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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 $125,000,000 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 30, 2020
Jackpot:$125,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,881,429$451,543$112,698$1,317,189
2$1,975,501$474,120$118,333$1,383,048
3$2,074,276$497,826$124,249$1,452,201
4$2,177,990$522,718$130,462$1,524,811
5$2,286,889$548,853$136,985$1,601,051
6$2,401,234$576,296$143,834$1,681,104
7$2,521,295$605,111$151,026$1,765,159
8$2,647,360$635,366$158,577$1,853,417
9$2,779,728$667,135$166,506$1,946,088
10$2,918,715$700,491$174,831$2,043,392
11$3,064,650$735,516$183,573$2,145,562
12$3,217,883$772,292$192,751$2,252,840
13$3,378,777$810,906$202,389$2,365,482
14$3,547,716$851,452$212,508$2,483,756
15$3,725,102$894,024$223,134$2,607,944
16$3,911,357$938,726$234,290$2,738,341
17$4,106,924$985,662$246,005$2,875,258
18$4,312,271$1,034,945$258,305$3,019,021
19$4,527,884$1,086,692$271,220$3,169,972
20$4,754,278$1,141,027$284,781$3,328,470
21$4,991,992$1,198,078$299,020$3,494,894
22$5,241,592$1,257,982$313,971$3,669,638
23$5,503,672$1,320,881$329,670$3,853,120
24$5,778,855$1,386,925$346,153$4,045,776
25$6,067,798$1,456,271$363,461$4,248,065
26$6,371,188$1,529,085$381,634$4,460,469
27$6,689,747$1,605,539$400,716$4,683,492
28$7,024,234$1,685,816$420,752$4,917,666
29$7,375,446$1,770,107$441,789$5,163,550
30$7,744,219$1,858,612$463,879$5,421,727
Total$125,000,000$30,000,000$7,487,500$87,512,500
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