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Powerball Annuity Jackpot Analysis for Rhode Island (Dec. 15, 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 $246,000,000 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:  Dec. 15, 2018
Jackpot:$246,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,702,653$888,637$221,789$2,592,227
2$3,887,786$933,069$232,878$2,721,839
3$4,082,175$979,722$244,522$2,857,931
4$4,286,284$1,028,708$256,748$3,000,827
5$4,500,598$1,080,143$269,586$3,150,869
6$4,725,628$1,134,151$283,065$3,308,412
7$4,961,909$1,190,858$297,218$3,473,833
8$5,210,005$1,250,401$312,079$3,647,524
9$5,470,505$1,312,921$327,683$3,829,901
10$5,744,030$1,378,567$344,067$4,021,395
11$6,031,232$1,447,496$361,271$4,222,465
12$6,332,793$1,519,870$379,334$4,433,589
13$6,649,433$1,595,864$398,301$4,655,268
14$6,981,905$1,675,657$418,216$4,888,031
15$7,331,000$1,759,440$439,127$5,132,433
16$7,697,550$1,847,412$461,083$5,389,055
17$8,082,427$1,939,783$484,137$5,658,507
18$8,486,549$2,036,772$508,344$5,941,433
19$8,910,876$2,138,610$533,761$6,238,504
20$9,356,420$2,245,541$560,450$6,550,430
21$9,824,241$2,357,818$588,472$6,877,951
22$10,315,453$2,475,709$617,896$7,221,849
23$10,831,226$2,599,494$648,790$7,582,941
24$11,372,787$2,729,469$681,230$7,962,088
25$11,941,426$2,865,942$715,291$8,360,192
26$12,538,497$3,009,239$751,056$8,778,202
27$13,165,422$3,159,701$788,609$9,217,112
28$13,823,693$3,317,686$828,039$9,677,968
29$14,514,878$3,483,571$869,441$10,161,866
30$15,240,622$3,657,749$912,913$10,669,959
Total$246,000,000$59,040,000$14,735,400$172,224,600
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