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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 $415,000,000 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, May 7, 2016
Jackpot:$415,000,000
Federal Tax:  25%
State Tax:5.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,246,346$1,561,586$374,156$4,310,603
2$6,558,663$1,639,666$392,864$4,526,133
3$6,886,596$1,721,649$412,507$4,752,440
4$7,230,926$1,807,731$433,132$4,990,062
5$7,592,472$1,898,118$454,789$5,239,565
6$7,972,096$1,993,024$477,529$5,501,543
7$8,370,701$2,092,675$501,405$5,776,621
8$8,789,236$2,197,309$526,475$6,065,451
9$9,228,697$2,307,174$552,799$6,368,724
10$9,690,132$2,422,533$580,439$6,687,160
11$10,174,639$2,543,660$609,461$7,021,518
12$10,683,371$2,670,843$639,934$7,372,594
13$11,217,539$2,804,385$671,931$7,741,224
14$11,778,416$2,944,604$705,527$8,128,285
15$12,367,337$3,091,834$740,803$8,534,699
16$12,985,704$3,246,426$777,844$8,961,434
17$13,634,989$3,408,747$816,736$9,409,506
18$14,316,738$3,579,185$857,573$9,879,981
19$15,032,575$3,758,144$900,451$10,373,980
20$15,784,204$3,946,051$945,474$10,892,679
21$16,573,414$4,143,354$992,748$11,437,313
22$17,402,085$4,350,521$1,042,385$12,009,179
23$18,272,189$4,568,047$1,094,504$12,609,638
24$19,185,799$4,796,450$1,149,229$13,240,120
25$20,145,089$5,036,272$1,206,691$13,902,126
26$21,152,343$5,288,086$1,267,025$14,597,232
27$22,209,960$5,552,490$1,330,377$15,327,094
28$23,320,458$5,830,115$1,396,895$16,093,448
29$24,486,481$6,121,620$1,466,740$16,898,121
30$25,710,805$6,427,701$1,540,077$17,743,027
Total$415,000,001$103,750,000$24,858,500$286,391,501
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