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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 $304,000,000 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:  Sat, Feb 23, 2019
Jackpot:$304,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,575,636$1,098,153$274,081$3,203,403
2$4,804,418$1,153,060$287,785$3,363,573
3$5,044,639$1,210,713$302,174$3,531,752
4$5,296,871$1,271,249$317,283$3,708,339
5$5,561,714$1,334,811$333,147$3,893,756
6$5,839,800$1,401,552$349,804$4,088,444
7$6,131,790$1,471,630$367,294$4,292,866
8$6,438,380$1,545,211$385,659$4,507,510
9$6,760,299$1,622,472$404,942$4,732,885
10$7,098,314$1,703,595$425,189$4,969,529
11$7,453,229$1,788,775$446,448$5,218,006
12$7,825,891$1,878,214$468,771$5,478,906
13$8,217,185$1,972,124$492,209$5,752,851
14$8,628,045$2,070,731$516,820$6,040,494
15$9,059,447$2,174,267$542,661$6,342,519
16$9,512,419$2,282,981$569,794$6,659,645
17$9,988,040$2,397,130$598,284$6,992,627
18$10,487,442$2,516,986$628,198$7,342,258
19$11,011,814$2,642,835$659,608$7,709,371
20$11,562,405$2,774,977$692,588$8,094,840
21$12,140,525$2,913,726$727,217$8,499,582
22$12,747,551$3,059,412$763,578$8,924,561
23$13,384,929$3,212,383$801,757$9,370,789
24$14,054,175$3,373,002$841,845$9,839,328
25$14,756,884$3,541,652$883,937$10,331,295
26$15,494,729$3,718,735$928,134$10,847,859
27$16,269,465$3,904,672$974,541$11,390,252
28$17,082,938$4,099,905$1,023,268$11,959,765
29$17,937,085$4,304,900$1,074,431$12,557,753
30$18,833,939$4,520,145$1,128,153$13,185,641
Total$304,000,001$72,960,000$18,209,600$212,830,400
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