19$23,182,767$8,535,811$1,388,648$13,258,308
20$24,341,905$8,964,693$1,458,080$13,919,132
21$25,559,000$9,415,018$1,530,984$14,612,998
22$26,836,950$9,887,859$1,607,533$15,341,558
23$28,178,798$10,384,343$1,687,910$16,106,545
24$29,587,738$10,905,651$1,772,305$16,909,781
25$31,067,124$11,453,024$1,860,921$17,753,180
26$32,620,481$12,027,766$1,953,967$18,638,749
27$34,251,505$12,631,245$2,051,665$19,568,595
28$35,964,080$13,264,897$2,154,248$20,544,934
29$37,762,284$13,930,233$2,261,961$21,570,090
30$39,650,399$14,628,835$2,375,059$22,646,505
Total$640,000,001$235,545,635$38,335,999$366,118,368

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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.