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Powerball Annuity Jackpot Analysis for Rhode Island (Nov. 3, 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 $53,000,000 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. 3, 2018
Jackpot:$53,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$797,726$191,454$47,784$558,488
2$837,612$201,027$50,173$586,412
3$879,493$211,078$52,682$615,733
4$923,468$221,632$55,316$646,520
5$969,641$232,714$58,081$678,846
6$1,018,123$244,350$60,986$712,788
7$1,069,029$256,567$64,035$748,427
8$1,122,481$269,395$67,237$785,849
9$1,178,605$282,865$70,598$825,141
10$1,237,535$297,008$74,128$866,398
11$1,299,412$311,859$77,835$909,718
12$1,364,382$327,452$81,726$955,204
13$1,432,601$343,824$85,813$1,002,964
14$1,504,231$361,016$90,103$1,053,112
15$1,579,443$379,066$94,609$1,105,768
16$1,658,415$398,020$99,339$1,161,056
17$1,741,336$417,921$104,306$1,219,109
18$1,828,403$438,817$109,521$1,280,065
19$1,919,823$460,757$114,997$1,344,068
20$2,015,814$483,795$120,747$1,411,271
21$2,116,605$507,985$126,785$1,481,835
22$2,222,435$533,384$133,124$1,555,927
23$2,333,557$560,054$139,780$1,633,723
24$2,450,235$588,056$146,769$1,715,409
25$2,572,746$617,459$154,108$1,801,180
26$2,701,384$648,332$161,813$1,891,239
27$2,836,453$680,749$169,904$1,985,801
28$2,978,275$714,786$178,399$2,085,091
29$3,127,189$750,525$187,319$2,189,345
30$3,283,549$788,052$196,685$2,298,812
Total$53,000,000$12,720,000$3,174,700$37,105,300
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