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Powerball Annuity Jackpot Analysis for Rhode Island (Jan. 5, 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 $69,000,000 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. 5, 2019
Jackpot:$69,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,038,549$249,252$62,209$727,088
2$1,090,476$261,714$65,320$763,443
3$1,145,000$274,800$68,586$801,615
4$1,202,250$288,540$72,015$841,695
5$1,262,363$302,967$75,616$883,780
6$1,325,481$318,115$79,396$927,969
7$1,391,755$334,021$83,366$974,368
8$1,461,343$350,722$87,534$1,023,086
9$1,534,410$368,258$91,911$1,074,240
10$1,611,130$386,671$96,507$1,127,952
11$1,691,687$406,005$101,332$1,184,350
12$1,776,271$426,305$106,399$1,243,568
13$1,865,085$447,620$111,719$1,305,746
14$1,958,339$470,001$117,305$1,371,033
15$2,056,256$493,501$123,170$1,439,585
16$2,159,069$518,177$129,328$1,511,564
17$2,267,022$544,085$135,795$1,587,142
18$2,380,373$571,290$142,584$1,666,499
19$2,499,392$599,854$149,714$1,749,824
20$2,624,362$629,847$157,199$1,837,316
21$2,755,580$661,339$165,059$1,929,181
22$2,893,359$694,406$173,312$2,025,640
23$3,038,027$729,126$181,978$2,126,922
24$3,189,928$765,583$191,077$2,233,269
25$3,349,424$803,862$200,631$2,344,932
26$3,516,896$844,055$210,662$2,462,179
27$3,692,740$886,258$221,195$2,585,288
28$3,877,377$930,571$232,255$2,714,552
29$4,071,246$977,099$243,868$2,850,280
30$4,274,809$1,025,954$256,061$2,992,794
Total$69,000,000$16,560,000$4,133,100$48,306,900
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