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Rhode Island Mega Millions Jackpot Annuity Payout Schedule for Aug 11, 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 $20,000,000 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:Fri, Aug 11, 2023
Jackpot:$20,000,000
Federal Tax:37% marginal rate
State Tax: 5.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$75,735$18,032$207,262
2$316,080$81,003$18,933$216,144
3$331,884$86,534$19,880$225,470
4$348,478$92,342$20,874$235,262
5$365,902$98,441$21,918$245,544
6$384,197$104,844$23,013$256,340
7$403,407$111,567$24,164$267,676
8$423,578$118,627$25,372$279,578
9$444,757$126,040$26,641$292,076
10$466,994$133,823$27,973$305,199
11$490,344$141,995$29,372$318,977
12$514,861$150,576$30,840$333,445
13$540,604$159,586$32,382$348,636
14$567,635$169,047$34,001$364,586
15$596,016$178,980$35,701$381,334
16$625,817$189,740$37,486$398,591
17$657,108$201,318$39,361$416,429
18$689,963$213,474$41,329$435,160
19$724,461$226,238$43,395$454,828
20$760,685$239,641$45,565$475,479
21$798,719$253,714$47,843$497,162
22$838,655$268,490$50,235$519,929
23$880,587$284,005$52,747$543,835
24$924,617$300,296$55,385$568,936
25$970,848$317,401$58,154$595,292
26$1,019,390$335,362$61,061$622,967
27$1,070,360$354,221$64,115$652,024
28$1,123,878$374,022$67,320$682,535
29$1,180,071$394,814$70,686$714,571
30$1,239,075$416,645$74,221$748,209
Total$20,000,000$6,198,521$1,197,999$12,603,476

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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.