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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 $70,000,000 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 1, 2016
Jackpot:$70,000,000
Federal Tax:  25%
State Tax:5.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,053,600$263,400$63,111$727,090
2$1,106,280$276,570$66,266$763,444
3$1,161,594$290,399$69,580$801,616
4$1,219,674$304,919$73,058$841,697
5$1,280,658$320,164$76,711$883,782
6$1,344,691$336,173$80,547$927,971
7$1,411,925$352,981$84,574$974,370
8$1,482,522$370,630$88,803$1,023,088
9$1,556,648$389,162$93,243$1,074,243
10$1,634,480$408,620$97,905$1,127,955
11$1,716,204$429,051$102,801$1,184,352
12$1,802,014$450,504$107,941$1,243,570
13$1,892,115$473,029$113,338$1,305,749
14$1,986,721$496,680$119,005$1,371,036
15$2,086,057$521,514$124,955$1,439,588
16$2,190,360$547,590$131,203$1,511,567
17$2,299,878$574,969$137,763$1,587,146
18$2,414,872$603,718$144,651$1,666,503
19$2,535,615$633,904$151,883$1,749,828
20$2,662,396$665,599$159,478$1,837,319
21$2,795,516$698,879$167,451$1,929,185
22$2,935,291$733,823$175,824$2,025,645
23$3,082,056$770,514$184,615$2,126,927
24$3,236,159$809,040$193,846$2,233,273
25$3,397,967$849,492$203,538$2,344,937
26$3,567,865$891,966$213,715$2,462,184
27$3,746,258$936,565$224,401$2,585,293
28$3,933,571$983,393$235,621$2,714,558
29$4,130,250$1,032,562$247,402$2,850,285
30$4,336,762$1,084,191$259,772$2,992,800
Total$70,000,000$17,500,000$4,193,000$48,307,000
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