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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 $54,000,000 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, Dec 3, 2016
Jackpot:$54,000,000
Federal Tax:  25%
State Tax:5.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$812,777$203,194$48,685$560,898
2$853,416$213,354$51,120$588,943
3$896,087$224,022$53,676$618,390
4$940,892$235,223$56,359$649,309
5$987,936$246,984$59,177$681,775
6$1,037,333$259,333$62,136$715,863
7$1,089,200$272,300$65,243$751,657
8$1,143,660$285,915$68,505$789,239
9$1,200,843$300,211$71,930$828,701
10$1,260,885$315,221$75,527$870,137
11$1,323,929$330,982$79,303$913,643
12$1,390,125$347,531$83,269$959,326
13$1,459,632$364,908$87,432$1,007,292
14$1,532,613$383,153$91,804$1,057,656
15$1,609,244$402,311$96,394$1,110,539
16$1,689,706$422,427$101,213$1,166,066
17$1,774,191$443,548$106,274$1,224,369
18$1,862,901$465,725$111,588$1,285,588
19$1,956,046$489,011$117,167$1,349,867
20$2,053,848$513,462$123,026$1,417,361
21$2,156,541$539,135$129,177$1,488,229
22$2,264,368$566,092$135,636$1,562,640
23$2,377,586$594,397$142,417$1,640,772
24$2,496,465$624,116$149,538$1,722,811
25$2,621,289$655,322$157,015$1,808,951
26$2,752,353$688,088$164,866$1,899,399
27$2,889,971$722,493$173,109$1,994,369
28$3,034,469$758,617$181,765$2,094,087
29$3,186,193$796,548$190,853$2,198,792
30$3,345,502$836,376$200,396$2,308,731
Total$54,000,000$13,500,000$3,234,600$37,265,400
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