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Powerball Annuity Jackpot Analysis for Rhode Island (Jan. 12, 2019 Drawing)

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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 $96,000,000 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:  Jan. 12, 2019
Jackpot:$96,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,444,938$346,785$86,552$1,011,601
2$1,517,185$364,124$90,879$1,062,181
3$1,593,044$382,331$95,423$1,115,290
4$1,672,696$401,447$100,194$1,171,055
5$1,756,331$421,519$105,204$1,229,607
6$1,844,147$442,595$110,464$1,291,088
7$1,936,355$464,725$115,988$1,355,642
8$2,033,173$487,961$121,787$1,423,424
9$2,134,831$512,359$127,876$1,494,595
10$2,241,573$537,977$134,270$1,569,325
11$2,353,651$564,876$140,984$1,647,791
12$2,471,334$593,120$148,033$1,730,181
13$2,594,901$622,776$155,435$1,816,690
14$2,724,646$653,915$163,206$1,907,524
15$2,860,878$686,611$171,367$2,002,901
16$3,003,922$720,941$179,935$2,103,046
17$3,154,118$756,988$188,932$2,208,198
18$3,311,824$794,838$198,378$2,318,608
19$3,477,415$834,580$208,297$2,434,538
20$3,651,286$876,309$218,712$2,556,265
21$3,833,850$920,124$229,648$2,684,078
22$4,025,543$966,130$241,130$2,818,282
23$4,226,820$1,014,437$253,187$2,959,196
24$4,438,161$1,065,159$265,846$3,107,156
25$4,660,069$1,118,416$279,138$3,262,514
26$4,893,072$1,174,337$293,095$3,425,640
27$5,137,726$1,233,054$307,750$3,596,922
28$5,394,612$1,294,707$323,137$3,776,768
29$5,664,343$1,359,442$339,294$3,965,606
30$5,947,560$1,427,414$356,259$4,163,887
Total$96,000,000$23,040,000$5,750,400$67,209,600
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