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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 $170,000,000 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, Jan 25, 2017
Jackpot:$170,000,000
Federal Tax:  25%
State Tax:5.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,558,744$639,686$153,269$1,765,789
2$2,686,681$671,670$160,932$1,854,079
3$2,821,015$705,254$168,979$1,946,783
4$2,962,066$740,517$177,428$2,044,122
5$3,110,169$777,542$186,299$2,146,328
6$3,265,678$816,419$195,614$2,253,644
7$3,428,962$857,240$205,395$2,366,326
8$3,600,410$900,102$215,665$2,484,643
9$3,780,430$945,108$226,448$2,608,875
10$3,969,452$992,363$237,770$2,739,319
11$4,167,924$1,041,981$249,659$2,876,285
12$4,376,321$1,094,080$262,142$3,020,099
13$4,595,137$1,148,784$275,249$3,171,104
14$4,824,893$1,206,223$289,011$3,329,659
15$5,066,138$1,266,535$303,462$3,496,142
16$5,319,445$1,329,861$318,635$3,670,949
17$5,585,417$1,396,354$334,566$3,854,496
18$5,864,688$1,466,172$351,295$4,047,221
19$6,157,922$1,539,481$368,860$4,249,582
20$6,465,819$1,616,455$387,303$4,462,061
21$6,789,109$1,697,277$406,668$4,685,164
22$7,128,565$1,782,141$427,001$4,919,423
23$7,484,993$1,871,248$448,351$5,165,394
24$7,859,243$1,964,811$470,769$5,423,663
25$8,252,205$2,063,051$494,307$5,694,847
26$8,664,815$2,166,204$519,022$5,979,589
27$9,098,056$2,274,514$544,974$6,278,569
28$9,552,959$2,388,240$572,222$6,592,497
29$10,030,607$2,507,652$600,833$6,922,122
30$10,532,137$2,633,034$630,875$7,268,228
Total$170,000,000$42,500,000$10,183,000$117,317,000
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