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Powerball Annuity Jackpot Analysis for Rhode Island (Nov. 10, 2018 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 $92,000,000 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:  Nov. 10, 2018
Jackpot:$92,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,384,732$332,336$82,945$969,451
2$1,453,969$348,952$87,093$1,017,923
3$1,526,667$366,400$91,447$1,068,820
4$1,603,000$384,720$96,020$1,122,261
5$1,683,150$403,956$100,821$1,178,374
6$1,767,308$424,154$105,862$1,237,292
7$1,855,673$445,362$111,155$1,299,157
8$1,948,457$467,630$116,713$1,364,115
9$2,045,880$491,011$122,548$1,432,321
10$2,148,174$515,562$128,676$1,503,937
11$2,255,583$541,340$135,109$1,579,133
12$2,368,362$568,407$141,865$1,658,090
13$2,486,780$596,827$148,958$1,740,995
14$2,611,119$626,669$156,406$1,828,044
15$2,741,675$658,002$164,226$1,919,446
16$2,878,758$690,902$172,438$2,015,419
17$3,022,696$725,447$181,060$2,116,190
18$3,173,831$761,719$190,112$2,221,999
19$3,332,523$799,805$199,618$2,333,099
20$3,499,149$839,796$209,599$2,449,754
21$3,674,106$881,786$220,079$2,572,242
22$3,857,812$925,875$231,083$2,700,854
23$4,050,702$972,169$242,637$2,835,897
24$4,253,237$1,020,777$254,769$2,977,691
25$4,465,899$1,071,816$267,507$3,126,576
26$4,689,194$1,125,407$280,883$3,282,905
27$4,923,654$1,181,677$294,927$3,447,050
28$5,169,837$1,240,761$309,673$3,619,403
29$5,428,328$1,302,799$325,157$3,800,373
30$5,699,745$1,367,939$341,415$3,990,391
Total$92,000,000$22,080,000$5,510,800$64,409,200
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