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Powerball Annuity Jackpot Analysis for Rhode Island

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The Powerball 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 $154,000,000 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:  Wed, Aug 31, 2016
Jackpot:$154,000,000
Federal Tax:  25%
State Tax:5.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,317,921$579,480$138,843$1,599,597
2$2,433,817$608,454$145,786$1,679,577
3$2,555,508$638,877$153,075$1,763,556
4$2,683,283$670,821$160,729$1,851,734
5$2,817,447$704,362$168,765$1,944,320
6$2,958,320$739,580$177,203$2,041,537
7$3,106,236$776,559$186,064$2,143,613
8$3,261,548$815,387$195,367$2,250,794
9$3,424,625$856,156$205,135$2,363,334
10$3,595,856$898,964$215,392$2,481,500
11$3,775,649$943,912$226,161$2,605,575
12$3,964,432$991,108$237,469$2,735,854
13$4,162,653$1,040,663$249,343$2,872,647
14$4,370,786$1,092,696$261,810$3,016,279
15$4,589,325$1,147,331$274,901$3,167,093
16$4,818,791$1,204,698$288,646$3,325,448
17$5,059,731$1,264,933$303,078$3,491,720
18$5,312,717$1,328,179$318,232$3,666,306
19$5,578,353$1,394,588$334,143$3,849,622
20$5,857,271$1,464,318$350,851$4,042,103
21$6,150,134$1,537,534$368,393$4,244,208
22$6,457,641$1,614,410$386,813$4,456,418
23$6,780,523$1,695,131$406,153$4,679,239
24$7,119,549$1,779,887$426,461$4,913,201
25$7,475,527$1,868,882$447,784$5,158,861
26$7,849,303$1,962,326$470,173$5,416,804
27$8,241,768$2,060,442$493,682$5,687,644
28$8,653,857$2,163,464$518,366$5,972,027
29$9,086,550$2,271,637$544,284$6,270,628
30$9,540,877$2,385,219$571,499$6,584,159
Total$154,000,000$38,500,000$9,224,600$106,275,400
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