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Powerball Annuity Jackpot Analysis for Rhode Island (Nov. 7, 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 $71,000,000 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. 7, 2018
Jackpot:$71,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,068,652$256,476$64,012$748,163
2$1,122,084$269,300$67,213$785,571
3$1,178,189$282,765$70,574$824,850
4$1,237,098$296,904$74,102$866,092
5$1,298,953$311,749$77,807$909,397
6$1,363,901$327,336$81,698$954,867
7$1,432,096$343,703$85,783$1,002,610
8$1,503,701$360,888$90,072$1,052,741
9$1,578,886$378,933$94,575$1,105,378
10$1,657,830$397,879$99,304$1,160,647
11$1,740,721$417,773$104,269$1,218,679
12$1,827,757$438,662$109,483$1,279,613
13$1,919,145$460,595$114,957$1,343,594
14$2,015,103$483,625$120,705$1,410,773
15$2,115,858$507,806$126,740$1,481,312
16$2,221,651$533,196$133,077$1,555,378
17$2,332,733$559,856$139,731$1,633,146
18$2,449,370$587,849$146,717$1,714,804
19$2,571,838$617,241$154,053$1,800,544
20$2,700,430$648,103$161,756$1,890,571
21$2,835,452$680,508$169,844$1,985,100
22$2,977,224$714,534$178,336$2,084,355
23$3,126,085$750,260$187,253$2,188,572
24$3,282,390$787,774$196,615$2,298,001
25$3,446,509$827,162$206,446$2,412,901
26$3,618,835$868,520$216,768$2,533,546
27$3,799,776$911,946$227,607$2,660,223
28$3,989,765$957,544$238,987$2,793,235
29$4,189,253$1,005,421$250,936$2,932,896
30$4,398,716$1,055,692$263,483$3,079,541
Total$71,000,000$17,040,000$4,252,900$49,707,100
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