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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 $127,000,000 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, Oct 31, 2020
Jackpot:$127,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,911,532$458,768$114,501$1,338,264
2$2,007,109$481,706$120,226$1,405,177
3$2,107,464$505,791$126,237$1,475,436
4$2,212,838$531,081$132,549$1,549,208
5$2,323,479$557,635$139,176$1,626,668
6$2,439,653$585,517$146,135$1,708,001
7$2,561,636$614,793$153,442$1,793,401
8$2,689,718$645,532$161,114$1,883,071
9$2,824,204$677,809$169,170$1,977,225
10$2,965,414$711,699$177,628$2,076,086
11$3,113,685$747,284$186,510$2,179,891
12$3,269,369$784,649$195,835$2,288,885
13$3,432,837$823,881$205,627$2,403,329
14$3,604,479$865,075$215,908$2,523,496
15$3,784,703$908,329$226,704$2,649,671
16$3,973,938$953,745$238,039$2,782,154
17$4,172,635$1,001,432$249,941$2,921,262
18$4,381,267$1,051,504$262,438$3,067,325
19$4,600,330$1,104,079$275,560$3,220,691
20$4,830,347$1,159,283$289,338$3,381,726
21$5,071,864$1,217,247$303,805$3,550,812
22$5,325,457$1,278,110$318,995$3,728,353
23$5,591,730$1,342,015$334,945$3,914,770
24$5,871,317$1,409,116$351,692$4,110,509
25$6,164,883$1,479,572$369,276$4,316,034
26$6,473,127$1,553,550$387,740$4,531,836
27$6,796,783$1,631,228$407,127$4,758,428
28$7,136,622$1,712,789$427,484$4,996,349
29$7,493,453$1,798,429$448,858$5,246,167
30$7,868,126$1,888,350$471,301$5,508,475
Total$127,000,000$30,480,000$7,607,300$88,912,700
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