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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 $108,000,000 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, Jun 22, 2019
Jackpot:$108,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,625,555$390,133$97,371$1,138,051
2$1,706,833$409,640$102,239$1,194,954
3$1,792,174$430,122$107,351$1,254,701
4$1,881,783$451,628$112,719$1,317,436
5$1,975,872$474,209$118,355$1,383,308
6$2,074,666$497,920$124,272$1,452,474
7$2,178,399$522,816$130,486$1,525,097
8$2,287,319$548,957$137,010$1,601,352
9$2,401,685$576,404$143,861$1,681,420
10$2,521,769$605,225$151,054$1,765,491
11$2,647,858$635,486$158,607$1,853,765
12$2,780,251$667,260$166,537$1,946,454
13$2,919,263$700,623$174,864$2,043,776
14$3,065,226$735,654$183,607$2,145,965
15$3,218,488$772,437$192,787$2,253,263
16$3,379,412$811,059$202,427$2,365,926
17$3,548,383$851,612$212,548$2,484,223
18$3,725,802$894,192$223,176$2,608,434
19$3,912,092$938,902$234,334$2,738,856
20$4,107,697$985,847$246,051$2,875,798
21$4,313,081$1,035,140$258,354$3,019,588
22$4,528,735$1,086,896$271,271$3,170,568
23$4,755,172$1,141,241$284,835$3,329,096
24$4,992,931$1,198,303$299,077$3,495,551
25$5,242,577$1,258,219$314,030$3,670,328
26$5,504,706$1,321,129$329,732$3,853,845
27$5,779,942$1,387,186$346,218$4,046,537
28$6,068,939$1,456,545$363,529$4,248,864
29$6,372,385$1,529,373$381,706$4,461,307
30$6,691,005$1,605,841$400,791$4,684,372
Total$108,000,000$25,920,000$6,469,200$75,610,800
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